MicroStrategy 不是 Luna，比特幣也不是 UST：原因如下

首先，我很高興我們心愛的比特幣已經達到 98,000 美元！毫無疑問，4 萬美元至 7 萬美元區間的英雄是比特幣的 ETF

MicroStrategy, a business intelligence and software firm, has made headlines for its substantial Bitcoin holdings and its strategy of acquiring more Bitcoin through debt. This approach has drawn comparisons to the relationship between Luna and UST, prompting speculation about the sustainability of MicroStrategy's model.

MicroStrategy 是一家商業智慧和軟體公司，因其持有大量比特幣以及透過債務收購更多比特幣的策略而成為頭條新聞。這種方法與 Luna 和 UST 之間的關係進行了比較，引發了人們對 MicroStrategy 模式永續性的猜測。

Here's a closer examination of MicroStrategy's strategy and how it differs from Luna's:

以下是對 MicroStrategy 策略及其與 Luna 策略有何不同的詳細分析：

MicroStrategy's Shift towards Bitcoin:

MicroStrategy 轉向比特幣：

Originally a software company with unrealized gains, MicroStrategy began pivoting towards Bitcoin in 2020. The company aimed to shift its assets from the real to the virtual realm.

MicroStrategy 最初是一家未實現收益的軟體公司，2020 年開始轉向比特幣。

To acquire Bitcoin, MicroStrategy utilized its own funds initially. Later, it employed a strategy of OTC leverage, borrowing money through corporate bonds to purchase additional Bitcoin.

為了收購比特幣，MicroStrategy 最初使用了自己的資金。後來，它採用了場外槓桿策略，透過公司債借錢購買額外的比特幣。

This approach differs significantly from Luna's, where Luna and UST were mutually created through a printing mechanism. UST, being an unanchored and newly printed asset, was largely sustained by a high (but fake) interest rate of 20%.

這種方法與 Luna 的方法有很大不同，Luna 和 UST 是透過列印機制共同創建的。 UST 是未錨定的新印刷資產，主要靠 20% 的高（但虛假）利率維持。

In contrast, MicroStrategy's strategy can be likened to dollar-cost averaging at low prices with the use of leverage. This strategy, which essentially involves borrowing to go long, proved successful as MicroStrategy bet in the right direction.

相較之下，MicroStrategy 的策略可以比喻為利用槓桿以低價平均成本。這項策略本質上是藉債做多，事實證明 MicroStrategy 的押注是正確的，是成功的。

Moreover, Bitcoin's adoption is far wider than UST's, and MicroStrategy's impact on Bitcoin is also much lower compared to Luna's influence on UST.

而且，比特幣的採用範圍遠比 UST 廣泛，MicroStrategy 對比特幣的影響也遠低於 Luna 對 UST 的影響。

The critical distinction lies in the interest rates. A daily interest rate of 2% typically indicates a Ponzi scheme, while an annual interest rate of 2% belongs to a bank. Quantitative changes lead to qualitative shifts. MicroStrategy is not the sole factor determining Bitcoin's price movements, and it certainly does not face the same fate as Luna.

關鍵的差異在於利率。日利率2%通常是龐氏騙局，而年利率2%則屬於銀行。量變導致質變。 MicroStrategy 並不是決定比特幣價格走勢的唯一因素，它當然不會面臨與 Luna 相同的命運。

MicroStrategy's Debt-Fueled Bitcoin Acquisition:

MicroStrategy 的債務推動的比特幣收購：

To quickly raise funds, MicroStrategy has undertaken multiple debt issuances, amassing a total of $5.7 billion in debt (for perspective, thisは約 Microsoft debt no 1/15 niあたります). Almost all of these funds have been channeled towards continuously increasing its Bitcoin holdings.

為了快速籌集資金，MicroStrategy 進行了多次債務發行，總共累積了57 億美元的債務（從角度來看，這大約是微軟債務的1/15），幾乎所有這些資金都被用於不斷增加其比特幣持有量。

While most traders utilize on-exchange leverage, which entails using Bitcoin as collateral to borrow funds from the exchange (and other exchange users), OTC leverage operates differently.

雖然大多數交易者利用場內槓桿，即使用比特幣作為抵押品從交易所（和其他交易所用戶）借入資金，但場外槓桿的運作方式有所不同。

All creditors worldwide share a common concern: not being repaid. Without providing collateral, what motivates creditors to extend OTC loans to MicroStrategy?

全球所有債權人都有一個共同的擔憂：無法償還。在不提供抵押品的情況下，是什麼促使債權人向 MicroStrategy 提供場外貸款？

An examination of MicroStrategy's bond structure reveals a unique strategy. Over the past few years, the company has predominantly issued a type of convertible debt.

