MicroStrategy 比特幣暴跌 300 億美元引發人們對基於比特幣的策略穩健性的質疑

波動性是加密貨幣的本質。然而，當它擴展到像 MicroStrategy 這樣的巨頭時，市場就會恐慌。四天內損失300億美元

Bitcoin’s recent roller-coaster ride, peaking at nearly $99,800 on November 22 before dropping sharply, has sent shockwaves throughout the financial world.

比特幣最近的走勢像過山車一樣，在 11 月 22 日達到近 99,800 美元的峰值，隨後大幅下跌，給整個金融界帶來了衝擊。

One of the most striking examples is MicroStrategy, a company that has become almost synonymous with the world’s leading cryptocurrency. In just four days, the company's market capitalization dropped by 35%. In absolute terms, this represents a colossal loss of $30 billion, setting a new record in MicroStrategy's history.

最引人注目的例子之一是 MicroStrategy，該公司幾乎已成為世界領先的加密貨幣的代名詞。短短四天內，該公司市值下跌35%。從絕對值來看，這意味著 300 億美元的巨額損失，創下了 MicroStrategy 歷史上的新紀錄。

This drastic correction highlights a crucial aspect of MicroStrategy's strategy: its use of leverage, which acts as a double-edged sword. When Bitcoin rallies, the company amplifies those gains, outperforming the market with an impressive increase of 599% over one year, compared to 146% for Bitcoin.

這次大幅調整凸顯了 MicroStrategy 策略的一個關鍵面向：槓桿的使用，這是一把雙面刃。當比特幣上漲時，該公司會放大這些收益，以一年內 599% 的驚人漲幅跑贏市場，而比特幣的漲幅為 146%。

However, when the tide turns, the descent is just as spectacular. This extreme volatility, further amplified by a massive influx of retail investors, raises questions about the long-term viability of this model.

然而，當潮水逆轉時，下降同樣壯觀。這種極端的波動性，因大量散戶投資者的湧入而進一步放大，引發了人們對該模式的長期可行性的質疑。

According to The Kobeissi Letter, retail investors poured nearly $100 million into MicroStrategy stock in the past week alone. This tidal wave of investment, with daily purchases reaching up to $42 million, is eight times higher than the October average. Such exposure from retail investors magnifies the stock's sensitivity to even the slightest fluctuations in Bitcoin.

根據《Kobeissi Letter》報道，光是過去一周，散戶就向 MicroStrategy 股票投入了近 1 億美元。這波投資浪潮每天的購買量高達 4,200 萬美元，是 10 月平均的八倍。散戶投資者的這種風險敞口放大了該股對比特幣即使是最輕微波動的敏感性。

Despite this setback, some still view MicroStrategy as a unique tool to capitalize on Bitcoin’s volatility. However, this approach comes at a steep price. By aligning so closely with crypto, the company essentially transforms itself into a high-risk investment vehicle, where the potential for gains is directly tied to the ups and downs of the crypto market.

儘管遭遇這項挫折，有些人仍將 MicroStrategy 視為利用比特幣波動性的獨特工具。然而，這種方法的代價高昂。透過與加密貨幣如此緊密地結合，該公司本質上將自己轉變為高風險投資工具，其收益潛力與加密貨幣市場的漲跌直接相關。

In a bid to amplify its Bitcoin exposure, MicroStrategy has also attracted institutional investors. For instance, Allianz acquired 24% of the $600 million bonds issued by MicroStrategy in March. This strategy aligns with the growing institutional interest in cryptocurrencies.

為了擴大其比特幣敞口，MicroStrategy 也吸引了機構投資者。例如，Allianz 在 3 月收購了 MicroStrategy 發行的 6 億美元債券中的 24%。這項策略符合機構對加密貨幣日益增長的興趣。

However, the recent drop also highlights a key limitation: even the strongest institutions are not fully shielded from drastic fluctuations.

然而，最近的下跌也凸顯了一個關鍵限制：即使是最強大的機構也無法完全免受劇烈波動的影響。

This situation also raises questions about the sustainability of leverage in an environment marked by increasing regulation of cryptocurrencies. If regulators decide to impose additional constraints, the domino effect could be devastating for players like MicroStrategy.

這種情況也引發了人們對在加密貨幣監管日益加強的環境下槓桿可持續性的質疑。如果監管機構決定施加額外的限制，骨牌效應可能會對 MicroStrategy 等參與者造成毀滅性打擊。

Ultimately, this story serves as a harsh reminder: whether directly or indirectly, investing in Bitcoin is not for the faint-hearted. The correlation between MicroStrategy and Bitcoin is a magnifying mirror of the opportunities – and dangers – inherent in the crypto ecosystem.

最終，這個故事是一個嚴厲的提醒：無論是直接或間接，投資比特幣都不適合膽小的人。 MicroStrategy 和比特幣之間的相關性是加密生態系統固有的機會和危險的放大鏡。

As Michael Saylor's Bitcoin adventure continues, the visionary maintains his belief in a future where Bitcoin will reach unprecedented heights. But for investors, the lesson is clear: the allure of quick profits should never overshadow the importance of prudent risk management.

隨著邁克爾·塞勒 (Michael Saylor) 的比特幣冒險繼續進行，這位有遠見的人仍然堅信比特幣未來將達到前所未有的高度。但對投資人來說，教訓是明確的：快速獲利的誘惑永遠不應掩蓋審慎風險管理的重要性。

Meanwhile, Ripple is betting $25 million on pro-crypto officials in the USA.

與此同時，Ripple 向美國支持加密貨幣的官員押注 2,500 萬美元。