Crypto Banter 創辦人 Ran Neuner：加密貨幣史上第一次真正牛市，這次會有多瘋狂？

0:00加密貨幣史上第一次真正牛市

0:00我們正處於加密貨幣史上第一次真正的牛市，這次的規模會比你過去見過的任何牛市都還要大。這一輪牛市的主角不是 Bitcoin，而是 altcoins（山寨幣）。事實上，這些 altcoins 將會跑贏 Bitcoin 5.7 倍，等等我會告訴你我是怎麼算出來的。We're in crypto's first real bull market. It's going to be bigger than anything that you've ever seen before. This time, the market's going to be driven by altcoins, not by Bitcoin. And in fact, the altcoins are going to outperform Bitcoin by 5.7x, and I'm going to show you how I get there.

0:29在開始之前，讓我自我介紹一下。我叫 Ran，也有人叫我 Crypto Man Ran。我是 Crypto Banter 的創辦人。平常我講話會搭配手勢，但因為我鎖骨斷了，今天只能比較克制，盡量不揮手。好，讓我們來聊聊這次加密貨幣史上第一次真正的牛市。Before I do, though, for those of you who don't know me, my name is Ran, Crypto Man Ran. I am the founder of Crypto Banter, and I usually talk with my hands, but I broke my collarbone, so I have to be very reserved today and not talk with my hands. I'll do my best. So let's talk about the most, or crypto's first real bull market.

0:51圖表揭示牛熊循環與產品市場契合

0:51我認為這次，圖表其實已經告訴我們一個故事。首先很明顯，就是 Bitcoin 的熊市。我們經歷過牛市、熊市，剛剛才走過一年的熊市，現在已經轉向。這個轉向是因為流動性的變化，或者說市場感受到流動性有變，這在每一輪牛市都會發生。但更有趣的是，這是 Ethereum 對 Bitcoin 的圖表。我相信圖表會說話。And I think in this case, the charts actually tell us a story. The first part of the story is pretty obvious. It's the Bitcoin bear market. We go through the bulls, we go through the bears, and we just went through the one-year bear market, and we turned. And we turn because of a change or a perceived change in liquidity. That's obvious. That happens every single bull market. Here's where it gets more interesting. That's the chart of Ethereum versus Bitcoin. And I believe that charts tell a story.

1:31如果我們分析這張圖表，我們可以說，這張圖表代表了區塊鏈技術除了原始用途——也就是比特幣——之外的所有其他用途。比特幣的原始用途是像傳輸資料一樣傳輸價值，而這張圖表則呈現了利用這項技術的所有其他應用。我們可以看到，自從九年前以太坊推出以來，這張圖表一直處於下跌趨勢。如果你仔細思考這代表什麼，當以太坊剛推出時，我們曾經認為以太坊會成為下一個比特幣，而且它在對比比特幣時表現得非常好。但後來我們發現，它其實並沒有那麼厲害。接著我們經歷了ICO熱潮。If we analyze this chart, we can say that this chart is the chart of every other use of blockchain technology against the original use, which was Bitcoin. Bitcoin was the ability to transfer value like data, and this chart represents every other use of using that technology. What we can see is that for nine years, since Ethereum launched, this chart has been on a downtrend. And if you think about what that means, when Ethereum first launched, we thought Ethereum was going to be the next Bitcoin, and it performed very well against Bitcoin. But then we realized that it wasn't actually so amazing. Then we had the ICO run.

2:25然後我們才意識到，ICO 其實有點違法，不只是被美國證券交易委員會（SEC）不認同，而且其實也沒那麼令人興奮。所以我們就退出了。接著我們迎來了 DeFi 夏天。那一年就是 DeFi 夏天。我們再次認為這項技術有其應用場景，但當我們發現 DeFi 容易被駭、DeFi 不可持續、DeFi 的推動力和年化報酬率（APR）其實都是靠代幣發放來支撐，根本不是真的可持續時，我們又再次退出了。而現在，這是九年來第一次，你可以在這張圖表上看到有一點突破。And then we realized that ICOs were actually kind of illegal, not frowned upon by the SEC, and really not that exciting. And so we dipped. Then we had DeFi summer. This year was DeFi summer. And again, we thought there was a use case for this technology, but when we realized that DeFi was hackable, DeFi wasn't sustainable, DeFi was driven, and the APRs were driven on emissions of tokens and wasn't really sustainable. And so we dipped again. And now, for the first time in nine years, there's a little breakout on the chart, as you see over here.

