福爾摩斯，美聯儲和公牛奔跑的夢想：解碼加密扳機

美聯儲要釋放公牛嗎？弗蘭克·霍爾姆斯（Frank Holmes）將財政政策視為關鍵，而其他人則將視線“屈服曲線控制”視為觸發因素。另外，看看100倍硬幣競爭者。

The crypto world is buzzing with speculation: Is this the start of a massive bull run? Frank Holmes points to fiscal policy, while others are eyeing potential moves by the Federal Reserve. Let's dive into what's driving the market and whether it's time to load up on crypto.

加密世界在猜測中嗡嗡作響：這是巨大的公牛奔跑的開始嗎？弗蘭克·霍爾姆斯（Frank Holmes）指出了財政政策，而其他人則關注美聯儲的潛在行動。讓我們深入了解驅動市場的原因以及是否該加載加密貨幣。

Holmes on Fiscal Policy: The Real Driver

關於財政政策的福爾摩斯：真正的驅動程序

Frank Holmes, CEO of U.S. Global Investors, isn't worried about a credit meltdown. He believes the real risk—and opportunity—lies in fiscal policy. According to Holmes, imbalances in taxes, tariffs, regulations, and government spending are what truly move the needle for assets like gold and Bitcoin. He dismisses comparisons to the 2008 crisis, noting that corporate and banking balance sheets are much healthier today. Instead, he emphasizes the impact of monetary easing and the importance of keeping an eye on those fiscal levers.

美國全球投資者首席執行官弗蘭克·霍爾姆斯（Frank Holmes）並不擔心信貸崩潰。他認為財政政策中的真正風險和機會。根據福爾摩斯的說法，稅收，關稅，法規和政府支出的不平衡是真正動用金和比特幣等資產的原因。他駁回了與2008年危機的比較，並指出公司和銀行資產負債表今天更健康。取而代之的是，他強調了賺錢的影響以及關注那些財政槓桿的重要性。

The 'Third Mandate' and Yield Curve Control

“第三任務”和屈服曲線控制

Arthur Hayes, co-founder of BitMEX, has a different trigger in mind: the Fed's potential move toward “yield curve control” (YCC). He argues that the confirmation of economist Stephen Miran to the Fed’s Board of Governors, coupled with recent mainstream media coverage, suggests the Fed is preparing markets for this shift. Hayes believes the Fed has a “third mandate”—moderate long-term interest rates—that could lead them to directly control the yield curve. This, he argues, could send Bitcoin to $1 million. YCC, in essence, would involve the Fed capping yields on medium- or long-dated Treasuries, potentially leading to fiat debasement and a rush into hard-cap assets like Bitcoin.

BITMEX的聯合創始人Arthur Hayes牢記了一個不同的觸發因素：美聯儲朝著“屈服曲線控制”（YCC）的潛力轉移。他認為，美聯儲董事會的經濟學家斯蒂芬·米蘭（Stephen Miran）確認，加上最近的主流媒體報導，這表明美聯儲正在為這一轉變做準備。海耶斯認為，美聯儲具有“第三項任務”（適度的長期利率），這可能會導致他們直接控制收益率曲線。他認為，這可以將比特幣送到100萬美元。從本質上講，YCC將涉及中型或長期紀念品的美聯儲封頂收益率，有可能導致菲亞特貶值，並急於像比特幣這樣的硬盤資產。

Bull Run? Keep an Eye on These Crypto Projects

牛？密切關注這些加密項目

Beyond the macro factors, the crypto market is always cooking up new contenders. In 2025, projects like Bitcoin, Ethereum, Solana, and Ripple continue to dominate. Then there's the meme coin contender, BullZilla ($BZIL), with its aggressive presale mechanics and tokenomics. Each represents a different narrative: digital gold, decentralized infrastructure, speed and resilience, institutional adoption, and meme-driven innovation. Which one will lead the next bull run?

除了宏觀因素之外，加密市場總是在烹飪新的競爭者。在2025年，比特幣，以太坊，索拉納和波紋等項目繼續佔據主導地位。然後是模因硬幣競爭者Bullzilla（$ bzil），其具有侵略性的前機械師和令牌學。每個都代表著一個不同的敘述：數字黃金，分散基礎設施，速度和彈性，制度的採用以及模因驅動的創新。哪一個將領導下一次公牛跑？

The Takeaway: Stay Informed, Stay Nimble

要點：保持知情，保持靈活

Whether it's Holmes's fiscal policy focus or Hayes's YCC trigger, the message is clear: The crypto market is dynamic and influenced by a range of factors. Keep an eye on both macro trends and emerging projects, and be ready to adapt your strategy as the landscape evolves.

無論是福爾摩斯的財政政策重點還是海耶斯的YCC觸發器，信息都很明確：加密市場是動態的，受一系列因素的影響。密切關注宏觀趨勢和新興項目，並隨著景觀的發展而準備改編您的策略。

So, is a bull run imminent? Maybe. Maybe not. But one thing's for sure: The crypto rollercoaster is never boring. Buckle up, New York, it's gonna be a wild ride!

那麼，公牛即將來臨嗎？或許。也許不是。但是可以肯定的是：加密過山車永遠不會無聊。搭扣，紐約，這將是一個瘋狂的旅程！