對 MicroStrategy 債券結構的檢查揭示了一種獨特的策略。過去幾年，該公司主要發行一種可轉換債券。

This convertible bond features two distinct phases:

此可轉換債券有兩個不同的階段：

1. Initial Phase: Bondholders can convert their bonds into MSTR shares at a rate of $135 per share. This conversion is subject to a lock-up period, preventing immediate sales.

1. 初始階段：債券持有人可以將其債券以每股 135 美元的價格轉換為 MSTR 股票。此轉換有鎖定期，無法立即銷售。

2. Later Phase: As the bond approaches maturity, the $2 conversion rule no longer applies. At this stage, bondholders can either choose to cash out or directly convert their bonds into MSTR shares.

2. 後期：隨著債券接近到期，2 美元轉換規則不再適用。在此階段，債券持有人可以選擇兌現或直接將債券轉換為MSTR股票。

This strategy essentially creates a trade with a high lower limit and a very high upper limit, enabling MicroStrategy to successfully raise funds.

該策略本質上創建了一個具有高下限和非常高上限的交易，使 MicroStrategy 能夠成功籌集資金。

Fortunately, or perhaps loyally, MicroStatergy chose Bitcoin. And Bitcoin did not disappoint.

幸運的是，也許是出於忠誠，MicroStatergy 選擇了比特幣。比特幣也沒有讓人失望。

As Bitcoin continues its ascent, the early Bitcoin acquired by MicroStrategy has also soared in value. According to the old and classic stock principle, the more assets a company possesses, the higher its market value should be.

隨著比特幣不斷上漲，MicroStrategy早期購買的比特幣價值也隨之飆升。根據古老而經典的股票原則，公司擁有的資產越多，其市值就應該越高。

Consequently, MicroStrategy's stock price has skyrocketed, reaching new heights.

因此，MicroStrategy 的股價一路飆升，達到了新的高度。

Presently, MicroStrategy's daily trading volume surpasses even that of this year's absolute star, Nvidia. This development provides MicroStrategy with greater options and strategies.

目前，MicroStrategy的每日交易量甚至超過了今年的絕對明星Nvidia。這項發展為 MicroStrategy 提供了更多的選擇和策略。

Now, MicroStrategy not only relies on issuing bonds but can also directly issue new shares for sale to raise money.

現在，MicroStrategy不僅依靠發行債券，還可以直接發行新股出售來籌集資金。

Unlike many meme coin or Bitcoin developers who lack minting authority, traditional companies can issue new shares after following the relevant procedures.

與許多缺乏鑄幣權的米姆幣或比特幣開發人員不同，傳統公司可以在遵循相關程序後發行新股。

Last week, MicroStrategy's role in pushing Bitcoin from just over $80K to the current $98K was evident as the company sold $4.6 billion in new shares.

上週，MicroStrategy 出售了 46 億美元的新股，將比特幣從 8 萬美元以上推升至目前的 9.8 萬美元，其作用顯而易見。

PS: Companies with trading volumes exceeding Nvidia naturally have this liquidity.

PS：交易量超過英偉達的公司自然有這個流動性。

Sometimes, you admire a company for making great profits, and you need to respect its great courage.

有時候，你佩服一家公司賺大錢，你需要尊重它的勇氣。

Unlike many crypto companies that sell off immediately for cash, MicroStrategy maintains a grand vision as always. Notably, MicroStrategy reinvested all the money from selling these shares back into Bitcoin, propelling Bitcoin to $98K.

與許多立即出售以獲取現金的加密貨幣公司不同，MicroStrategy 一如既往地保持著宏偉的願景。值得注意的是，MicroStrategy 將出售這些股票的所有資金重新投資回比特幣，將比特幣推至 9.8 萬美元。

By now, you should have understood MicroStrategy's magic:

到目前為止，您應該已經了解 MicroStrategy 的魔力了：

Buy Bitcoin → Stock price rises → Borrow to buy more Bitcoin → Bitcoin rises → Stock price rises further → Borrow more debt → Buy more Bitcoin → Stock price continues to rise → Issue new shares and sell for cash → Buy more Bitcoin → Stock price continues to rise…

買比特幣→股價上漲→借錢買更多比特幣→比特幣上漲→股價進一步上漲→借更多債→買更多比特幣→股價繼續上漲→發行新股並賣現金→買進更多比特幣→股價持續上漲上升…

Presented by the great magician MicroStrategy.

由偉大的魔術師MicroStrategy呈現。

MicroStrategy's Next Debt

MicroStrategy 的下一筆債務