\u0628\u0647 \u06af\u0641\u062a\u0647 \u00a0The Kobeissi Letter\u060c \u0631\u0648\u0632 \u06f3 \u0622\u0648\u0631\u06cc\u0644 \u00ab\u0628\u0632\u0631\u06af\u200c\u062a\u0631\u06cc\u0646 \u0627\u0641\u062a \u06cc\u06a9\u200c\u0631\u0648\u0632\u0647 \u0634\u0627\u062e\u0635 \u0646\u0632\u062f\u06a9 \u06f1\u06f0\u06f0 \u062f\u0631 \u062a\u0627\u0631\u06cc\u062e\u00bb \u0631\u062e \u062f\u0627\u062f.<\/p>\n
\u0627\u06cc\u0646 \u0634\u0627\u062e\u0635 \u0645\u062c\u0645\u0648\u0639\u0627\u064b \u06f1\u06f0\u06f6\u06f0 \u0648\u0627\u062d\u062f \u06a9\u0627\u0647\u0634 \u06cc\u0627\u0641\u062a \u0648 \u0641\u0642\u0637 \u06f1.\u06f5 \u062f\u0631\u0635\u062f \u062a\u0627 \u0641\u0639\u0627\u0644 \u0634\u062f\u0646 \u0627\u0648\u0644\u06cc\u0646 \u0645\u06a9\u0627\u0646\u06cc\u0633\u0645 \u062a\u0648\u0642\u0641 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0632 \u0645\u0627\u0631\u0633 \u06f2\u06f0\u06f2\u06f0 \u0641\u0627\u0635\u0644\u0647 \u062f\u0627\u0634\u062a.<\/p><\/blockquote>\n
\u0647\u06cc\u0632 \u0647\u0645\u0686\u0646\u06cc\u0646 \u06af\u0641\u062a \u062a\u0639\u0631\u0641\u0647\u200c\u0647\u0627\u06cc \u0633\u062e\u062a\u200c\u06af\u06cc\u0631\u0627\u0646\u0647 \u0639\u0644\u06cc\u0647 \u0686\u06cc\u0646 \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u0628\u0627\u0639\u062b \u062a\u0636\u0639\u06cc\u0641 \u06cc\u0648\u0627\u0646 \u0686\u06cc\u0646 (CNY) \u0634\u0648\u062f. \u0627\u0648 \u0646\u0648\u0634\u062a: \u00ab\u0628\u0627 \u0627\u0639\u0645\u0627\u0644 \u062a\u0639\u0631\u0641\u0647 \u0645\u0624\u062b\u0631 \u06f6\u06f5 \u062f\u0631\u0635\u062f\u06cc\u060c \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u0686\u06cc\u0646 \u0627\u062c\u0627\u0632\u0647 \u062f\u0647\u062f \u0646\u0631\u062e \u06cc\u0648\u0627\u0646 \u0627\u0632 \u06f8.\u06f0\u06f0 \u0639\u0628\u0648\u0631 \u06a9\u0646\u062f.\u00bb<\/p>\n
\u062a\u0636\u0639\u06cc\u0641 \u06cc\u0648\u0627\u0646 \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0686\u06cc\u0646\u06cc \u0631\u0627 \u0628\u0647 \u0633\u0645\u062a \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u067e\u0631\u0631\u06cc\u0633\u06a9\u200c\u062a\u0631 \u0645\u062b\u0644 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0633\u0648\u0642 \u062f\u0647\u062f \u062a\u0627 \u0627\u0631\u0632\u0634 \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u062e\u0648\u062f \u0631\u0627 \u062d\u0641\u0638 \u06a9\u0646\u0646\u062f.<\/p>\n
\u0647\u06cc\u0632 \u0647\u0645\u0686\u0646\u06cc\u0646 \u0627\u0634\u0627\u0631\u0647 \u06a9\u0631\u062f \u06a9\u0647 \u00ab\u0645\u0627 \u0628\u0647 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u062a\u0633\u0647\u06cc\u0644\u06cc \u0641\u062f\u0631\u0627\u0644 \u0631\u0632\u0631\u0648 \u0646\u06cc\u0627\u0632 \u062f\u0627\u0631\u06cc\u0645\u00bb \u0648 \u06af\u0641\u062a \u06a9\u0647 \u0628\u0627\u0632\u062f\u0647\u06cc \u0627\u0648\u0631\u0627\u0642 \u0642\u0631\u0636\u0647 \u062f\u0648\u0633\u0627\u0644\u0647 \u062e\u0632\u0627\u0646\u0647\u200c\u062f\u0627\u0631\u06cc \u0622\u0645\u0631\u06cc\u06a9\u0627 \u067e\u0633 \u0627\u0632 \u0627\u0639\u0644\u0627\u0645 \u062a\u0639\u0631\u0641\u0647\u200c\u0647\u0627 \u0628\u0647 \u0634\u062f\u062a \u06a9\u0627\u0647\u0634 \u06cc\u0627\u0641\u062a.<\/p>\n
