福尔摩斯，美联储和公牛奔跑的梦想：解码加密扳机

美联储要释放公牛吗？弗兰克·霍尔姆斯（Frank Holmes）将财政政策视为关键，而其他人则将视线“屈服曲线控制”视为触发因素。另外，看看100倍硬币竞争者。

The crypto world is buzzing with speculation: Is this the start of a massive bull run? Frank Holmes points to fiscal policy, while others are eyeing potential moves by the Federal Reserve. Let's dive into what's driving the market and whether it's time to load up on crypto.

加密世界在猜测中嗡嗡作响：这是巨大的公牛奔跑的开始吗？弗兰克·霍尔姆斯（Frank Holmes）指出了财政政策，而其他人则关注美联储的潜在行动。让我们深入了解驱动市场的原因以及是否该加载加密货币。

Holmes on Fiscal Policy: The Real Driver

关于财政政策的福尔摩斯：真正的驱动程序

Frank Holmes, CEO of U.S. Global Investors, isn't worried about a credit meltdown. He believes the real risk—and opportunity—lies in fiscal policy. According to Holmes, imbalances in taxes, tariffs, regulations, and government spending are what truly move the needle for assets like gold and Bitcoin. He dismisses comparisons to the 2008 crisis, noting that corporate and banking balance sheets are much healthier today. Instead, he emphasizes the impact of monetary easing and the importance of keeping an eye on those fiscal levers.

美国全球投资者首席执行官弗兰克·霍尔姆斯（Frank Holmes）并不担心信贷崩溃。他认为财政政策中的真正风险和机会。根据福尔摩斯的说法，税收，关税，法规和政府支出的不平衡是真正动用金和比特币等资产的原因。他驳回了与2008年危机的比较，并指出公司和银行资产负债表今天更健康。取而代之的是，他强调了赚钱的影响以及关注那些财政杠杆的重要性。

The 'Third Mandate' and Yield Curve Control

“第三任务”和屈服曲线控制

Arthur Hayes, co-founder of BitMEX, has a different trigger in mind: the Fed's potential move toward “yield curve control” (YCC). He argues that the confirmation of economist Stephen Miran to the Fed’s Board of Governors, coupled with recent mainstream media coverage, suggests the Fed is preparing markets for this shift. Hayes believes the Fed has a “third mandate”—moderate long-term interest rates—that could lead them to directly control the yield curve. This, he argues, could send Bitcoin to $1 million. YCC, in essence, would involve the Fed capping yields on medium- or long-dated Treasuries, potentially leading to fiat debasement and a rush into hard-cap assets like Bitcoin.

BITMEX的联合创始人Arthur Hayes牢记了一个不同的触发因素：美联储朝着“屈服曲线控制”（YCC）的潜力转移。他认为，美联储董事会的经济学家斯蒂芬·米兰（Stephen Miran）确认，加上最近的主流媒体报道，这表明美联储正在为这一转变做准备。海耶斯认为，美联储具有“第三项任务”（适度的长期利率），这可能会导致他们直接控制收益率曲线。他认为，这可以将比特币送到100万美元。从本质上讲，YCC将涉及中型或长期纪念品的美联储封顶收益率，有可能导致菲亚特贬值，并急于像比特币这样的硬盘资产。

Bull Run? Keep an Eye on These Crypto Projects

牛？密切关注这些加密项目

Beyond the macro factors, the crypto market is always cooking up new contenders. In 2025, projects like Bitcoin, Ethereum, Solana, and Ripple continue to dominate. Then there's the meme coin contender, BullZilla ($BZIL), with its aggressive presale mechanics and tokenomics. Each represents a different narrative: digital gold, decentralized infrastructure, speed and resilience, institutional adoption, and meme-driven innovation. Which one will lead the next bull run?

除了宏观因素之外，加密市场总是在烹饪新的竞争者。在2025年，比特币，以太坊，索拉纳和波纹等项目继续占据主导地位。然后是模因硬币竞争者Bullzilla（$ bzil），其具有侵略性的前机械师和令牌学。每个都代表着一个不同的叙述：数字黄金，分散基础设施，速度和弹性，制度的采用以及模因驱动的创新。哪一个将领导下一次公牛跑？

The Takeaway: Stay Informed, Stay Nimble

要点：保持知情，保持灵活

Whether it's Holmes's fiscal policy focus or Hayes's YCC trigger, the message is clear: The crypto market is dynamic and influenced by a range of factors. Keep an eye on both macro trends and emerging projects, and be ready to adapt your strategy as the landscape evolves.

无论是福尔摩斯的财政政策重点还是海耶斯的YCC触发器，信息都很明确：加密市场是动态的，受一系列因素的影响。密切关注宏观趋势和新兴项目，并随着景观的发展而准备改编您的策略。

So, is a bull run imminent? Maybe. Maybe not. But one thing's for sure: The crypto rollercoaster is never boring. Buckle up, New York, it's gonna be a wild ride!

那么，公牛即将来临吗？或许。也许不是。但是可以肯定的是：加密过山车永远不会无聊。搭扣，纽约，这将是一个疯狂的旅程！