#美联储货币政策 Looking back at history, the Fed's monetary policy has always changed cyclically. This time, Fed Governor Milan mentioned the possibility of further reducing the balance sheet, which reminds me of the quantitative easing policy after the financial crisis of 2008. At that time, in response to the crisis, the Fed significantly expanded its balance sheet and injected a large amount of liquidity.

It now appears that the policy did help the economic recovery, but it also brought side effects such as asset bubbles. The fact that the Fed is considering tapering again indicates that the economy may have entered a new phase. What impact will this have on the cryptocurrency market? It is worth our contemplation.

Historically, changes in Fed policy have often been important turning points for the market. The balance sheet reduction in 2018 triggered a bear market for cryptocurrencies, while the expansion of the balance sheet again in 2020 fueled a bull market. Therefore, I believe we need to closely monitor the movements of the Fed and prepare for potential market changes in advance.

However, it must be said that excessive reliance on macroeconomic policies is not a long-term solution. Truly high-quality projects will ultimately stand out during cycles. We should focus more on the intrinsic value of the projects themselves rather than short-term market fluctuations. After all, history tells us that, in the long run, high-quality assets will always receive the returns they deserve.