\u0627\u0648 \u0627\u06cc\u0646 \u06a9\u0627\u0647\u0634 \u0631\u0627 \u0628\u0647 \u0639\u0646\u0648\u0627\u0646 \u0646\u0634\u0627\u0646\u0647\u200c\u0627\u06cc \u062f\u0627\u0646\u0633\u062a \u0645\u0628\u0646\u06cc \u0628\u0631 \u0627\u06cc\u0646\u06a9\u0647 \u0628\u0627\u0632\u0627\u0631\u0647\u0627 \u0627\u0646\u062a\u0638\u0627\u0631 \u06a9\u0627\u0647\u0634 \u0646\u0631\u062e \u0628\u0647\u0631\u0647<\/strong> \u062a\u0648\u0633\u0637 \u0641\u062f\u0631\u0627\u0644 \u0631\u0632\u0631\u0648 \u0648 \u0627\u062d\u062a\u0645\u0627\u0644\u0627\u064b \u0634\u0631\u0648\u0639 \u0645\u062c\u062f\u062f \u0633\u06cc\u0627\u0633\u062a \u062a\u0633\u0647\u06cc\u0644 \u06a9\u0645\u06cc<\/strong> (QE) \u0631\u0627 \u062f\u0627\u0631\u0646\u062f \u062a\u0627 \u0627\u062b\u0631\u0627\u062a \u0645\u0646\u0641\u06cc \u0627\u0642\u062a\u0635\u0627\u062f\u06cc \u0631\u0627 \u062c\u0628\u0631\u0627\u0646 \u06a9\u0646\u0646\u062f.<\/p>\n\u06a9\u0627\u0647\u0634 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0641\u062f\u0631\u0627\u0644 \u0628\u0627\u0639\u062b \u0627\u0641\u0632\u0627\u06cc\u0634 \u0646\u0642\u062f\u06cc\u0646\u06af\u06cc \u0645\u06cc\u200c\u0634\u0648\u062f \u0648 \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u067e\u0631\u0631\u06cc\u0633\u06a9 \u0645\u062b\u0644 \u0631\u0645\u0632\u0627\u0631\u0632\u0647\u0627 \u0631\u0627 \u0628\u0631\u0627\u06cc \u0633\u0631\u0645\u0627\u06cc\u0647\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u062c\u0630\u0627\u0628\u200c\u062a\u0631 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/p>\n
\u062f\u0631 \u0647\u0645\u06cc\u0646 \u062d\u0627\u0644\u060c \u062c\u0641 \u067e\u0627\u0631\u06a9\u060c \u0631\u0626\u06cc\u0633 \u0627\u0633\u062a\u0631\u0627\u062a\u0698\u06cc\u200c\u0647\u0627\u06cc \u0622\u0644\u0641\u0627 \u062f\u0631 Bitwise Invest\u060c \u0645\u062f\u062a\u200c\u0647\u0627\u0633\u062a \u06a9\u0647 \u0627\u0633\u062a\u062f\u0644\u0627\u0644 \u06a9\u0631\u062f\u0647 \u062a\u0639\u0631\u0641\u0647\u200c\u0647\u0627\u06cc \u062a\u0631\u0627\u0645\u067e \u062f\u0631 \u0646\u0647\u0627\u06cc\u062a \u0628\u0647 \u0646\u0641\u0639 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u062e\u0648\u0627\u0647\u062f \u0628\u0648\u062f.<\/p>\n
\u0627\u0648 \u062f\u0631 \u06f3 \u0641\u0648\u0631\u06cc\u0647 \u06af\u0641\u062a\u0647 \u0628\u0648\u062f:<\/p>\n
\u062f\u0631 \u062f\u0646\u06cc\u0627\u06cc\u06cc \u0628\u0627 \u062f\u0644\u0627\u0631 \u0636\u0639\u06cc\u0641\u200c\u062a\u0631 \u0648 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u067e\u0627\u06cc\u06cc\u0646\u200c\u062a\u0631 \u062f\u0631 \u0622\u0645\u0631\u06cc\u06a9\u0627\u060c \u062f\u0627\u0631\u0627\u06cc\u06cc\u200c\u0647\u0627\u06cc \u067e\u0631\u0631\u06cc\u0633\u06a9 \u062f\u0631 \u0622\u0645\u0631\u06cc\u06a9\u0627 \u0628\u0627 \u0633\u0631\u0639\u062a\u06cc \u0641\u0631\u0627\u062a\u0631 \u0627\u0632 \u062a\u0635\u0648\u0631 \u0631\u0634\u062f \u062e\u0648\u0627\u0647\u0646\u062f \u06a9\u0631\u062f.<\/p><\/blockquote>\n
