Grayscale Research Director: The Federal Reserve's' high interest rate long termization 'will bring short-term pressure to Bitcoin Odaily Planet Daily News: Zach Pandl, the head of Grayscale Research, stated in an article that US inflation is accelerating and energy prices are rising significantly. It is expected that the new Federal Reserve Chairman Kevin Warsh will have to maintain high interest rates. The market generally expects that the Federal Reserve will not cut interest rates before September 2027. This "high interest rate long-term" policy has three major impacts on cryptocurrency assets: 1. Pressure on "currency depreciation transactions": the holding cost of interest free assets such as Bitcoin has increased, and high real interest rates have increased the opportunity cost of holding zero yield alternatives, bringing short-term pressure to assets such as Bitcoin. However, Pandl remains optimistic about the prospects of Bitcoin and expects positive regulatory developments, including the CLARITY Act, to offset some of the adverse effects. 2. Fixed income asset on chain acceleration: Fixed income products priced in US dollars generally have higher returns than DeFi like products. If cryptocurrency investors obtain higher returns on tokenized bonds, issuers may push more assets on chain, promoting the digitization of fixed income. 3. Revenue growth for stablecoin issuers: Circle and other stablecoin issuers hold interest bearing assets but are unable to pay interest to the token. The increase in interest rates directly boosts its earnings, and Pandl predicts that for every 25 basis points increase in short-term interest rates, Circle's revenue can increase by approximately $190 million. Zach Pandl concluded that high interest rate long-term trading will bring resistance to de radicalization transactions, while promoting the tokenization of fixed income assets and benefiting stablecoin issuers.