And Anthony Georgiades of Innovating Capital shares his long-term outlook for the digital currency.

創新資本的 Anthony Georgiades 分享了他對數字貨幣的長期展望。

Welcome to CNBC's Crypto World.

歡迎來到 CNBC 的加密世界。

I'm Brandon Gomez.

我是布蘭登-戈麥斯

Bitcoin notching yet another milestone after it crossed the highly anticipated $100,000 threshold overnight.

比特幣在一夜之間跨過備受期待的 100,000 美元門檻後，又迎來了一個里程碑。

Bitcoin's new record high stands at $103,844.

比特幣的歷史新高為 103 844 美元。

It's another high point in a major year for the cryptocurrency, which kicked off with the approval of spot Bitcoin ETFs in the U.S. back in January, then the halving in April, and of course, an explosion in attention during the 2024 election.

這是加密貨幣重要一年中的又一個高潮，今年 1 月美國準許了比特幣 ETF 現貨，4 月比特幣 ETF 減半，當然還有 2024 年大選期間的爆炸性關注。

President-elect Trump became a friend of the industry, meeting with executives and campaigning on crypto as an issue.

當選總統特朗普成為了該行業的朋友，他會見了該行業的高管，並在競選活動中將加密貨幣作為一個議題。

Reacting to the $100,000 milestone, Trump posted on congratulating Bitcoiners and saying, quote, you're welcome.

對於 10 萬美元的里程碑，特朗普發帖祝賀比特幣玩家，並說："不客氣。

Bitcoin also notched its new record the same day Trump publicly announced his pick to lead the SEC, former agency commissioner Paul Atkins.

就在特朗普公開宣佈美國證券交易委員會（SEC）前委員保羅-阿特金斯（Paul Atkins）人選的同一天，比特幣也創下了新紀錄。

If confirmed, he will succeed current chair Gary Gensler, who's led multiple major enforcement actions against the crypto industry, and who said he'd step down on Inauguration Day.

如果得到確認，他將接替現任主席加里-根斯勒（Gary Gensler），後者上司了多項針對加密貨幣行業的重大執法行動，並表示將在就職日卸任。

Also yesterday, comments made by Fed Chair Powell may have given Bitcoin a slight push.

同樣在昨天，美聯儲主席鮑威爾的言論可能會給比特幣帶來些許推動。

He told Andrew Ross Sorkin at the New York Times Dealbook Summit that the central bank is limited in its ability to regulate Bitcoin, and that the currency does not compete against the U.S. dollar.

他在《紐約時報》Dealbook 峰會上對安德魯-羅斯-索金（Andrew Ross Sorkin）說，央行監管比特幣的能力有限，比特幣並不與美元競爭。

Instead, it competes with gold.

相反，它與黃金競爭。

Now looking at where prices stand as of noon Eastern, Bitcoin dipped from its earlier high and traded at $101,100.

現在看看截至東部時間中午的價格，比特幣從早些時候的高點回落，交易價格為 101,100 美元。

Ether and XRP joined the rally, gaining around 4 and 2 percent respectively.

以太幣和 XRP 也加入了漲勢，分別上漲了約 4% 和 2%。

Memecoin is also reacting to Bitcoin's move higher, with both Doge and Shiba Inu up around 4 percent.

Memecoin 也對比特幣的走高做出了反應，Doge 和 Shiba Inu 都上漲了約 4%。

And crypto-focused stocks opened higher relative to broader markets this morning, but as of midday, gave back those gains.

今天上午，以加密貨幣為重點的股票相對於大盤開盤走高，但截至中午，這些漲幅又被回吐。

All right, for our main story, CryptoWorld's Jordan Smith spoke with Anthony Georgiades, the founder and general partner at Innovating Capital, just before Bitcoin's jump above the $100K mark.

在比特幣突破 10 萬美元大關之前，CryptoWorld 的喬丹-史密斯（Jordan Smith）採訪了創新資本（Innovating Capital）的創始人兼普通合夥人安東尼-喬治亞德（Anthony Georgiades）。

Georgiades shares what he thinks is driving the crypto rally and where memecoins fit in the current market cycle.

Georgiades 分享了他認為推動加密貨幣反彈的原因，以及 memecoins 在當前市場週期中的位置。

What do you make of this range we seem to be in, whether we're poised for a breakout in either direction in the near term?

您如何看待我們目前所處的這個區間，我們是否準備在短期內向任一方向突破？

Yeah, I mean, if you look at the kind of post-election cycle, it's a little interesting.

是的，我的意思是，如果你看看選舉後的週期，這有點有趣。

It seems as though a lot of individuals, myself included, were anticipating a little bit of a buy the rumor, sell the news type event, you know, obviously with the markets leading up to the election, seemingly perfectly pricing in obviously both the outcome and what a Trump win would entail from really much more regulatory certainty.

包括我在內的很多人似乎都預料到會出現買謠言、賣消息的情況，要知道，大選前的市場顯然對結果和特朗普獲勝將帶來的更多監管確定性進行了完美的定價。

We're already seeing it.