3:07產品市場契合與萬物代幣化

3:07為什麼會有這個突破？圖表其實在告訴我們，九年來第一次，自從 Ethereum 上線以來，我們終於有一個比 Bitcoin 更令人興奮的產品市場契合。這個產品市場契合是什麼？就是萬物代幣化。這個突破就是 Ethereum 以及所有智慧合約平台的應用，圍繞著加密貨幣第一個真正的應用場景：萬物代幣化。So why? The charts are telling us a story. The story is that for the first time in nine years, the first time since Ethereum launched, we finally have a product-market fit that is more exciting than Bitcoin. And what is that product-market fit? Well, it starts off with the tokenization of everything. This breakout here is the use case of Ethereum and every other smart contract platform, and it revolves around the first real use case of crypto other than Bitcoin, which is the tokenization of everything.

3:47接下來我想給大家看另一張圖，這是 altcoins 對 Bitcoin 的表現，不包括前十大市值的 altcoins。這張圖其實講的是同一個故事。2017 年我們推出了很多 altcoins，當時大家以為會大幅跑贏 Bitcoin，結果發現大多數 altcoins 都是騙局，技術根本沒做出來，於是崩盤。2021 年又有一波 DeFi 專案，大家以為會超越 Bitcoin，結果又崩盤。現在你可以看到，這張圖又彈回趨勢線。雖然 altcoins 對 Bitcoin 的表現一直不佳，但現在正往上走。Now I want to show you another chart. This is the chart of the altcoins against Bitcoin. Not all the altcoins. The altcoins excluding the top 10 altcoins against Bitcoin. And it tells pretty much the same story. We launched the altcoins in 2017. We thought they were going to do really well against Bitcoin, but then we realized that most of the altcoins were scams, the technology never worked, and so we crashed. In 2021, we launched a whole lot of DeFi projects. We thought that we were going to be better than Bitcoin, and we crashed. And now again, what you can see is that we're bouncing off this trend line. And so naturally, you can say that the altcoins haven't done very well against Bitcoin, but we are trending upwards.

4:44這一輪牛市：Altcoins 17 倍潛力？

4:44讓我們把這些放在一起看。我相信這一輪牛市，這張圖會一路往上衝。如果真的發生，altcoins 平均會有 17 倍的報酬。你們很多人現在一定覺得我瘋了，怎麼可能 altcoins 會有 17 倍？來，我給你算給你看。我們先假設 Bitcoin 這一輪牛市會到多少？20 萬？25 萬？30 萬？我這邊假設 25 萬，這其實只是前高的兩倍，從現在算是 3 倍。大家同意 Bitcoin 3 倍不是太誇張吧？So let's put these things into perspective. I believe that in this cycle, this chart is going to go all the way up there. And if it does, I think that the altcoins are going to do, on average, a 17x return. I can see most of you are looking at me and saying, This guy's a lunatic. How the hell do we get to a 17x return on altcoins? Right, let me show you. Let's make an assumption on Bitcoin. What is your assumption for Bitcoin between now and the end of the cycle? 200,000? 250,000? 300,000? What's the number? Give me a number. I'm going to say the number is 250,000, okay? Not unusual. It's a 2x from the previous high. And if that's the case, that's a 3x from here. So we agree that Bitcoin can do a 3x from here. Not crazy, right? Okay.

5:44我們剛剛也說過，altcoins 對 Bitcoin 會回到那個通道頂部。如果真的發生，altcoins 會有 5.7 倍的超額報酬。你可能覺得 5.7 倍沒什麼，其實在第一輪牛市，altcoins 跑贏 Bitcoin 16 倍，第二輪是 6.2 倍，所以這次 5.7 倍一點都不誇張。把 Bitcoin 的 3 倍和 altcoins 的 5.7 倍相乘，就是 17.1 倍。We also said, though, that the altcoins against Bitcoin were going to get to the top of that channel. And if they do, then that gives them a 5.7x. Now, when you think about the altcoins outperforming Bitcoin by 5.7x, that's not a big number. In the first bull market, the altcoins outperformed Bitcoin by 16x. In the second bull market, they outperformed Bitcoin by 6.2x. And so to say that they will outperform Bitcoin by 5.7x. Is that a crazy assumption? So when you combine the move of Bitcoin with the expected move of the alts against Bitcoin, you get back to that magic number of 17.1.

