比特币公牛刚开始，Bitwise的Matt Hougan说

比特币最近的历史最高高位只是长期上升趋势的开始

Bitwise Asset Management's Investment Director, Matt Hougan, remains bullish on Bitcoin despite its recent all-time high, suggesting it's just the beginning of a broader market uptrend.

Bitwise Asset Management的投资总监Matt Hougan仍然对比特币看涨，尽管它最近有史以来高涨，这表明这只是更广泛的市场上升趋势的开始。

"This is not the peak—this is the kickoff," Hougan stated optimistically. He attributes this optimism to several key factors, including the persistent interest from institutions and the unfolding macroeconomic pressures.

霍根乐观地说：“这不是峰值，这是开球。”他将这种乐观归因于几个关键因素，包括机构的持续兴趣和不断发展的宏观经济压力。

Highlighting the recent activity in Bitcoin ETFs, Hougan pointed out that over the last 30 days alone, more than $8 billion has flowed into these products. This massive influx of capital creates a very strong demand for Bitcoin, an asset known for its limited supply.

Hougan强调了比特币ETF的最新活动，他指出，仅在过去30天中，超过80亿美元就流入了这些产品。大量资本涌入对比特币的需求非常强，这是一种以有限的供应而闻名的资产。

"The simplest way to put it is that when you combine huge demand with no supply, prices go up—especially for an asset like Bitcoin, which is fundamentally tied to the concept of scarcity," Hougan explained.

Hougan解释说：“最简单的方法是，当您将巨大的需求结合起来而没有供应时，价格上涨，尤其是对于像比特币这样的资产，这与稀缺性的概念根本上相关。”

Moreover, he noted that U.S. fiscal decisions are also pushing investors towards Bitcoin. With massive budget deficits and the continuation of money printing, confidence in fiat currencies is diminishing.

此外，他指出，美国财政决策也在推动投资者推向比特币。随着预算不足和货币印刷的延续，对法定货币的信心正在减少。

"These policies are turning investors away from the dollar and toward Bitcoin," he asserted. "The U.S. is no longer serious about budget cuts. That erodes trust in long-term dollar value."

他断言：“这些政策正在使投资者远离美元和比特币。” “美国不再认真对待削减预算。这会侵蚀长期美元价值的信任。”

Finally, Hougan touched upon the rising yields on long-term U.S. bonds and the changes in global markets like Japan as indicators of a shift away from debt-driven investing, a factor that could further fuel Bitcoin's ascent.

最后，霍根（Hougan）谈到了美国长期债券的收益率上升，以及日本等全球市场的变化，是从债务驱动的投资转移的指标，这一因素可以进一步加剧比特币的上升。