我們已經看到了。

You know, we're seeing changes to really the SEC landscape.

你知道，我們看到證交會的格局正在發生變化。

We're seeing changes to Congress and legislation with regards to how we're going to really establish clear-cut frameworks.

我們看到國會和立法在如何真正建立明確的框架方面發生了變化。

We're seeing a tremendous amount of support and adoption for crypto at both the enterprise and legislative level, obviously with some of the ETF approvals and those we've seen there.

我們在企業和立法層面都看到了對加密貨幣的大量支持和採用，很明顯，我們在那裡看到了一些 ETF 準許和那些。

I think the market, you know, is generally reacting in a choppy fashion right now.

我認為，你知道，現在市場的反應總體上是波瀾不驚的。

There's obviously still some time to go.

顯然，我們還需要一些時間。

There's still a lot of hurdles to get through.

還有很多障礙要克服。

Very cautiously optimistic within these price ranges.

對這些價格範圍持謹慎樂觀態度。

And I think obviously, you know, in the short term, what it'll really take to see a significant breakthrough past these levels is really the broader market thesis actually playing out and being executed on establishing clear-cut frameworks, seeing legislation pass through and seeing some of that more institutionalized adoption pan out.

我認為，很明顯，短期內，要想在這些水準上取得重大突破，需要更廣泛的市場論證，建立明確的框架，通過立法，並看到一些更制度化的採用。

Look at micro-strategies, you know, pricing, obviously to perfection, trading at multiples of a premium over its book value of Bitcoin itself.

看看微觀戰略，你知道的，定價，顯然是完美的，比特幣本身的賬面價值溢價數倍。

So there's still some choppiness and frothiness out there.

是以，外面仍有一些波浪和保麗龍。

But, you know, I think time will tell, obviously.

不過，我覺得時間會證明一切。

And as things pan out, the market will continue to price things properly.

隨著事態的發展，市場將繼續對事物進行合理定價。

I'm obviously very, very, very bullish medium term and long term.

顯然，我非常、非常、非常看好中長期。

Yeah.

是啊

You brought up something there about institutional adoption.

你提到了機構收養的問題。

And I was wondering how much of the price action we're seeing right now is driven by institutions.

我想知道，我們現在看到的價格走勢，有多少是由機構推動的。

You know, we've long talked about how after FTX retail investors were skittish around crypto, institutions were still questioning whether they were going to get in.

你知道，我們早就說過，在 FTX 之後，散戶投資者對加密貨幣持謹慎態度，而機構仍在質疑他們是否會參與其中。

And now after Bitcoin ETFs especially, you have a lot of buying on the institutional side.

特別是在比特幣 ETF 之後，機構方面也有很多買盤。

But are you seeing any signs that retail investors are driving some of the action we saw post-election?

但您是否看到任何跡象表明，散戶投資者正在推動我們在大選後看到的一些行動？

Or is it all about institutions right now?

還是說，現在一切都與機構有關？

Well, if you look back into November, right, I mean, that was just groundbreaking.

好吧，如果你回顧一下 11 月份，我的意思是，那簡直是開天闢地。

Almost $8 billion of net inflows in a single month to Bitcoin and Ethereum ETFs.

比特幣和以太坊 ETF 單月淨流入近 80 億美元。

Right.

對

And I think, obviously, you know, the post-election momentum is really driving that adoption.

我認為，很明顯，大選後的勢頭確實推動了這種採用。

And, you know, you're seeing very, very, very steady growth month over month, really trailing back to the start of this year.

而且，你知道，你看到的是逐月非常、非常、非常穩定的增長，真正的增長要追溯到今年年初。

This obviously suggests much more kind of a maturing market overall in terms of, you know, it's really kind of a change in the tide in terms of this constant institutional flow.

這顯然表明，從整體上看，市場正在日趨成熟，你知道，從機構不斷流動的角度看，這確實是一種潮流的變化。

Keep in mind, though, typically when we've looked at cycles and where the retail investor comes into play is really the bull market cycle inflows away from Bitcoin and Ethereum and into a lot of the more altcoins.

不過，請記住，通常情況下，當我們觀察週期時，散戶投資者真正發揮作用的地方，是牛市週期中資金從比特幣和以太坊流入更多的另類幣。

You know, we're seeing it with Ripple.

你知道，我們在瑞波幣上看到了這一點。

We're seeing it with a bunch of coins on the market, you know, from Hedera to Avalanche, whatever it might be.

我們在市場上看到了很多這樣的硬幣，你知道，從 Hedera 到 Avalanche，不管是什麼。

So I think it's kind of a twofold effect.

是以，我認為這是一種雙重效應。

Obviously, the institutional inflows that lead to some of the price ascension of the top blue chips, Bitcoin and Ethereum, kind of set the path for a lot of this altcoin bull market run overall from retail players and institutional players alike.

顯然，機構資金的流入導致了頂級藍籌股比特幣和以太坊的價格上漲，這也為散戶和機構投資者共同參與的這輪牛市奠定了基礎。

You talk about altcoins.

