{"id":8582,"date":"2025-11-05T21:59:57","date_gmt":"2025-11-05T12:59:57","guid":{"rendered":"https:\/\/www.coinspeaker.com\/kr\/?p=8582"},"modified":"2025-11-05T21:59:57","modified_gmt":"2025-11-05T12:59:57","slug":"arthur-hayes-hidden-us-qe-crypto-rally","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/kr\/arthur-hayes-hidden-us-qe-crypto-rally\/","title":{"rendered":"\uc544\uc11c \ud5e4\uc774\uc988, \ub2e4\uac00\uc624\ub294 \uc591\uc801\uc644\ud654(QE), \ube44\ud2b8\ucf54\uc778 \uac15\uc138\uc7a5 \uc774\ub048\ub2e4"},"content":{"rendered":"
\ube44\ud2b8\uba55\uc2a4(BitMEX) \uacf5\ub3d9\ucc3d\ub9bd\uc790 \uc544\uc11c \ud5e4\uc774\uc988(Arthur Hayes)\ub294 \ubbf8\uad6d\uc774 \uc774\ub978\ubc14 ‘\uc228\uaca8\uc9c4 \uc591\uc801\uc644\ud654(hidden quantitative easing)’ \ud504\ub85c\uadf8\ub7a8\uc744 \uc900\ube44\ud558\uace0 \uc788\ub2e4\uace0 \uc8fc\uc7a5\ud588\ub2e4. \uadf8\ub294 \uc774\uac83\uc774 \ube44\ud2b8\ucf54\uc778(BTC) \ubc0f \uc804\uccb4 \uc554\ud638\ud654\ud3d0 \uc2dc\uc7a5\uc758 \ub2e4\uc74c \ub300\uaddc\ubaa8 \uc0c1\uc2b9\uc7a5\uc744 \ucd09\ubc1c\ud560 \uc218 \uc788\ub2e4\uace0 \ubcf4\uace0 \uc788\ub2e4.<\/p>\n
\ucd5c\uadfc \uadf8\uc758 \ube14\ub85c\uadf8 \uae00<\/a>\uc5d0\uc11c \ud5e4\uc774\uc988\ub294 \ubbf8\uad6d \uc815\ubd80\uc758 \uc9c0\ucd9c \uaddc\ubaa8\uac00 \uc5ec\uc804\ud788 \uc9c0\uc18d \ubd88\uac00\ub2a5\ud55c \uc218\uc900\uc5d0 \uba38\ubb3c\ub7ec \uc788\ub2e4\uace0 \uc9c0\uc801\ud588\ub2e4. \uadf8\ub294 \uc6cc\uc2f1\ud134\uc774 \uc138\uae08 \uc778\uc0c1 \ub300\uc2e0 \ub300\uaddc\ubaa8 \uad6d\ucc44 \ubc1c\ud589\uc5d0 \uc758\uc874\ud558\uace0 \uc788\ub2e4\uace0 \ubd84\uc11d\ud588\ub2e4.<\/p>\n \uadf8\ub7ec\ub098 \ud574\uc678 \ud22c\uc790\uc790\ub4e4\uc740 \ubbf8\uad6d \uad6d\ucc44\uc5d0 \ub300\ud55c \uc120\ud638\ub3c4\ub97c \ub0ae\ucd94\uace0 \uc788\uc73c\uba70, \ub7ec\uc2dc\uc544-\uc6b0\ud06c\ub77c\uc774\ub098 \uc804\uc7c1 \ub2f9\uc2dc \uc11c\ubc29\uc758 \ub7ec\uc2dc\uc544 \uc790\uc0b0 \uc81c\uc7ac\ub97c \ubaa9\uaca9\ud55c \ub4a4 \uae08(gold)\uc73c\ub85c \uc790\uae08\uc744 \ub3cc\ub9ac\ub294 \ubaa8\uc2b5\uc774 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4.<\/p>\n \ud55c\ud3b8, \ubbf8\uad6d \ub0b4 \uac00\uacc4 \uc800\ucd95\uacfc \uc8fc\uc694 \uc0c1\uc5c5\uc740\ud589\ub4e4\uc740 \ub298\uc5b4\ub098\ub294 \ubd80\ucc44\ub97c \uac10\ub2f9\ud560 \uc5ec\ub825\uc774 \uc5c6\ub294 \uc0c1\ud669\uc774\ub2e4. \uadf8 \uacb0\uacfc, \ub808\ubc84\ub9ac\uc9c0 \uae30\ubc18\uc758 \ud658\ub9e4\uc870\uac74\ubd80\ucc44\uad8c(RP) \uae08\uc735\uc744 \ud65c\uc6a9\ud558\ub294 \u2018\uc0c1\ub300 \uac00\uce58 \ud5e4\uc9c0\ud380\ub4dc\u2019\uac00 \uc0ac\uc2e4\uc0c1 \ubbf8 \uad6d\ucc44\uc758 \ucd5c\uc885 \ub9e4\uc218\uc790\ub85c \ub0a8\uac8c \ub418\uace0 \uc788\ub2e4.