比特幣：一種新的機構投資資產

比特幣的去中心化和抗通膨特性使其成為機構對沖經濟不確定性和維持長期價值的多功能工具。

Institutions are increasingly viewing Bitcoin as an investment asset, considering its unique properties compared to traditional assets like gold. Bitcoin's decentralized nature and anti-inflationary characteristics present new possibilities for institutional asset management strategies.

考慮到比特幣與黃金等傳統資產相比的獨特屬性，機構越來越多地將比特幣視為一種投資資產。比特幣的去中心化性質和抗通膨特性為機構資產管理策略提供了新的可能性。

MicroStrategy is a prominent example of an institution that has strategically utilized Bitcoin as an investment asset. The company's decision to allocate a significant portion of its treasury reserves into Bitcoin has garnered widespread market attention. This strategy aims to achieve two key objectives: hedging against inflation and enhancing financial stability.

MicroStrategy 是策略性利用比特幣作為投資資產的機構的一個突出例子。該公司將很大一部分庫存儲備投入比特幣的決定引起了市場的廣泛關注。該戰略旨在實現兩個關鍵目標：對沖通膨和增強金融穩定性。

As a former skeptic of Bitcoin, MicroStrategy CEO Michael Saylor has radically transformed his perception of the asset class. Saylor now emphasizes that "cash, low-yield bonds, and overvalued tech stocks are vulnerable to inflation and should be avoided." In the current market environment, Saylor suggests that stock buybacks and Bitcoin are the best uses of a company's surplus funds, choosing Bitcoin as a long-term means to hedge against unlimited quantitative easing.

作為前比特幣懷疑論者，MicroStrategy 執行長 Michael Saylor 徹底改變了他對這個資產類別的看法。塞勒現在強調，“現金、低收益債券和估值過高的科技股容易受到通貨膨脹的影響，應該避免。”在當前的市場環境下，塞勒認為股票回購和比特幣是公司剩餘資金的最佳用途，選擇比特幣作為對沖無限量化寬鬆的長期手段。

Contrary to early concerns, MicroStrategy's Bitcoin investment strategy has received widespread support from many companies. In addition to serving as an inflation hedge, Bitcoin is now being viewed as "digital gold," reshaping corporate asset management practices. This innovative approach of diversifying reserves with Bitcoin has pointed global corporate financial strategies in a new direction.

與早期的擔憂相反，MicroStrategy 的比特幣投資策略得到了許多公司的廣泛支持。除了作為通膨對沖工具之外，比特幣現在還被視為“數位黃金”，重塑了企業資產管理實踐。這種利用比特幣實現儲備多元化的創新方法為全球企業財務策略指明了新方向。

Another example of an institution utilizing Bitcoin as an investment asset is Boya Interactive, a Chinese company listed on the Hong Kong Stock Exchange. Boya Interactive has converted its holdings of Ethereum into Bitcoin, highlighting the shifting preferences among institutions for different cryptocurrencies.

利用比特幣作為投資資產的機構的另一個例子是在香港證券交易所上市的中國公司博雅互動。博雅互動已將其持有的以太坊轉換為比特幣，凸顯了機構對不同加密貨幣偏好的轉變。

Moreover, MetaPlanet, a company known for its early investment in Bitcoin, has continued to purchase the asset in 2024. This aligns with MetaPlanet's strategy of allocating a significant portion of its cash reserves into Bitcoin, aiming to preserve value over the long term.

此外，以早期投資比特幣而聞名的 MetaPlanet 公司在 2024 年繼續購買該資產。

In contrast to companies like MicroStrategy that have made highly visible purchases of Bitcoin, some institutions have cautiously sold their holdings, often aiming to realize profits or manage cash flow.

