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随着最近在加密货币的波动，迈克·费伊（Mike Fay）想知道（1:15）的价格是多少。特朗普的倡议以及为什么很难长期看涨（3:30）。

The crypto market has been heating up recently, and with recent volatility in the market, Unchained's Mike Fay joins the Investing Experts to discuss what he thinks has been priced in at this point.

加密市场最近一直在升温，随着市场最近的波动，Unchained的Mike Fay与投资专家一起讨论了他认为在这一点上的价格。

As the role of Trump initiatives is discussed, is it still difficult to be bullish on the crypto market long-term and what does this mean for investors through the rest of 2023?

正如讨论了特朗普倡议的角色时，长期以来在加密货币市场上看涨仍然很难吗？这对投资者在2023年的剩余时间里意味着什么？

Plus, with several coins being ranked, what does the market share breakdown look like for the leading smart contracts platforms at this time?

另外，随着几枚硬币的排名，目前领先的智能合约平台的市场份额分解是什么样的？

Further highlighting BTC ETFs and how to hold crypto, what advice does Mike have for investors and what does he see being the best reason to go long Coinbase (NASDAQ:COIN) at this time?

进一步强调了BTC ETF以及如何持有加密货币，Mike对投资者有什么建议，他认为这是长期Coinbase（NASDAQ：COIN）的最佳理由？

Listen to the full interview here.

在这里听完整的采访。

Rena Sherbill: Mike Fay, welcome back to the Investing Experts podcast. It’s great to have you back on the show talking crypto and seeing where you're at in the marketplace.

Rena Sherbill：Mike Fay，欢迎回到投资专家播客。很高兴让您回到演出，谈论加密货币，看看您在市场上的位置。

Mike Fay: Thanks for having me back. It’s a pleasure as always and it’s an interesting time to be talking crypto.

迈克·费伊（Mike Fay）：感谢您让我回来。一如既往，这是一种荣幸，这是谈论加密货币的有趣时刻。

RS: It’s definitely an interesting time. So maybe ground us in the present moment. We're almost in the middle of March. We are seeing a lot of volatility in that space. Share with us what you're thinking about how you would articulate your thoughts for investors.

RS：这绝对是一个有趣的时刻。因此，也许在当下我们。我们几乎在三月中旬。我们在那个领域看到了很多波动。与我们分享您的想法，即如何表达您对投资者的想法。

MF: I think the market is behaving similarly to other markets, specifically US equities. So I think a lot of what we're seeing is being driven by a risk off sentiment and I think there are a lot of reasons for that. Fundamentally it really depends on how you view the space.

MF：我认为市场的行为与其他市场，特别是美国股票相似。因此，我认为我们看到的很多是受风险驱动的驱动，我认为有很多原因。从根本上讲，这实际上取决于您如何查看空间。

So if you're someone who thinks that it needs to have utility then there are concerns. If you're someone who thinks that this area is more of a digital adaptation of some of the older tech infrastructure or digital gold in the case of Bitcoin (BTC-USD)USD.

因此，如果您是一个认为需要有实用性的人，那么会有担忧。如果您认为在比特币（BTC-USD）USD的情况下，这个领域更像是对一些较旧的技术基础架构或数字黄金的数字改编。

Nothing has really changed and in fact maybe the thesis is even getting stronger given some of the things that we've seen from President Trump with the digital asset stockpile, Bitcoin strategic reserve, these are the things that the market's now looking at.

没有什么真正改变的东西，实际上，鉴于我们从特朗普总统看到的一些东西库存，比特币战略储备中我们从特朗普总统那里看到的一些事情，也许这一论文变得更加强大，这些是市场现在正在关注的东西。

The question is how much of that has been priced in? I think that Bitcoin right now is behaving more as a leveraged play on the Nasdaq (NDAQ) than it would be something like a safe haven. I think that that's pretty clear in the correlation data.

问题是其中有多少定价？我认为现在的比特币在纳斯达克（NDAQ）上的杠杆作用更多，而不是像避风港一样。我认为相关数据中这很明显。

I think that's pretty clear in that it's essentially going down with equities rather than going inverse where gold has been performing quite well to start the year.

我认为这很清楚，因为它本质上是在股票上倒下的，而不是在黄金表现良好的一年中表现出色的情况下倒数。

So my view is still that it's largely a capital flow game for Bitcoin. You have to then think from the perspective of the people who are allocating that capital, what do they think Bitcoin is?

因此，我的观点仍然是，这在很大程度上是比特币的资本流游戏。然后，您必须从分配资本的人们的角度思考，他们认为比特币是什么？

If they're buying the idea that Bitcoin is digital gold why isn't it behaving more like gold rather than the NASDAQ? My thinking is that currently, right or wrong, it's viewed more like leverage on the NASDAQ or a raw speculative instrument.

如果他们购买了比特币是数字黄金的想法，为什么它不像黄金那样而不是纳斯达克？我的想法是，目前，对与错，它更像是在纳斯达克或原始投机工具上的杠杆作用。

So in a risk off environment, which is what we're seeing now, it's gonna probably go down.

因此，在冒险环境中，这就是我们现在看到的，它可能会下降。

RS: Trump's initiatives - the Summit, strategic reserves, how has that affected not just Bitcoin but also investors and sentiment and what do you think it means both in the near term and maybe throughout this year at least?

RS：特朗普的举措 - 首脑会议，战略储备，不仅影响比特币，而且影响投资者和情感，您认为这在短期内，至少在整个一年中都意味着什么？

MF: Honestly near term through the end of the year I really wouldn't be surprised if we see markets make another top or another high I should say that may be the top for this cycle. There's also the question of whether or not having cycle theory even still applies.

MF：老实说，到今年年底，我真的不会感到惊讶，如果市场成为另一个高层或另一个高级，我应该说这可能是这个周期的最高点。还有一个问题，即是否仍然有循环理论仍然适用。

I think broadly it's hard to not be bullish long term because, and I don't want to get political but I think that many in the space viewed the previous administration as being combative to the industry, and so I think it would be hard to argue against that.

我认为从长远来看，很难不看看涨，因为，而且我不想变得政治化，但是我认为空间中的许多人都认为上一个政府对行业是好斗的，所以我认为很难反对这一点。

I think that this new administration has overtly been far friendlier to the industry, so I think that it's a good time to be an American crypto business if you buy the idea that this is tech and financial tech, financial infrastructure that is going to change maybe settlement works in the future. It's hard to not be bullish long term.

我认为，这个新政府公开对该行业更加友好，因此，如果您购买这是技术和金融技术，将来会改变和解的金融基础架构，那么现在是美国加密货币业务的好时机。很难长期看涨。

Doesn't mean the price is going to go up right away, but I think that what we've seen is very good.

并不意味着价格会立即上涨，但我认为我们所看到的非常好。

RS: What would you say in terms of the other cryptos? How would you rank them I guess in terms of near term, long term?

RS：用其他加密货币而言，您会说什么？长期，我猜如何将它们排名？

MF: Good question, you're the master. I think that where this goes is, I think that the blockchain network as an idea is going to be, if you're an investor in this space, you really to be selective and this

MF：好问题，你是主人。我认为这是在哪里，我认为区块链网络将是一个想法，如果您是这个领域的投资者，那么您真的要有选择性，这