<\/p>\n \uc8fc\ubaa9\ud560 \uc810\uc740 \ubbf8\uad6d \uc7ac\ubb34\ubd80\uac00 \uc55e\uc73c\ub85c \ub9e4\ub144 \uc57d 2\uc870 \ub2ec\ub7ec(\uc57d 2,890\uc870 8,000\uc5b5 \uc6d0) \uaddc\ubaa8\uc758 \uc2e0\uaddc \uad6d\ucc44\ub97c \ubc1c\ud589\ud560 \uc608\uc815\uc774\ub77c\ub294 \uac83\uc774\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc2dc\uc7a5 \uae08\ub9ac\uac00 \uc0c1\uc2b9\ud560 \uacbd\uc6b0, \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed)\ub294 \uc2a4\ud0e0\ub529 \ub808\ud3ec \uc81c\ub3c4(Standing Repo Facility, \uad6d\ucc44\ub97c \ub2f4\ubcf4\ub85c \ub2e8\uae30 \uc790\uae08\uc744 \uc989\uc2dc \uacf5\uae09\ud558\ub294 \uc720\ub3d9\uc131 \uc7a5\uce58)\ub97c \ud1b5\ud574 \ub2e8\uae30 \uc720\ub3d9\uc131\uc744 \uc2dc\uc7a5\uc5d0 \uacf5\uae09\ud558\uac8c \ub420 \uac83\uc774\ub77c\uace0 \ud5e4\uc774\uc988\ub294 \uc124\uba85\ud588\ub2e4.<\/p>\n \ud5e4\uc774\uc988\ub294 \uc774\ub7ec\ud55c \uc2a4\ud0e0\ub529 \ub808\ud3ec \uc81c\ub3c4 \uc6b4\uc6a9\uc774 \uc0ac\uc2e4\uc0c1 \u2018\ube44\uacf5\uc2dd \uc591\uc801\uc644\ud654(QE)\u2019\uc5d0 \ud574\ub2f9\ud55c\ub2e4\uace0 \uc8fc\uc7a5\ud588\ub2e4. \uc989, \uc5f0\uc900\uc774 \uc720\ub3d9\uc131\uc744 \uacf5\uae09\ud558\uba74\uc11c \uc2dc\uc7a5\uc5d0 \uc0c8\ub85c\uc6b4 \ub3c8\uc774 \uc0dd\uc131\ub418\uace0, \uc774\ub294 \ub300\ucd9c \uacbd\ub85c\ub97c \ud1b5\ud574 \uacb0\uad6d \uad6d\ucc44 \uc2dc\uc7a5\uc744 \ub5a0\ubc1b\uce58\ub294 \ud6a8\uacfc\ub97c \ub0b3\ub294\ub2e4\ub294 \uac83\uc774\ub2e4. \uc2a4\ud0e0\ub529 \ub808\ud3ec \uc81c\ub3c4 \uc0ac\uc6a9\uc774 \uc99d\uac00\ud560\uc218\ub85d \uae00\ub85c\ubc8c \ub2ec\ub7ec \uc720\ub3d9\uc131\uc740 \ud655\ub300\ub418\uace0, \uc774\ub294 \uc704\ud5d8 \uc790\uc0b0\uc5d0 \ub300\ud55c \ud22c\uc790 \uc2ec\ub9ac \ud68c\ubcf5\uc73c\ub85c \uc774\uc5b4\uc9c8 \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4.<\/p>\n \ud5e4\uc774\uc988\ub294 \uacfc\uac70 \uc0ac\ub840\uc5d0\uc11c\ub3c4 \uc5f0\uc900\uc758 \ub300\ucc28\ub300\uc870\ud45c\uac00 \ud655\ub300\ub420 \ub54c\ub9c8\ub2e4 \ube44\ud2b8\ucf54\uc778\uc740 \uc0c1\uc2b9\ud574\uc654\ub2e4\uace0 \uac15\uc870\ud588\ub2e4.