6:46產品市場契合與比特幣的定位

6:46那我們怎麼會有這樣的表現？答案是，這是加密貨幣史上第一次有真正的產品市場契合。自從 Bitcoin 問世以來，這是第一次整個產業有產品市場契合。Bitcoin 已經找到自己的定位——價值儲存工具。它的產品市場契合來自於美元貶值。雖然我不是經濟學家，也不想假裝是 Twitter 經濟學家，但大家都知道現在各國都在貶值自己的貨幣。在這種情況下，你一定要持有 Bitcoin 或黃金這種稀缺資產，這是事實。How the hell did we get there? And the answer is, for the first time in history, Bitcoin—sorry, crypto has product-market fit. The first time since the launch of Bitcoin, crypto has product-market fit. So as an industry, we actually have product-market fit. Bitcoin is the store of value. It's found its product-market fit. Bitcoin found its product-market fit in USD debasement. I'm not going to talk about USD debasement because I'm not an economist, and I can pretend to be a Twitter economist. But ultimately, we know that everyone's devaluing their currencies, and in a world where every country is devaluing their currencies, you want to hold the provably scarce asset. That's a fact. That's how Bitcoin found its product-market fit.

7:42即使你今天不相信我說的 altcoins，至少在這個貨幣大貶值、利率低迷的世界裡，你的投資組合一定要有 Bitcoin 或黃金。但現在我們來聊點更有趣的東西。大家都看過 social trading（社交交易）吧？你們都看過 FOMO、PumpFun，這些看起來都很有趣。其實這是加密貨幣史上第二大的產品市場契合。And even if you're not going to buy my bullshit about altcoins here today, if there's one thing that you should be holding in a world where every single country is devaluing their currency and the yields are going to hell. You must have Bitcoin or gold in your portfolios. But now let's talk about the more exciting stuff. You've all seen social trading, right? You've all seen FOMO, you've all seen PumpFun, and they seem like a lot of fun, right? This is probably the biggest use case, or the second biggest use case that crypto has ever found. The second biggest product-market fit that's ever been found.

8:35社交交易與多巴胺經濟

8:35沒錯，這些社交交易應用程式真的很好玩，但不要以為它們只是為了娛樂。這大概是全世界最令人興奮的事情。對我來說，我稱它為全球最大交易平台和全球最大社交網路結合的產物。現在，仔細想想，社交網路是世界上最大的企業之一，對吧？而交易也是全球最大的產業之一。這些建立在區塊鏈上的社交交易應用程式，就是全球最大社交網路和全球最大賭場的結合體，或者說是它們的孩子。讓我來解釋為什麼，還有為什麼它遠遠超越了單純的交易。這一切都跟一種叫做多巴胺的東西有關。你知道多巴胺是什麼嗎？And yes, they're a lot of fun, but don't think that these social trading apps are just about fun. This is probably the most exciting thing in the world. It's, to me, what I call the combination of the world's biggest trading platform and the world's biggest social network having a baby. Now, if you think about it, social networks are amongst the biggest businesses in the world, right? And trading is also one of the biggest industries in the world. These social trading apps, which are built on blockchain, are a combination, or the baby, of the world's biggest social network and the world's biggest casino. Let me explain to you why, and let me explain to you why it's so much bigger than trading. Well, it's because of this thing called dopamine. You know what dopamine is?

9:29你知道你今天早上為什麼會醒來嗎？想一想。你到底為什麼今天早上會醒來？你今天早上會醒來，是因為你有事情要做。所以當你今天早上醒來、睜開眼睛時，你心裡想著，我得去參加 TOKEN2049。我得做這個。我得來聽 Ran 的演講。你有事情要做。而當你完成這些事情時，你的大腦會獎勵你。它會給你一種藥物。它會給你一個感謝。這個感謝就叫做多巴胺。而這就是人類早上會醒來的原因。我們就像一群老鼠，對這種叫做多巴胺的大腦獎勵藥物上癮了。Do you know why you woke up this morning? Think about it. Why the hell did you wake up this morning? You woke up this morning because you had things to do. So when you woke up this morning, you opened your eyes and you said, I've got to go to TOKEN2049. I've got to do this. I've got to come to Ran's talk. You had things to do. And when you achieve those things, your brain rewards you. It gives you a drug. It gives you a thank you. And that thank you is called dopamine. And that is the reason why humans wake up in the morning. We're a bunch of mice, and we're addicted to this drug that they give us called dopamine.