你談到了另類幣。

I think the other thing that comes to mind for a lot of people who are on the retail side and maybe crypto curious are these meme coins.

我認為，對於很多零售商和對加密貨幣好奇的人來說，他們想到的另一件事就是這些紀念幣。

You know, we saw a spike in Dogecoin after the idea of the Department of Government and Efficiency, Elon Musk being involved.

你知道，在 "政府與效率部 "的想法提出後，埃隆-馬斯克也參與其中，我們看到了Dogecoin的飆升。

Does this cycle feel different when it comes to meme coins?

當涉及到紀念幣時，這個週期是否有不同的感覺？

Because when you go back to 2021, there was a lot of hype around less about utility and more around FOMO.

因為追溯到 2021 年，當時有很多關於實用性的炒作，而更多的是關於 FOMO 的炒作。

Does it feel the same way this time around, given the rush into these tokens just around news related to politics or whatever else and less about utility?

這次是否也有同樣的感覺，因為人們對這些代幣的熱衷只是圍繞著政治或其他方面的新聞，而不是實用性？

I have had multiple people this cycle tell me that the first crypto coin that they ever bought was Dogecoin, you know, several weeks ago.

這個週期有很多人告訴我，他們買的第一枚加密貨幣是 Dogecoin，你知道的，幾周前。

It does feel a little different, but it's the same in a lot of ways, right?

雖然感覺有些不同，但很多方面還是一樣的，不是嗎？

You had obviously, you know, back in 2017, a rush into ICOs, obviously 2021, you know, rush into NFTs and a variety of different projects.

很明顯，你知道，早在 2017 年，ICO 就出現了熱潮，很明顯，2021 年，你知道，NFT 和各種不同的項目也出現了熱潮。

And, you know, now the meme coin craze has always been there.

要知道，現在的紀念幣熱潮一直都在。

It's just heightened at these levels.

只是在這些級別上會有所提高。

And, you know, when you see obviously these overnight successes and let's be clear, right, there are hundreds of thousands of meme coins out there, right?

而且，你知道，當你看到這些一夜暴富的人時，讓我們把話說清楚，外面有成千上萬的紀念幣，對吧？

Different smart contracts and different tokens that have been launched and only a few have really seen success.

不同的智能合約和代幣已經推出，但真正取得成功的卻寥寥無幾。

But just keep in keep in mind one thing with meme coins overall, and most of them advertise it, if you go to like literally, you know, memecoin.com or whatever, you know, they market there's no, there's no utility, there's no intrinsic value.

如果你去memecoin.com之類的網站，你就會發現，他們的市場沒有任何實用價值，也沒有任何內在價值。

This token is not worth, you know, potentially anything, right?

這塊令牌不值錢，你知道，可能什麼都不值，對吧？

So when you're talking about meme coins, it's the really most kind of perfect on ramp for non crypto natives that may have some skepticism on crypto overall, but you know, want to onboard and learn about the space a little bit more.

是以，當你在談論 "備忘錄幣 "時，對於那些對加密貨幣持懷疑態度的非加密貨幣原住民來說，這是最完美的 "上坡道"。

If a token doesn't have, you know, any quote unquote, fundamental utility around it, then you can look at price in one of two ways.

如果一種代幣沒有任何基本效用，那麼你可以用兩種方法之一來看待價格。

It's either nothing or it's infinity, right?

要麼什麼都沒有，要麼就是無窮大，對嗎？

You don't have necessarily the utility of let's say Ethereum that's generating gas fees or has dap growth on the platform.

比方說，你不一定能像以太坊那樣，在平臺上產生氣體費用或實現 dap 增長。

And you can back into some sort of underlying token value based on, you know, discounted analyses with regards to what the economic rent might be associated from fees and things like that.

你可以根據費用等相關的經濟租金進行折現分析，得出某種潛在的代幣價值。

When that doesn't exist in the meme coin market, right, the expectation is, you know, infinite.

當紀念幣市場不存在這種情況時，人們的期望就是無限的。

And so you have a lot of the speculative FOMO into these tokens.

是以，這些代幣有很多投機性的 FOMO。

Obviously, it can be very, very dangerous.

顯然，這可能非常非常危險。

And, you know, you can lose effectively everything.

而且，你知道，你可能會失去一切。

But at the same time, it's easy for people to understand and to conceptualize.

但與此同時，它也很容易被人們理解和概念化。

There's a lot of social proof around meme coins and really a lot of kind of community hacking that goes into those things.

紀念幣周圍有很多社會證明，還有很多社區黑客都在做這些事情。

I personally don't participate in meme coins whatsoever, but I do understand their importance and why they have a place in this market.

我個人不參與任何紀念幣活動，但我理解紀念幣的重要性以及它們在市場中佔有一席之地的原因。

And, you know, more than anything, I do see it as overall positive engagement in terms of onboarding new community members.

更重要的是，我認為這對新社區成員的入職起到了積極的作用。

Okay, that's all for Crypto World today.

好了，今天的《加密世界》就到這裡。

We're back again tomorrow.

我們明天再來。

We'll see you then.

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