ney in meme coin輸出：標題：編譯|吳談區塊鏈

在本次訪談中，Maelstrom 首席投資長兼 BitMEX 前執行長 Arthur Hayes 分享了他對加密貨幣領域的看法

much money in them.

他們裡面有很多錢。

Hikaru: I think this is a very interesting perspective, because meme coins are definitely a unique phenomenon in the crypto space. They are very speculative and can go up or down 100% in a day. But they are also very fun and engaging, especially for young people who are just getting into cryptocurrencies. So I think they have their own role to play in the crypto ecosystem.

Hikaru：我認為這是一個非常有趣的觀點，因為迷因幣絕對是加密貨幣領域的獨特現象。它們具有很強的投機性，一天之內可以上漲或下跌 100%。但它們也非常有趣和有吸引力，特別是對於剛進入加密貨幣的年輕人來說。所以我認為他們在加密生態系統中可以發揮自己的作用。

Arthur: Yes, I agree with you completely. I think meme coins are a way for people to speculate on the price of a particular theme or narrative in the crypto market. For example, if you believe that the "meme coin" narrative is very strong and will continue to drive up the price of meme coins, then you can buy and hold a basket of meme coins, such as buying and holding SHIB, AKITA, and SAMO at the same time. In this way, you can speculate on the price of the "meme coin" theme itself, rather than just buying and holding a single meme coin.

亞瑟：是的，我完全同意你的觀點。我認為模因幣是人們猜測加密市場中特定主題或敘述的價格的一種方式。例如，如果您認為「meme幣」敘事性很強，會持續推高meme幣的價格，那麼您可以購買並持有一籃子meme幣，例如購買並持有SHIB、AKITA和同時薩莫。這樣，您就可以推測“meme幣”主題本身的價格，而不是僅僅購買並持有單個meme幣。

I think this is a very interesting concept and it can be applied to many other themes in the crypto market. For example, if you believe that the "Layer 2" narrative is very strong and will continue to drive up the price of Layer 2 tokens, then you can buy and hold a basket of Layer 2 tokens, such as buying and holding MATIC, OP, and IMX at the same time. In this way, you can speculate on the price of the "Layer 2" theme itself, rather than just buying and holding a single Layer 2 token.

我認為這是一個非常有趣的概念，它可以應用於加密市場的許多其他主題。例如，如果您認為「Layer 2」敘事性很強，並且會持續推高 Layer 2 代幣的價格，那麼您可以購買並持有一籃子 Layer 2 代幣，例如購買並持有 MATIC、OP ，同時還有IMX。這樣，您就可以推測「Layer 2」主題本身的價格，而不是僅僅購買並持有單一 Layer 2 代幣。

I think this is a very powerful concept and it can help people to make a lot of money in the crypto market. However, it is important to remember that meme coins are very speculative and can go up or down 100% in a day. So, it is important to only invest money that you can afford to lose in meme coins.output: Wu Talks about Blockchain: A Conversation with Arthur Hayes, Part 2

我認為這是一個非常強大的概念，它可以幫助人們在加密市場上賺很多錢。然而，重要的是要記住，meme 幣具有很強的投機性，一天之內可能會上漲或下跌 100%。因此，僅將您可以承受損失的資金投資於 meme 幣非常重要。

In part two of his conversation with Hikaru, Arthur Hayes, former CEO of BitMEX and CIO of Maelstrom, shares his thoughts on the cryptocurrency bull run, memecoins, and South Korea's role in the digital asset market. He predicts that the bull run will continue to be driven by global inflationary policies and that memecoins serve as a speculative tool for tracking broader market narratives. Hayes also highlights South Korea's importance as a major cryptocurrency trading hub, fueled by its high Internet penetration, educated population, and limited channels for upward social mobility. He notes that the entry of institutional traders and the opening of foreign accounts could further boost the Korean market's liquidity and activity.