10:10讓我們來談談多巴胺是如何運作的。你只有在達成某些成就時才會獲得多巴胺。讓我舉個例子。如果我寫了一則推文並發佈，然後獲得了一百個讚。這就是一項成就，我就能獲得我的多巴胺補給。如果我隔天再寫一則推文，這次獲得兩百個讚，那我會得到更多多巴胺，因為我又達成了一個成就。如果我再隔一天寫了一則推文，只獲得一百個讚，那我就不會有多巴胺，因為我沒有取得新的成就。所以多巴胺是你的身體為了獎勵你達成目標而給你的「藥物」。它是世界上最容易讓人上癮的東西。這也是從生物學角度來看，人類每天早上會起床的原因。Let's talk about how dopamine works. You only get dopamine when you achieve something. So let me give an example. If I write a tweet and I tweet it, and it gets 100 likes. That's an achievement. I get my dopamine fix. If I write a tweet tomorrow and it gets 200 likes, then I get more dopamine because I achieved something. If I write a tweet the next day and I only get 100 likes, I don't get dopamine because I didn't achieve anything. So dopamine is the drug that your body gives you to reward you for achieving. It's the most addictive thing in the world. It's the reason biologically why humans wake up every morning.

10:55你有聽過一句話：「人是勞動的動物」對吧？為什麼？因為我們需要成就感。那我們為什麼需要成就感？因為我們想要獲得多巴胺的刺激。多巴胺是一門大生意。這生意大到社群網路都把整個商業模式建立在多巴胺之上。什麼是社群網路？你付出努力，在 Instagram 上傳一張照片，然後你開始收到讚。你會想：「天啊，我真是個天才。」隔天你又想再做一次，因為你想再獲得多巴胺的刺激。多巴胺是怎麼運作的？它在大腦裡有一套機制。首先，你必須付出努力。第二，你必須達到一個目標，然後多巴胺就會獎勵你。You've heard the saying, man is a working being, right? Why? Because we need to achieve. Why do we need to achieve? Because we want to get our dopamine hit. Dopamine is a big business. It's such a big business that the social media networks have built their entire businesses around dopamine. What is a social media network? You do the work, you post a picture on Instagram, and when you do, you start getting likes. And you think, My God, I'm a genius. And the next day, you want to do it again because you want to get a dopamine hit. How does dopamine work? Well, it's got a mechanism in the brain. The first thing is you have to do work. The second thing is you have to hit a target, and then dopamine rewards you.

12:47P&L 結合社交：新一代社交交易

12:47那如果把 P&L（損益）跟讚數結合會怎樣？當你的社交認同不只來自於讚數，還來自於你的交易損益時，會發生什麼事？你買了一個幣賺錢，其他人看到就開始追蹤你，不只是因為你有趣，還因為你會賺錢。這時你的大腦會獲得超大劑量的多巴胺，比任何社交媒體或賭場都還要強。這就是加密貨幣繼 Bitcoin 之後第一個真正的 killer use case，而且規模超級大。But what happens when you attach a P&L to likes? What happens when all of a sudden your social credibility or your recognition is not only linked to likes, but also linked to your P&L and your transaction? Let me explain to you how it works in your brain. You do the work, you buy a coin, you make money. Other people see it. Now they're following you. Now they're following you because not only do they like your stuff, but because you're also making money. And your brain gives you an absolute massive hit of dopamine. And it's more addictive and more powerful than any of the social media networks and any of the casinos combined. And that's the first real use case for crypto other than Bitcoin. And it's fucking huge.

13:49這比社群網路還要大，也比賭場還要大。這就是為什麼 Twitter 想要加入這個行列。你覺得為什麼 Twitter 要在你的推文裡加上買賣按鈕？因為他們知道你的社會信譽將會和你的損益表掛鉤，而不僅僅是和按讚數有關。這也是我們目前看到的加密貨幣的第一個真正應用案例。你把一切都代幣化，讓人們可以交易這些東西，他們就能透過交易獲得社會信譽和多巴胺的刺激。因此，我相信未來有 80% 的交易——不，應該說有 40% 的交易，將會透過像 FOMO 這樣的社交交易機制來完成。It's bigger than the social networks, and it's bigger than the casinos. And that's why Twitter wants to get in on it. Why do you think Twitter is putting buy-sell buttons in your tweets? Because they know that your social credibility is going to be linked to your P&L, and not only to the number of likes. And that's the first real use case that we've got for crypto. You tokenize everything, you let people trade it, and they get their social credibility and their dopamine hit by trading. And so I believe that in the future, 80% of trading, in fact no, 40% of trading is going to be done through some kind of social trading mechanism like FOMO.

