为什么比特币能胜过华尔街：Pantera首席执行官解释说明

Pantera Capital的首席执行官Dan Morehead认为，当前的加密市场被低估了，对于投资者来说是一个罕见的购买窗口

Dan Morehead, CEO of Pantera Capital, sees a unique opportunity for investors as the crypto market, in his view, is “massively undervalued.” This, he says, is due to recent political and macroeconomic shifts that have created a rare buying window.

Pantera Capital的首席执行官Dan Morehead认为投资者是一个独特的机会，因为他认为加密货币市场“被低估了”。他说，这是由于最近的政治和宏观经济转变造成了罕见的购买窗口。

Speaking at TOKEN2049 in Dubai, Morehead argued that digital assets like Bitcoin are set to benefit from the pro-crypto environment being cultivated by the U.S. president’s administration.

莫尔黑德（Morehead）在迪拜（Dubai）的Token2049上发表讲话，认为像比特币这样的数字资产将受益于美国总统政府正在培养的亲克莱托普环境。

“We’re seeing sweeping policy changes, including executive orders focused on crypto, strategic Bitcoin reserves being announced by the U.S., and a rapidly evolving financial landscape,” Morehead noted.

莫尔黑德（Morehead）指出：“我们看到了彻底的政策变化，包括专注于加密货币的执行命令，美国宣布的战略比特币储备以及迅速发展的金融景观。”

“Considering the magnitude of these political developments, the fact that markets have only risen 35% is a testament to the incredible opportunities present,” stated Morehead, whose firm’s Bitcoin fund has historically generated 85% annualized returns. “From that perspective, we’re still at the beginning stages of this journey.”

莫尔黑德（Morehead）表示：“考虑到这些政治发展的规模，市场仅增长了35％的事实，这证明了目前令人难以置信的机会。” “从这个角度来看，我们仍处于这一旅程的开始阶段。”

However, Morehead contrasted this with what he sees as overvalued traditional markets. Observing that Bitcoin has appreciated 50% year-over-year compared to the S&P 500’s 8% gain, he believes stocks and bonds are now carrying an excessive amount of risk relative to the returns they offer.

但是，莫尔黑德与他认为被高估的传统市场相比。观察到比特币与标准普尔500指数的8％收益相比，比特币同比同比增长了50％，他认为股票和债券现在相对于他们提供的收益而产生的风险过高。

“The equity risk premium is rapidly converging to zero,” he said.

他说：“股权风险溢价迅速融合到零。”

“Either bond yields will need to increase sharply, or equities are due for a correction. In comparison, crypto continues to be one of the few remaining avenues for capital preservation in this turbulent economic climate.”

“要么债券收益率都需要急剧增加，要么股票应进行更正。相比之下，在这种动荡的经济氛围中，加密货币仍然是剩下的少数剩下的资本保存途径之一。”

As institutions are now engaging with crypto and policy support is growing, Morehead predicts that capital will naturally flow into blockchain assets, setting the stage for a prolonged bullish period for the sector.

随着机构现在与加密货币的互动，政策支持正在增长，莫尔黑德（Morehead）预测，资本将自然流入区块链资产，为该行业的长期看涨时期奠定了基础。