1. **Reserve Requirement Cuts and Interest Rate Reductions and Market Capital Flows**

At the beginning of 2025, the central bank will implement a 'moderately loose' monetary policy, releasing liquidity through reserve requirement cuts and interest rate reductions, lowering financing costs for enterprises and individuals. This move could theoretically increase market risk appetite and push some funds into high-risk assets (such as cryptocurrencies). However, as virtual currencies are not included in the legal financial system, actual capital inflows may be limited, with more funds likely flowing into traditional areas such as the stock and bond markets.

2. **Dollar Policy and Risk Aversion Sentiment**

The Federal Reserve maintains high interest rates, and the new U.S. government promotes a strong dollar policy, coupled with geopolitical risks, leading to rising prices for safe-haven assets such as gold and the dollar. In this context, the risk-averse attributes of cryptocurrencies may attract some investors' attention, but due to domestic regulatory restrictions, the participation of Chinese investors may be limited.

3. **Systemic Risk Prevention**

The central bank prevents the risk of capital outflow caused by cross-border movement of virtual currencies through measures such as strengthening foreign exchange management and optimizing financial infrastructure. For example, the 2025 foreign exchange policy reform emphasizes 'institutional openness' and restricts channels for illegal capital transfers.

4. **Investor Education and Risk Warnings**

The central bank, along with regulatory authorities, has repeatedly warned about the investment risks of virtual currencies, emphasizing their lack of legal protection. After legislation, the investor rights protection mechanism (such as improved trading transparency) will gradually improve, but high leverage and high volatility risks still exist.

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5. **Policy Support for Blockchain Technology**

Although the central bank strictly controls speculation in virtual currencies, it maintains an encouraging attitude towards the application of blockchain technology. For example, the promotion of digital renminbi (e-CNY) provides a demonstration for the application of blockchain in areas such as payments and supply chains, indirectly promoting the cryptocurrency sector's transition towards deeper technological development.

6. **Long-term Development Trends in the Industry**

After legislation, the market will shift from 'barbaric growth' to regulated development. Compliant DeFi (Decentralized Finance) projects, NFT (Non-Fungible Token) applications, etc., may become new growth points, but must comply with the national financial security framework.

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- **Short Term**: Legislation and regulation trigger market fluctuations, accelerating the clearing of speculative projects;

- **Long Term**: Regulate the market environment, promote technological innovation, and push for the integration of the industry with the real economy.

Investors need to pay attention to policy dynamics (such as legal details, cross-border capital regulation) and enhance their technological understanding to respond to market changes.

In the future, the core of central bank policy will still revolve around balancing 'preventing financial risks' and 'supporting technological innovation', and the sustainable development of the cryptocurrency sector will rely on compliance and value return.#特朗普国会演讲 $BTC