14:25我相信 FOMO 很快就會比 Instagram 更大，甚至可能很快就會比 Instagram 和 TikTok 都還要大。這是加密貨幣的第一個真正應用案例，而且你只能透過區塊鏈基礎設施來實現。I believe that FOMO will soon be bigger than Instagram, and maybe even soon be bigger than Instagram and TikTok. That's the first real use case for crypto, and you can only do it with blockchain rails.

14:40AI 經濟與鏈上結算的未來

14:40現在讓我們進入下一個主題。熊市真的很糟糕，非常艱難。而讓熊市變得更難受的是，當加密貨幣下跌的時候，Nasdaq 卻呈指數型上漲。這是 Nasdaq，這是加密貨幣。那麼，有多少人實際經歷過這段時間？我們在加密貨幣市場過得很慘，但你看著 Nasdaq，心裡想：「為什麼我沒有搭上 AI 這波行情？」沒關係，因為我現在要幫你釐清這一切。當這張圖表往上漲的時候，他們在做什麼？Nasdaq、Kospi，還有全世界所有的股票市場指數都在上漲，因為他們正在打造 AI 的基礎設施，對吧？Now let's go to the next one. The bear market was shit. It was tough. And the thing that made the bear market even tougher is that the Nasdaq went up exponentially while crypto went down. That's the Nasdaq and that's crypto. Now how many of you actually experienced this? We had a shit time in crypto. But you looked at the Nasdaq and was like, Why didn't I catch the AI trade? Okay, don't worry about it, because I'm going to sort it out for you now. What were they doing when this chart went up? The Nasdaq, the Kospi, all the stock market indices in the world went up because they were building the infrastructure for AI, correct?

15:26這是一張正在建構 AI 基礎設施的所有人的圖表。很酷。他們所謂的建構 AI 基礎設施是什麼意思？資料中心、發電廠，等等等等。為了什麼？為了 AI。那什麼是 AI？就是一堆代理人。所以這一切都是為了一堆代理人所建構的基礎設施。很酷。This is a chart of everybody building the infrastructure for AI. Cool. What do they mean by building the infrastructure for AI? Data centers, power plants, etc., etc. For what? For AI. What is AI? It's a bunch of agents. So all this is the infrastructure for a bunch of agents. Cool.

15:49那麼這些代理會做什麼呢？其實，未來會有非常多的代理。事實上，如果你想想現在全世界的人口，全球有八十億人，對吧？在這八十億人當中，只有三十三億人屬於活躍的勞動力。也就是說，八十億人裡，只有三十三億人正在積極工作。在這三十三億人當中，平均每個人每天只會進行一筆線上交易。這很合理。像農民、鄉村地區的人，每天一筆線上交易。到了2029年，預計會有十億個線上AI代理。2029年距離現在只有兩年。到時候會有十億個新的線上代理，這等於到2029年勞動力增加了25%。So what are those agents going to do? Well, there's going to be a lot of them. In fact, if you think of the population of the world today, there's 8 billion people in the world, okay? Of the 8 billion people, only 3.3 billion people are in the active workforce. Only 3.3 of the 8 billion people are actively working. Of those 3.3 billion, the average human is doing one online transaction per day. Makes sense. Farmers, rural people, one online transaction a day. By 2029, they estimate that there's going to be a billion online AI agents. 2029 is two years away. There are going to be a billion online new agents, which is 25% more workforce by 2029.

16:47舊有勞動力和新型勞動力之間唯一的差別，就是這個新型勞動力每天將會進行兩千一百七十億筆交易。所以我們將會從每天三十三億筆交易，成長到每天兩千兩百億筆交易。那麼現在你會問自己一個問題：這些所有 AI agent 之間要進行的這麼多交易，到底是誰來結算？我提出了一個論點，那就是這些交易將會在區塊鏈基礎設施上完成結算。The only difference between the old workforce and the new workforce is that this workforce is going to be doing 217 billion transactions per day. So we're going to go from 3.3 billion transactions a day to 220 billion transactions per day. So now you ask yourself a question: all these transactions that all these AI agents are going to do between them, who's settling them? I came out with the thesis that we're going to get settled on blockchain rails.

