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Apparently it is time to let go of your old mindset (man). Forget about the past. Imagine a new and more glorious future. And buy bitcoin.
顯然，是時候放下你的舊思維了（夥計）。忘記過去。想像一個嶄新、更輝煌的未來。然後購買比特幣。
This is a serious struggle for normies like me. Bitcoin is still not a proper currency — try using it to buy a coffee or pay your taxes almost anywhere in the world. It doesn’t pay a yield or a dividend or provide a claim to anything other than itself. The ecosystem around it is peppered with wholesome, sensible people but dominated by cranks and grifters, especially as you look past bitcoin and into the vast universe of smaller tokens and coins.
對像我這樣的普通人來說，這是一個嚴重的困境。比特幣仍然不是一種合適的貨幣——試著用它來買咖啡或在世界上幾乎任何地方繳稅。它不支付收益、股息，也不提供對任何其他東西的要求，只有它自己。圍繞它的生態系統中有一些正直、明智的人，但主導地位卻是一些怪人和騙子，尤其是當你超越比特幣，進入更廣闊的小型代幣和幣種的宇宙時。
But even I have to admit that the rally since the re-election of Donald Trump as US president is something special — a big bang moment that is impossible to ignore. The price has vaulted over $80,000 for the first time, marking a rise of almost 30 per cent since election day, which, as a reminder, was just last week. A target of $100,000 by the end of this year is not outlandish. What a time to be alive and what a payday for bitcoin holders.
但是，即使是我也不得不承認，自唐納•川普(Donald Trump)再次當選美國總統以來的漲勢是特別的——一個不容忽視的重大時刻。比特幣價格首次突破了8萬美元，自選舉日以來上漲了近30%，提醒一下，選舉日就在上週。到今年年底達到10萬美元的目標並不奇怪。這真是一個令人興奮的時刻，也是比特幣持有者的大賺日。
Analysts at Bernstein are not holding back. “Welcome to the crypto bull market,” they wrote in a note on Monday. “Buy everything you can . . . We recommend investors who have so far remained shy of any crypto exposure due to regulatory concerns ‘invert their mental model’.”
伯恩斯坦的分析師毫不保留。他們在週一的一份備忘錄中寫道：「歡迎來到加密貨幣牛市。買下你能買到的一切……我們建議那些因監管問題而迄今對任何加密貨幣保持謹慎態度的投資者『顛倒他們的思維模式』。」
Think of the volatility that speculating on crypto injects into a portfolio, cautions UBS. “We are sceptical that crypto assets can make significant inroads in meaningful and disruptive real-world use cases,” it adds.
瑞銀(UBS)警告稱，投機加密貨幣會給投資組合帶來波動性。它補充說：「我們對加密資產能否在有意義且具有顛覆性的實際應用案例中取得重大進展持懷疑態度。」
Any effort to come up with a macroeconomic rationale for the price of crypto is also a path to madness. But let’s do what Bernstein suggests and think differently. This rally is about two powerful forces: vibes and vision.
任何試圖爲加密貨幣價格提供宏觀經濟理由的努力都是一條瘋狂之路。但讓我們按照伯恩斯坦的建議，換個思路。這次的上漲是由兩股強大的力量驅動：氛圍和願景。
Vibes have always accounted for a good portion of the ups and downs in crypto. In this case, Trump surrounded himself during the election campaign with crypto true believers. He attended the Bitcoin 2024 conference in Nashville, described by Bloomberg as a “MAGA-fied crypto lovefest”.
情緒一直是加密貨幣市場漲跌的重要因素。在這種情況下，川普在競選期間與加密貨幣的忠實信徒們團結在一起。他參加了在納希維爾舉行的比特幣2024年會議，彭博(Bloomberg)將其形容爲「MAGA化的加密貨幣狂歡節」。
Along with his sons, he backed a new crypto venture called World Liberty Financial. Elon Musk, high priest of crypto, was one of his biggest backers. The token Musk frequently boosts, Dogecoin, or Doge for short, has gained 145 per cent since election day. Musk has been chosen to lead a “department of government efficiency”, or Doge for short.