<\/p>\n \ub2e8\uae30\uc801\uc73c\ub85c\ub294, \ud5e4\uc774\uc988\ub294 \ubbf8\uad6d \uc815\ubd80 \uc167\ub2e4\uc6b4\uacfc \uad6d\ucc44 \ubc1c\ud589 \uacfc\uc815\uc774 \uc2dc\uc7a5\uc758 \uc720\ub3d9\uc131\uc744 \ud761\uc218\ud558\uba70 \uc554\ud638\ud654\ud3d0 \uac00\uaca9\uc5d0 \ud558\ubc29 \uc555\ub825\uc744 \uac00\ud558\uace0 \uc788\ub2e4\uace0 \uc9c0\uc801\ud588\ub2e4. \ud604\uc7ac \ube44\ud2b8\ucf54\uc778\uc740 \ud575\uc2ec \uc9c0\uc9c0\uc120\uc778 10\ub9cc 4,000 \ub2ec\ub7ec(\uc57d 1\uc5b5 5,032\ub9cc \uc6d0) \uc544\ub798\uc5d0\uc11c \uac70\ub798\ub418\uace0 \uc788\uc73c\uba70<\/a>, \ucd94\uac00 \ud558\ub77d \uac00\ub2a5\uc131\uc5d0 \ub300\ud55c \uc6b0\ub824\uac00 \ucee4\uc9c0\uace0 \uc788\ub2e4. 11\uc6d4 5\uc77c \ud604\uc7ac \ube44\ud2b8\ucf54\uc778 \uac00\uaca9\uc740 \uc57d 10\ub9cc 1,950 \ub2ec\ub7ec(\uc57d 1\uc5b5 4,736\ub9cc \uc6d0)\uc774\ub2e4.<\/p>\n \ud5e4\uc774\uc988\ub294 \uc55e\uc11c \ube44\ud2b8\ucf54\uc778\uc774 \ubc18\ub4f1 \uc804 10\ub9cc \ub2ec\ub7ec(\uc57d 1\uc5b5 4,454\ub9cc \uc6d0) \uc218\uc900\uae4c\uc9c0 \uc870\uc815\uc744 \ubc1b\uc744 \uac83\uc774\ub77c\uace0 \uc804\ub9dd\ud55c \ubc14 \uc788\uc73c\uba70, \uc774\ubc88 \ud558\ub77d \uc5ed\uc2dc \uc77c\uc2dc\uc801\uc778 \uc870\uc815 \ub2e8\uacc4\ub77c\uace0 \uac15\uc870\ud588\ub2e4. \uadf8\ub294 \uc815\ubd80 \uc167\ub2e4\uc6b4\uc774 \uc885\ub8cc\ub418\uae30 \uc804\uae4c\uc9c0 \uc2dc\uc7a5 \ubcc0\ub3d9\uc131\uc774 \ud070 \ud750\ub984\uc774 \uc774\uc5b4\uc9c8 \uc218 \uc788\ub2e4\uba70, \ud22c\uc790\uc790\ub4e4\uc774 ‘\uac70\uce5c \uc2dc\uc7a5’\uc5d0 \ub300\ube44\ud558\uace0 \uc554\ud638\ud654\ud3d0 \ub9e4\uc218 \uae30\ud68c<\/a>\ub97c \uc2e0\uc911\ud558\uac8c \ub178\ub9b4 \uac83\uc744 \uc870\uc5b8\ud588\ub2e4.<\/p>\n \ube44\ud2b8\ucf54\uc778\uc774 2021\ub144 \uc0ac\uc0c1 \ucd5c\uace0\uac00\ub97c \uae30\ub85d\ud55c \uc9c0 4\ub144\uc774 \ub2e4\uac00\uc624\uba74\uc11c, \uc77c\ubd80 \ud22c\uc790\uc790\ub4e4\uc740 \uc57d\uc138\uc7a5 \uacf5\ud3ec\ub85c \ub2e4\uc2dc \ub9e4\ub3c4\uc5d0 \ub098\uc124 \uac00\ub2a5\uc131\uc774 \uc81c\uae30\ub41c\ub2e4. \uadf8\ub7ec\ub098 \ud5e4\uc774\uc988\ub294 \uc774\ub7ec\ud55c \ub300\uc751\uc740 \uc798\ubabb\ub41c \uc120\ud0dd\uc774\ub77c\uace0 \uc9c0\uc801\ud588\ub2e4. \uc2dc\uc7a5\uc758 \uc2e4\uc81c \ubc29\ud5a5\uc744 \uacb0\uc815\ud558\ub294 \uac83\uc740 \ud22c\uc790 \uc2ec\ub9ac\uac00 \uc544\ub2c8\ub77c \uc720\ub3d9\uc131 \ud750\ub984\uc774\ub77c\ub294 \uac83\uc774\ub2e4.<\/p>\n\ube44\ud2b8\ucf54\uc778 \ubc18\ub4f1 \uc804 \u2018\uc228 \uace0\ub974\uae30\u2019 \uad6d\uba74?<\/h2>\n