MicroStrategy 的比特幣賭博：減半能否推動股價創新高？

MicroStrategy (MSTR) 股價本週暴跌超​​過 25%，反映了比特幣 (BTC) 最近的下跌。儘管比特幣購買量強勁，但 MSTR 的表現一直優於 BTC，在最近的調整之前上漲了 150%。分析師仍然樂觀，Andrew Harte 將其目標價提高至 1,800 美元，理由是即將到來的比特幣減半事件可能帶來上漲，預計這將減少 BTC 的供應並可能提振股價。

MicroStrategy's Bitcoin Bet: Will Halving Propel Stock to New Heights?

MicroStrategy 的比特幣押注：減半會將股價推至新高嗎？

MicroStrategy (MSTR), the corporate behemoth holding the world's largest Bitcoin stash, has witnessed a precipitous decline in its share price, plummeting over 25% this week. This downturn mirrors the recent slump in Bitcoin (BTC) prices. Despite these fluctuations, MicroStrategy's stock has been on a wild ride, surging three times faster than Bitcoin in the months leading up to this correction.

擁有全球最大比特幣儲備的企業巨頭 MicroStrategy (MSTR) 的股價急劇下跌，本週暴跌超​​過 25%。這種低迷反映了最近比特幣（BTC）價格的暴跌。儘管有這些波動，MicroStrategy 的股價一直在瘋狂上漲，在這次調整之前的幾個月裡，其漲幅是比特幣的三倍。

As Bitcoin prices climbed 50%, MSTR shares skyrocketed by an astonishing 150%. However, analyst Andrew Harte remains bullish, raising his price target to $1,800, suggesting a potential 10% upside from current trading levels. This upward revision marks a significant increase from his previous estimate of $780.

隨著比特幣價格上漲 50%，MSTR 股價飆升了驚人的 150%。然而，分析師安德魯哈特（Andrew Harte）仍然看漲，將其目標價提高至 1,800 美元，這表明該價格可能較當前交易水平上漲 10%。此次上調標誌著他之前預估的 780 美元大幅上漲。

Over the past month, MicroStrategy's stock has outperformed Wall Street expectations, mirroring the impressive gains of Bitcoin. With over 214,000 Bitcoins under its belt as of March 18, the company's stock has closely tracked the leading cryptocurrency's ascent, even surpassing its returns.

過去一個月，MicroStrategy 的股票表現超出了華爾街的預期，反映出比特幣的驚人漲幅。截至 3 月 18 日，該公司擁有超過 214,000 枚比特幣，其股價一直緊隨這一領先加密貨幣的上漲，甚至超過了其回報率。

Despite this surge, the price targets set by Bloomberg-tracked analysts still fall short of MSTR's intraday record high of $1999.99 set in March. According to Harte, investors are willing to pay a premium for MicroStrategy's Bitcoin exposure, a premium that has stabilized above 2x, based on sum-of-the-parts analysis.

儘管價格飆升，但彭博追蹤分析師設定的目標價仍低於 MSTR 3 月創下的盤中歷史新高 1999.99 美元。 Harte 表示，投資人願意為 MicroStrategy 的比特幣曝險支付溢價，根據綜合分析，溢價已穩定在 2 倍以上。

Harte also predicts that MicroStrategy will benefit from Bitcoin's upcoming halving event, estimated to occur this month. Halving refers to the process where the supply of Bitcoin is reduced by 50%, from 6.25 BTC to 3.125 BTC per block mined.

Harte 也預測，MicroStrategy 將受益於即將於本月發生的比特幣減半事件。減半是指比特幣供應量減少 50%，從每個開採區塊 6.25 BTC 減少到 3.125 BTC 的過程。

"We expect the company to benefit from Bitcoin catalysts during the coming year, specifically the Bitcoin halving event estimated to take place this month," Harte noted.

哈特指出：“我們預計該公司將在來年受益於比特幣催化劑，特別是預計本月發生的比特幣減半。”

The Bitcoin halving event is widely anticipated to boost the value of the cryptocurrency, as it has historically led to significant price increases. In the year following the three previous halvings, the price of Bitcoin soared by 80x, 4x, and 6x, respectively.

人們普遍預期比特幣減半事件將提升加密貨幣的價值，因為它在歷史上曾導致價格大幅上漲。在前三次減半後的一年裡，比特幣的價格分別飆升了 80 倍、4 倍和 6 倍。

Harte presents both optimistic and pessimistic scenarios for MicroStrategy. Should the premium on the company's Bitcoin holdings diminish and regulatory pressures impact the cryptocurrency market, causing Bitcoin to regress towards $48,000, Harte estimates that shares could decline to $700.

Harte 對 MicroStrategy 提出了樂觀和悲觀的情景。 Harte 估計，如果該公司持有的比特幣溢價減少且監管壓力影響加密貨幣市場，導致比特幣回落至 48,000 美元，股價可能會跌至 700 美元。

However, in a more bullish outlook where Bitcoin surpasses $90,000 and the premium on MicroStrategy's holdings increases, Harte predicts a stock price of $2,700, representing a substantial gain of nearly 70% from its current level.

然而，在比特幣突破 90,000 美元且 MicroStrategy 持有的溢價增加的更為樂觀的前景中，Harte 預測股價為 2,700 美元，較當前水準大幅上漲近 70%。

According to Harte, "Investors view Bitcoin as a safe haven from inflation in the face of fiscal stimulus from central banks, and we expect continued adoption from institutional investors as Bitcoin serves as a disinflationary asset."

哈特表示，“面對央行的財政刺激，投資者將比特幣視為抵禦通膨的避風港，我們預計機構投資者將繼續採用比特幣，因為比特幣是一種通貨緊縮資產。”