他和他的兒子們一起支援了一個名爲全球自由金融(World Liberty Financial)的新加密創業項目。加密貨幣的高級祭司伊隆•馬斯克(Elon Musk)是他最大的支持者之一。馬斯克經常推崇的代幣狗狗幣（簡稱Doge）自選舉日以來已經上漲了145%。馬斯克被選爲「政府效率部門」的負責人，簡稱爲Doge。
All of this and more points to a new administration that is crypto friendly and in no mood to regulate it out of existence. The vibes are good. “People are going crazy,” said Ilan Solot at brokerage Marex.
所有這些跡象表明，新政府對加密貨幣持友好態度，並且沒有意圖將其調控至消失。氛圍很好。經紀公司Marex的伊蘭•索洛特(Ilan Solot)說：「人們都瘋了。」
The vibe shift means that even conservative investors are increasingly willing to give crypto a chance. “This is a global portfolio rebalancing,” Solot said.
這種氛圍的轉變意味著，即使是保守的投資者也越來越願意給加密貨幣一個機會。索洛特表示：「這是一次全球投資組合的再平衡。」
Farnborough-based pensions consultant Cartwright says that even before the US election, it advised the first ever UK pension scheme — a £50mn defined-benefit company scheme of the type that would typically rely heavily on boring old government bonds — to put 3 per cent of its portfolio directly in to bitcoin.
總部位於法恩伯勒的養老金顧問公司Cartwright表示，即使在美國選舉之前，它也建議英國有史以來第一個養老金計劃——一個價值5000萬英鎊的固定收益公司計劃，這種計劃通常會嚴重依賴於乏味的政府債券——將其投資組合的3%直接投資於比特幣。
“Pensions and institutional investors have got loads of different asset classes,” said Sam Roberts, a director at Cartwright. “We’re saying bitcoin should be on the list.” The unnamed pension scheme he advised bought bitcoin in October and has scooped up enormous winnings since.
「養老金和機構投資者擁有各種不同的資產類別，」Cartwright的董事羅伯茲(Sam Roberts)說。「我們認爲比特幣應該列入其中。」他所建議的未具名養老金計劃在10月份購買了比特幣，並獲得了鉅額收益。
The broader vision is that Trump 2.0 could treat crypto not just as a speculative wheeze but as a strategic imperative. Robert F Kennedy Jr, once a rival and now a potential pick for high office, spoke at length at that Nashville conference about the need to build up national reserves of bitcoin, on a scale that rivals gold reserves. “It was a mind-blowing speech. He had really done his research,” said Richard Byworth at Swiss financial group Syz Capital. This plan could potentially start with declining to sell crypto assets seized by the federal government over the years but later expand, Kennedy said, to buying hundreds of bitcoin every day. It may be a struggle to take literally someone who opposes vaccines and wants to remove fluoride from the water system, but again: new thinking.
川普2.0的更廣闊願景是將加密貨幣視爲戰略要務，而不僅僅是一種投機行爲。小羅伯特•肯尼迪(Robert F Kennedy Jr)曾是對手，現在有可能成爲高級官員候選人，他在納希維爾會議上長篇演講，談到了建立與黃金儲備相媲美的國家比特幣儲備的必要性。瑞士金融集團Syz Capital的理查德•拜沃斯表示：「這是一次令人震撼的演講。他確實做了很多研究。」肯尼迪表示，這個計劃可能從拒絕出售聯邦政府多年來沒收的加密資產開始，但以後會擴大，每天購買數百個比特幣。要從字面上理解一個反對疫苗並希望從水系統中去除氟化物的人的言論可能會很費勁，但還是那句話：新思維。
Byworth reckons some of the frenzied bitcoin buying in recent days is the work of other nation states around the world keen to get in before Uncle Sam starts buying. Whether this vision comes to fruition or not, “they are adding bitcoin as if this is on the cards”, he said.
拜沃思認爲，最近幾天的比特幣瘋狂購買是世界各國急於在山姆大叔(Uncle Sam)開始購買之前入場的結果。無論這一願景是否實現，「他們都在增加比特幣，好像這是板上釘釘的事」，他說。
Those of us still waiting for a clean articulation of what bitcoin is will remain frustrated. But it’s getting harder every day to fight against the crypto revolution.
我們這些仍在等待對比特幣進行清晰闡述的人將繼續感到沮喪。但是，與加密貨幣革命抗爭的難度每天都在增加。