邁克爾·塞勒（Michael Saylor）加倍比特幣，在他的國庫中增加了22,000 BTC

隨著市場的擺動和資本逃離風險資產，邁克爾·塞勒（Michael Saylor）堅持不懈。戰略的創始人，對宏觀經濟動盪無動於衷

As the markets wobble and capital flees risk assets, Michael Saylor persists. The founder of Strategy, indifferent to macroeconomic turmoil, has just added more than 22,000 bitcoins to his treasury.

隨著市場的擺動和資本逃離風險資產，邁克爾·塞勒（Michael Saylor）堅持不懈。戰略的創始人對宏觀經濟動盪無動於衷，剛剛在他的財政部增加了22,000多名比特幣。

Indeed, the timing raises questions: the BTC correction is intensifying, geopolitical uncertainty is setting in, and overall, the winds of pessimism are swirling in the markets. Yet, Saylor does not waver. For him, bitcoin is not a gamble, it is a conviction—a stark position, counter to the consensus, that sparks lively debate.

的確，時機提出了問題：BTC的校正正在加劇，地緣政治不確定性正在設定，總體而言，悲觀的風在市場上旋轉。但是，塞勒不會動搖。對他來說，比特幣不是一場賭博，這是一種信念 - 一個鮮明的立場，與共識相反，引發了活潑的辯論。

A massive bitcoin buy despite market signals

儘管市場信號

On March 31, Strategy disclosed the acquisition of 22,048 bitcoins, bringing its total portfolio to 528,185 BTC. This decision comes after a brief pause in purchases, breaking a series of several consecutive acquisitions.

3月31日，戰略披露了22,048個比特幣的收購，將其總投資組合提高到528,185 BTC。這項決定是在購買短暫停頓之後，打破了一系列連續的收購。

The latent valuation of these assets now exceeds 8.6 billion dollars, with an overall return of about 24 % since the company’s initial investments in 2023. This operation is part of a broader strategy to invest up to 40 billion dollars in bitcoin by 2025.

這些資產的潛在估值現在超過86億美元，自2023年公司初次投資以來，總回報率約為24％。此操作是到2025年在比特幣上投資多達400億美元的更廣泛戰略的一部分。

This new purchase was executed as bitcoin fell back below 80,000 dollars, in a context of high volatility induced by macroeconomic tensions and a latent threat of a bear market.

在比特幣低於80,000美元的情況下，這項新的購買是在宏觀經濟緊張局勢和熊市潛在威脅引起的。

Far from being intimidated by this retreat, Michael Saylor asserts that “bitcoin is the best long-term asset available today,” which justifies the continuation of this accumulation strategy despite market signals.

邁克爾·塞勒（Michael Saylor）並沒有受到這種務虛會的恐嚇，他斷言“比特幣是當今最佳的長期資產”，這證明了儘管市場信號，但儘管如此，該積累策略的延續是合理的。

Such an approach by Strategy is based on several quantitative observations :

策略的這種方法基於幾種定量觀察：

This analysis leads Strategy to prefer bitcoin over other assets classes, leading it to gradually sell off its remaining equity securities to channel the proceeds into BTC.

該分析導致策略比比特幣相比，而不是其他資產類別，使其逐漸出售其剩餘的股票證券，以將收益轉移到BTC中。

A growing dependence on an unstable asset

對不穩定資產的依賴日益增長

Strategy’s appetite for bitcoin is not solely fueled by its cash reserves. Thus, the company recently announced plans to raise 21 billion dollars through the issuance of preferred shares, with the explicit goal of financing its BTC purchases.

策略對比特幣的需求不僅僅是其現金儲備的助長。因此，該公司最近宣布了通過發行優先股的計劃籌集210億美元的計劃，其明確的目標是為其BTC購買提供資金。

This approach, unveiled during a presentation to analysts, reinforces a strategy already criticized for its high leverage and almost monolithic exposure to a single asset. In a period where even the smallest price movement can lead to significant fluctuations on the balance sheet, this orientation raises increasing concerns.

這種方法在演講中揭示了分析師，並加強了一項已經批評的策略，因為它的高槓桿作用和幾乎單一的單一資產曝光。在即使最小的價格變動也可能導致資產負債表的顯著波動的時期，這種方向引起了人們的關注。

Moreover, Strategy’s stock price has lost more than half its value since the beginning of 2022, partly due to the depreciation of bitcoin and the company’s own valuation difficulties.

此外，自2022年初以來，Strategy的股價損失了其價值的一半以上，部分原因是比特幣的貶值和公司自身的估值困難。

According to Adam Back, CEO of Blockstream, this situation could lead to a perspective of returning to sustained inflation between 10 and 15 % over the next decade. In this context, he believes that bitcoin could “start to compete with gold in its use cases,” which would solidify its position as a safe haven.

據Blockstream首席執行官亞當·Back（Adam Back）稱，這種情況可能會導致在未來十年中恢復10％至15％之間的持續通貨膨脹的觀點。在這種情況下，他認為比特幣可以“在用例中開始與黃金競爭”，這將鞏固其作為避風港的地位。

However, this hypothesis is not universally accepted, especially since the extreme dependence of a public company on such a volatile asset remains a bold, if not perilous, bet.

但是，這一假設並未被普遍接受，尤其是因為上市公司對這種波動性資產的極端依賴仍然是大膽的，即使不是危險的賭注。

In the event of a prolonged correction or unfavorable regulation, Strategy could find itself in a delicate position, which would affect its stock valuation, as well as its ability to raise new funds. This polarizing positioning, between conviction and speculation, will no doubt receive sustained attention in the months to come, as macroeconomic winds continue to blow. Michael Saylor’s strategy, as visionary as it may be, will still have to prove itself in a rapidly changing global economy.

如果經過長時間的糾正或不利的監管，策略可能會發現自己處於微妙的位置，這將影響其庫存估值以及籌集新資金的能力。在定罪和猜測之間，這種兩極分化的位置無疑將在未來幾個月內受到持續關注，因為宏觀經濟風繼續吹響。邁克爾·塞勒（Michael Saylor）的戰略，儘管可能是有遠見的，但仍必須證明自己在迅速變化的全球經濟中。