17:20我就是有一種直覺，當 AI 代理在網路上相遇時，他們會想要進行一筆交易。我的代理不會認識你的代理，他們會希望以一種無需信任的方式、並且能夠即時完成結算來進行交易。所以，唯一能做到這一點的方法就是使用區塊鏈。你不能用 PayPal，因為如果你是中國人，而我不是中國人，這兩個人就沒辦法交易，因為兩家銀行彼此之間沒有聯繫。所以我有這個直覺，覺得這種情況很有可能會發生。然後 BlackRock 發布了一份報告。在 BlackRock 大約一週前發布的這份報告中，他們提到加密原生、區塊鏈基礎設施特別適合 AI 代理在現實世界應用中使用。I just had this hunch that when AI agents meet online on the internet, they're going to want to do a transaction. My agent is not going to know your agent. They're going to want to transact in a trustless manner with instant finality. And so the only way to do that is using blockchain. You can't use PayPal because if you're a Chinese guy and I'm not a Chinese guy, the two can't transact because the two banks don't talk to each other. So I had this hunch that potentially that would happen. And then BlackRock came out with a report. And in BlackRock's report, which came out about a week ago, they said crypto native. Blockchain rails are particularly suited for AI agents in real-world applications.

18:16這還沒結束。他們還說，現有的支付管道，例如 ACH 之類的東西，並不適合需要隨時運作、低金額且需要可程式化執行的交易。所以 BlackRock 剛好證實了我心裡的想法。That wasn't the end of it. They also said that existing rails, such as ACH, blah blah blah, are less suited to always-on, low-value transactions requiring programmable execution. So BlackRock just confirmed exactly what I was thinking.

18:34我們即將進入一個資源無限的世界。我們即將進入一個每間公司都會擁有數千個 AI agent 的世界，這些 AI agent 彼此互動並進行微型交易。而這些交易中的每一筆，或者說也許不是每一筆，但很大一部分交易，將會在區塊鏈基礎設施上結算。不僅如此，這些交易還會利用區塊鏈協議來進行避險。所以，如果你想像一個 agent 它知道自己將會收到某種貨幣，並且需要對另一種貨幣進行避險，它們就會去像 Hyperliquid 或 Derive 這樣的平台購買選擇權、購買期貨，或是其他類似的產品。We're about to get into a world with infinite resource. We're about to get into a world where AI agents, every single company is going to have thousands of AI agents meeting and doing micro transactions. And every single one of those transactions, or not maybe every single one, but a big portion of those transactions are going to be settled on blockchain rails. Not only are they going to be settled on blockchain rails, they're going to be hedged using blockchain protocols. So if you think about an agent that knows it's going to collect a certain currency and needs to hedge against another currency, they're going to go and buy options, they're going to go and buy futures on places like Hyperliquid or Derive or whatever else.

19:04所以，是的，這些在納斯達克的人花了很長的時間來打造這個叫做 AI 的驚人基礎設施。在他們建構這個基礎設施的期間，我們大家都經歷了很多痛苦，因為這些成果並沒有傳遞到我們這裡。但現在基礎設施已經準備好了，大家都要開始推出這些代理（agents），他們將開始進行交易。而這正是我們開始追趕的時刻，不僅要追上納斯達克，還要遠遠超越。And so. Yes, these guys at the Nasdaq spent a long time building the infrastructure for this amazing thing called AI. And during the time that they were building this infrastructure, we all took a lot of pain because it didn't filter to us. But now that the infrastructure is ready, and everybody's going to start launching these agents, they're going to start transacting. And that's the beginning of the catch-up trade for us to not only catch up to the Nasdaq, but go way higher.

19:53因為網路交易的價值，遠遠超過基礎設施本身的價值，甚至是指數級的成長。所以我認為大家還不夠樂觀，這是加密貨幣史上第一次真正的牛市，不再只是炒作、空氣數據和發幣，而是有真正的產品市場契合、真實應用、真實用戶、真實營收和 AI agent 的成長。Because the value of the transactions of the network are much more valuable than the build of the infrastructure, exponentially more valuable. And so, to me, I don't think you guys are bullish enough. I don't think anybody is bullish enough because this is the first real bull market that we've had. It's the first bull market that's not about bullshit, hot air metrics and token releases, and it's the first time in crypto that we've had product-market fit, real use cases, real customers, real revenue, and AI agent growth.

20:34結語：別搞砸這次牛市

20:34最後我要說，這次你最不該做的事就是搞砸這一輪牛市。歡迎來到加密貨幣史上最大、最真實的牛市，大家千萬別搞砸了！謝謝大家。And I think to finish it off, the last thing that you want to do is fuck this up. So, welcome to the biggest bull market in crypto. Welcome to the first real bull market in crypto. Don't mess it up, guys. Thank you very much.