與 MicroStrategy 等高調購買比特幣的公司相比，一些機構謹慎地出售其持有的比特幣，通常旨在實現利潤或管理現金流。

Tesla is one of the most notable companies that initially adopted Bitcoin, providing a case that contrasts sharply with companies like MicroStrategy. The company sold 75% of its Bitcoin holdings in 2022, attributing this decision to liquidity needs amid uncertain economic conditions. Recently, in October 2024, Tesla transferred $760 million worth of Bitcoin to an unknown wallet, sparking speculation about further sales.

特斯拉是最初採用比特幣的最著名公司之一，其案例與 MicroStrategy 等公司形成鮮明對比。該公司在 2022 年出售了 75% 的比特幣持有量，這項決定歸因於經濟狀況不確定的流動性需求。最近，2024 年 10 月，特斯拉將價值 7.6 億美元的比特幣轉移到一個未知的錢包中，引發了進一步銷售的猜測。

Tesla's Bitcoin investment has been strategically used to support its operational and expansion needs, including building new factories in Austin, Texas, and Berlin. Tesla CFO Zachary Kirkhorn stated that the investment in Bitcoin provided liquidity and a certain level of return, demonstrating its flexibility as a financial tool for a capital-intensive company.

特斯拉的比特幣投資已策略性地用於支持其營運和擴張需求，包括在德克薩斯州奧斯汀和柏林建造新工廠。特斯拉財務長 Zachary Kirkhorn 表示，投資比特幣提供了流動性和一定程度的回報，展現了其作為資本密集型公司金融工具的靈活性。

Similarly, when Bitcoin reached $100,000, Meitu realized substantial profits from its sale. Compared to Tesla's strategic profit-taking, Meitu's decision appears to be a deliberate move to sell at a market peak. Unlike Tesla's discreet approach, Meitu publicly explained that the sale was a step to consolidate its financial position amid challenges in its core business. This starkly contrasts with Tesla's secretive selling, indicating that public disclosure helps reduce market uncertainty caused by institutional sales.

同樣，當比特幣達到10萬美元時，美圖公司從其出售中獲得了可觀的利潤。與特斯拉的策略性獲利盤相比，美圖的決定似乎是刻意在市場高峰期拋售的舉動。與特斯拉的謹慎做法不同，美圖公開解釋稱，此次出售是在核心業務面臨挑戰的情況下鞏固財務狀況的一步。這與特斯拉的秘密拋售形成鮮明對比，顯示公開揭露有助於減少機構拋售帶來的市場不確定性。

The strategic reasons behind institutions buying and selling Bitcoin are directly related to their financial goals and operational needs. Companies typically sell Bitcoin to realize profits during market peaks, as Tesla did in 2022, or to convert held cryptocurrencies into operating capital for reinvestment in core business. The main reasons behind selling can generally be categorized as: 1) profiting under favorable market conditions to expand and improve business operations; or 2) needing funds to address cash flow challenges. This raises the question of whether any future sales are due to strategic financial planning or merely a stopgap measure to address cash flow issues. Furthermore, if the motivation for selling is profit-taking, it raises questions about how these profits will be utilized. Will they be reinvested to enhance the business or primarily benefit stakeholders? In any case, such actions may lead to missed opportunities for further appreciation and undermine the long-term advantages of holding Bitcoin as an investment asset.

機構買賣比特幣背後的策略性原因與其財務目標和營運需求直接相關。公司通常會在市場高峰期間出售比特幣以實現利潤，就像特斯拉在 2022 年所做的那樣，或將持有的加密貨幣轉換為營運資本，用於核心業務的再投資。出售的主要原因大致可分為： 1）在有利的市場條件下獲利，以擴大和改善業務運營；或 2) 需要資金來應對現金流挑戰。這就提出了一個問題：未來的任何出售是出於策略性財務規劃，還是只是解決現金流問題的權宜之計。此外，如果出售的動機是獲利了結，就會引發如何利用這些利潤的問題。它們是否會被再投資以增強業務或主要使利害關係人受益？無論如何，此類行為可能會導致錯失進一步升值的機會，並損害持有比特幣作為投資資產的長期優勢。