自從唐納德·特朗普（Donald Trump）上任以來，比特幣（BTC）價格下跌，它正朝著戰略的公司成本基礎匯聚。

自唐納德·特朗普（Donald Trump）上任以來，比特幣（BTC）的價格下跌，朝著戰略的公司成本基礎匯聚。

As bitcoin's (BTC) price has fallen since Donald Trump took office, it is converging toward the corporate cost basis at Strategy (NASDAQ:MSTR).

自從唐納德·特朗普（Donald Trump）上任以來，比特幣（BTC）的價格下跌，它正朝著戰略（NASDAQ：MSTR）的公司成本基礎匯聚。

Michael Saylor's giant BTC holding company owns 499,226 coins acquired for an average of $66,360 apiece. Today, a concerningly slim, 27% cushion separates BTC's declining price from the company's cost basis.

邁克爾·塞勒（Michael Saylor）的巨型BTC控股公司擁有499,226枚硬幣，平均每人66,360美元。如今，關於纖細的，27％的墊子將BTC的價格下降與公司的成本基礎分開。

For years, Strategy (formerly MicroStrategy) enjoyed a generous price cushion between BTC and its prior purchases. For example, in celebration of Trump's January 20 inauguration, BTC hit an all-time high of $108,786 - 73% above Strategy's average purchase price of $62,691 at the time.

多年來，策略（以前是微型策略）在BTC和先前購買之間享有寬敞的價格緩衝。例如，為了慶祝特朗普1月20日的就職典禮，BTC在當時的平均購買價格上漲了$ 108,786-73％的歷史最高點。

There have been even better times, such as 2021 or mid-2024, when the price of BTC was more than double Strategy's cost basis.

有更好的時期，例如2021年或2024年中，當時BTC的價格超過了雙重戰略的成本基礎。

However, crypto entered a bear market shortly after Trump entered the White House. The president continued to promote memecoins, declined proposals for buying Saylor's recommended 4 million BTC or Cynthia Lummis's recommended 1 million BTC for any US Strategic Bitcoin Reserve, and vacillated on tariff policies that decimated broad markets, including BTC.

但是，特朗普進入白宮後不久，加密貨幣進入熊市。總統繼續促進成人，拒絕購買Saylor推薦的400萬BTC或Cynthia Lummis推薦的100萬BTC用於任何美國戰略比特幣儲備，並針對包括BTC在內的廣泛市場的關稅政策進行了VASILLIFF政策，包括BTC。

As BTC's price has declined, it has revealed Saylor's dwindling power. Although the run-up to Trump's inauguration was an ideal environment for him to tell stories about what BTC could do during Trump 2.0, the world is learning what the currency is actually doing during Trump 2.0.

隨著BTC的價格下降，它揭示了Saylor的衰落力量。儘管特朗普就職典禮的起床是他講述BTC在特朗普2.0期間可以做什麼的故事的理想環境，但世界正在學習貨幣在特朗普2.0期間實際在做什麼。

So far, it's not doing well.

到目前為止，情況還不順利。

BTC price cushion and Strategy share premium down 50% YTD

BTC價格緩沖和策略股票溢價下跌50％YTD

Bitcoin is currently trading around $84,500 and has wiped approximately 50% off Strategy's cost basis cushion since the day Trump took office. The premium investors are willing to pay for Strategy shares (MSTR) above its BTC holdings has similarly halved from above 3.4X on November 20 to approximately 1.8X per basic share today.

比特幣目前的交易約為84,500美元，自特朗普上任的那天以來，比特幣削減了策略基礎墊的50％折扣。高級投資者願意為超過BTC持有的戰略股票（MSTR）支付，同樣從11月20日以上的3.4倍降至今天的每股基本股份約1.8倍。

Most of Strategy's BTC purchases since November 18, 2024, are in the red. On November 18, Strategy bought 51,780 BTC at $88,627. Since then, it made several more large BTC purchases, including four purchases over $100,000.

自2024年11月18日以來，策略的BTC購買大部分是紅色。 11月18日，策略以88,627美元的價格購買了51,780 BTC。從那時起，它進行了幾次大型BTC購買，其中包括四次購買超過100,000美元。

Naturally, this caused Strategy's dollar cost average to spike from slightly under $40,000 at the beginning of November to its current $66,360.

自然，這導致策略的平均成本從11月初略低於40,000美元到目前的66,360美元。

Saylor recently announced his intention to buy a memetic quantity of BTC: $21 billion. Of course, he has not actually purchased that much yet. On March 10, he started the preferred share sale. To date, he hasn't even spent his first billion.

Saylor最近宣布打算購買一定數量的BTC：210億美元。當然，他實際上還沒有購買太多。 3月10日，他開始了首選的股票銷售。迄今為止，他甚至還沒有花費第一個十億美元。

This morning, Strategy announced it had purchased 130 BTC - its second-smallest purchase in history besides a paltry 32 BTC buy in late March 2024.

今天早上，策略宣布已購買了130 BTC - 除了2024年3月下旬的32 BTC購買外，其歷史上的第二次購買。

Read More: Why Have MicroStrategy (MSTR) Insiders Been Dumping Shares?

閱讀更多：為什麼MicroStrategy（MSTR）內部人員傾倒股票？

The Long Road To $21 Billion More Bitcoin

長途達到210億美元的比特幣

It's too early to tell whether this morning's relatively small BTC purchase is a sign that Saylor is dialing back his intentions.

現在說明今天早上相對較小的BTC購買是否表明Saylor正在撥打他的意圖還為時過早。

The long road from today to actually spending $21 billion to acquire BTC is also an example of the difficulty of keeping a corporation's cost basis down and not converging toward BTC's price itself.

從今天到實際花費210億美元來收購BTC的漫長道路也是使公司成本基礎降低而不融入BTC價格本身的困難的一個例子。

There are claims that Strategy's purchases had a direct impact on the price of BTC in 2024, with one estimate suggesting the company was behind 28% of last year's capital inflows.

有聲稱，戰略的購買對2024年的BTC價格有直接影響，其中一項估計表明該公司落後於去年資本流入的28％。

However, that's far from a holistic analysis of all sources of demand for BTC, with other estimates placing Strategy below 1% of BTC trading volumes - most of which is offshore, crypto-to-crypto, and not traceable to USD.

但是，這遠非對BTC的所有需求來源的整體分析，而其他估計將策略放置在BTC交易量的1％以下 - 其中大多數是海上，加密至克雷普托，而不是可追溯到美元。

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Crédit photo : Donald Trump par Ben White sur Unsplash.

圖片來源：本·懷特（Ben White）的唐納德·特朗普（Donald Trump）在Unsplash上​​。