比特币规则：阿瑟·海耶斯的警告标志着新时代的到来

阿瑟·海耶斯 (Arthur Hayes) 宣布旧的比特币周期已经结束，并警告说，决定未来的是宏观流动性，而不是减半。这是一个时代的结束，还是一个新时代的开始？

Yo, crypto fam! Buckle up because Arthur Hayes is dropping truth bombs, and they're shaking up everything we thought we knew about Bitcoin. Forget the four-year halving cycle; Hayes says it's all about the Benjamins (and the Yuans!).

哟，加密货币家族！系好安全带，因为阿瑟·海耶斯正在投下真相炸弹，他们正在动摇我们认为我们所了解的关于比特币的一切。忘记四年减半周期；海耶斯说这一切都与本杰明家族（以及袁家族！）有关。

The King is Dead, Long Live Liquidity

国王已死，流动性万岁

For years, we've been religiously following Bitcoin's four-year halving cycle, anticipating the next surge after each supply cut. But Hayes, the BitMEX co-founder, is here to tell us that's old news. In his essay, "Long Live the King!," Hayes argues that Bitcoin's price isn't tied to its code but to the flow of cold, hard cash. He contends that the monetary policies of Washington and Beijing are paving the way for easier money, which will keep pushing Bitcoin higher, irrespective of any textbook cycle peak.

多年来，我们一直虔诚地关注比特币的四年减半周期，预计每次供应削减后都会出现下一次飙升。但 BitMEX 联合创始人 Hayes 在这里告诉我们，这已经是旧闻了。海耶斯在他的文章《国王万岁！》中认为，比特币的价格并不与其代码相关，而是与冰冷的现金流动相关。他认为，华盛顿和北京的货币政策正在为更宽松的货币政策铺平道路，这将继续推高比特币，无论任何教科书周期的峰值如何。

Hayes' Four Eras of Bitcoin

海耶斯的比特币四个时代

Hayes breaks down Bitcoin's history into four distinct cycles, linking each to the ebb and flow of dollar and yuan liquidity:

海耶斯将比特币的历史分为四个不同的周期，将每个周期与美元和人民币流动性的潮起潮落联系起来：

• The Genesis Cycle (2009-2013): Fueled by post-GFC quantitative easing and a surge in Chinese credit.
• The ICO Cycle (2013-2017): Powered by a