\u0627\u0648 \u062a\u0623\u06a9\u06cc\u062f \u06a9\u0631\u062f \u06a9\u0647 \u0627\u06cc\u0646 \u0635\u062d\u0628\u062a\u200c\u0647\u0627 \u0631\u0627 \u0630\u062e\u06cc\u0631\u0647 \u06a9\u0646\u06cc\u062f \u0648 \u0632\u0645\u0627\u0646\u06cc \u06a9\u0647 \u062c\u0646\u06af \u0645\u0627\u0644\u06cc \u0627\u0648\u062c \u0645\u06cc\u200c\u06af\u06cc\u0631\u062f \u0648 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0628\u0627 \u0642\u062f\u0631\u062a \u0628\u0627\u0644\u0627 \u0645\u06cc\u200c\u0631\u0648\u062f\u060c \u062f\u0648\u0628\u0627\u0631\u0647 \u0645\u0631\u0648\u0631 \u06a9\u0646\u06cc\u062f.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u0622\u0631\u062a\u0648\u0631 \u0647\u06cc\u0632\u060c \u06cc\u06a9\u06cc \u0627\u0632 \u0628\u0646\u06cc\u0627\u0646\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0628\u06cc\u062a\u200c\u0645\u0650\u06a9\u0633\u060c \u0645\u06cc\u200c\u06af\u0648\u06cc\u062f \u062a\u0639\u0631\u0641\u0647\u200c\u0647\u0627\u06cc \u062a\u062c\u0627\u0631\u06cc \u062f\u0648\u0646\u0627\u0644\u062f \u062a\u0631\u0627\u0645\u067e\u060c \u0631\u0626\u06cc\u0633\u200c\u062c\u0645\u0647\u0648\u0631 \u0622\u0645\u0631\u06cc\u06a9\u0627\u060c \u0645\u0645\u06a9\u0646 \u0627\u0633\u062a \u0628\u0647 \u0627\u0642\u062a\u0635\u0627\u062f \u062c\u0647\u0627\u0646\u06cc \u0636\u0631\u0628\u0647 \u0628\u0632\u0646\u062f\u060c \u0627\u0645\u0627 \u0647\u0645\u06cc\u0646 \u0622\u0634\u0641\u062a\u06af\u06cc \u0645\u06cc\u200c\u062a\u0648\u0627\u0646\u062f \u062f\u0642\u06cc\u0642\u0627\u064b \u0647\u0645\u0627\u0646 \u0686\u06cc\u0632\u06cc \u0628\u0627\u0634\u062f \u06a9\u0647 \u0628\u06cc\u062a \u06a9\u0648\u06cc\u0646 \u0628\u0631\u0627\u06cc \u0631\u0634\u062f \u0642\u06cc\u0645\u062a\u0634 \u0646\u06cc\u0627\u0632 \u062f\u0627\u0631\u062f. \u0647\u06cc\u0632 \u062f\u0631 \u067e\u0633\u062a\u06cc \u062f\u0631 X \u062f\u0631 \u062a\u0627\u0631\u06cc\u062e \u06f3 \u0622\u0648\u0631\u06cc\u0644 \u0646\u0648\u0634\u062a: \u0646\u0627\u062a\u0631\u0627\u0632\u06cc\u200c\u0647\u0627\u06cc \u062c\u0647\u0627\u0646\u06cc \u0627\u0635\u0644\u0627\u062d \u0645\u06cc\u200c\u0634\u0648\u0646\u062f \u0648 \u062f\u0631\u062f \u0646\u0627\u0634\u06cc \u0627\u0632 \u0622\u0646 […]<\/p>\n","protected":false},"author":46,"featured_media":72216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","post_view":1469},"categories":[909],"tags":[],"bitpin_posts":[],"video_cat":[],"video_tag":[],"article_group":[],"class_list":["post-72214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/posts\/72214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/comments?post=72214"}],"version-history":[{"count":0,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/posts\/72214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/media\/72216"}],"wp:attachment":[{"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/media?parent=72214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/categories?post=72214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/tags?post=72214"},{"taxonomy":"bitpin_posts","embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/bitpin_posts?post=72214"},{"taxonomy":"video_cat","embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/video_cat?post=72214"},{"taxonomy":"video_tag","embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/video_tag?post=72214"},{"taxonomy":"article_group","embeddable":true,"href":"https:\/\/bitpin.ir\/academy\/wp-json\/wp\/v2\/article_group?post=72214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"\"](\"https:\/\/bitpin.ir\/academy\/wp-content\/uploads\/2025\/04\/1.1-4.jpg\")
<\/p>\n