在與 Hikaru 對話的第二部分中，BitMEX 前執行長兼 Maelstrom 資訊長 Arthur Hayes 分享了他對加密貨幣牛市、迷因幣以及韓國在數位資產市場中的角色的看法。他預測，多頭市場將繼續受到全球通膨政策的推動，而迷因幣將成為追蹤更廣泛市場敘事的投機工具。海耶斯也強調了韓國作為主要加密貨幣交易中心的重要性，這得益於其高網路普及率、教育程度高的人口以及有限的社會向上流動管道。他指出，機構交易員的進入和外國帳戶的開設可能會進一步促進韓國市場的流動性和活動。

Hikaru: Now let's talk about the state of the crypto market. I think everyone is very excited about this bull run, and we saw Bitcoin's price rise to a new all-time high of around $70,000 in March. But since then, the price has been fluctuating and seems to be slowing down a bit. So I would like to ask, what do you think about the current state of the crypto market? Do you think the bull run will continue or will there be another bear market soon?

Hikaru：現在我們來談談加密貨幣市場的狀況。我認為每個人都對這次牛市感到非常興奮，我們看到比特幣的價格在 3 月升至 70,000 美元左右的歷史新高。但自那以後，價格一直在波動，而且似乎有所放緩。那我想問一下，您對目前加密貨幣市場的現況有何看法？您認為多頭市場會持續還是很快就會出現另一個熊市？

Arthur: I think the bull run will continue to be driven by global inflationary policies. As you know, the U.S. Federal Reserve and other central banks around the world are printing money and buying government bonds to try to stimulate their economies. This is driving up the prices of all assets, including cryptocurrencies.

亞瑟：我認為牛市將繼續受到全球通膨政策的推動。如您所知，聯準會和世界各地的其他中央銀行正在印鈔併購買政府債券，以試圖刺激經濟。這推高了包括加密貨幣在內的所有資產的價格。

I think this bull run will continue for at least another year or two. But it is important to remember that cryptocurrencies are a very volatile asset class. So, there will be periods of time when the price of Bitcoin goes up and down quickly. This is normal and to be expected. But I think the long-term trend is still up.

我認為這種牛市至少還會持續一兩年。但重要的是要記住，加密貨幣是一種非常不穩定的資產類別。因此，比特幣的價格會有一段時間快速上漲和下跌。這是正常現象，也是可以預料的。但我認為長期趨勢仍然是向上的。

Hikaru: That's good news for everyone in the crypto space. I think everyone is hoping for a bull run to continue. Now I want to switch gears and talk about something interesting: meme coins. I think they are a very unique phenomenon in the crypto space. They are very speculative and can go up or down 100% in a day. But they are also very fun and engaging, especially for young people who are just getting into cryptocurrencies. So I would like to ask, what is your favorite meme coin?

Hikaru：這對加密貨幣領域的每個人來說都是個好消息。我認為每個人都希望牛市能夠繼續下去。現在我想換個話題，談一些有趣的事情：迷因幣。我認為它們是加密貨幣領域中非常獨特的現象。它們具有很強的投機性，一天之內可以上漲或下跌 100%。但它們也非常有趣和有吸引力，特別是對於剛進入加密貨幣的年輕人來說。所以我想問一下，你最喜歡的迷因幣是什麼？

Arthur: What is my favorite meme coin? Of course, I will only talk about the ones I own. I like GOAT, a meme coin created by the Truth Terminal AI agent. I think it is one of the first meme coins created by an AI Large Language Model (LLM) agent, and there will definitely be different variations on various themes in the future, but generally speaking, the groundbreaking themes will retain value. Therefore, I think GOAT will probably maintain a market cap of between $1 billion and $5 billion for quite some time, instead

亞瑟：我最喜歡的迷因幣是什麼？當然，我只說我自己擁有的。我喜歡 GOAT，這是由 Truth Terminal AI 代理創建的模因幣。我認為它是人工智慧大語言模型（LLM）代理創建的第一批模因幣之一，未來各種主題肯定會有不同的變化，但一般來說，開創性的主題將保留價值。因此，我認為GOAT的市值可能會在相當長的一段時間內維持在10億美元到50億美元之間，而不是