MicroStrategy $MSTR 將嚴重崩潰。就像2000年那樣

看看與 BTC 和區塊鏈技術相關的股票，其中一隻遙遙領先其他股票：MicroStrategy（納斯達克股票代碼：MSTR）。

MicroStrategy (NASDAQ:MSTR) stock has been on a tear in recent years, thanks to the company's massive bet on Bitcoin (CRYPTO:BTC). But some are starting to wonder if MSTR stock is heading for the same kind of epic collapse that MicroStrategy did in the Dot Com crash in the early 2000s.

MicroStrategy（納斯達克股票代碼：MSTR）的股價近年來一直在上漲，這要歸功於該公司對比特幣（CRYPTO：BTC）的大量押注。但有些人開始懷疑，MSTR 股票是否會像 MicroStrategy 在 2000 年代初期互聯網泡沫破裂時那樣，走向同樣的史詩般的崩潰。

Back then, MicroStrategy CEO Michael Saylor lost $60 billion in one day and was dubbed the biggest loser in the Dot-Com bubble. He also paid the SEC $8.2 million in disgorgement and a $350k civil penalty as part of a settlement related to accusations of fraudulently overstating the company's earnings and revenues.

當年，MicroStrategy 執行長 Michael Saylor 一天之內損失了 600 億美元，被稱為網路泡沫中最大的輸家。作為與欺詐性誇大公司收益和收入指控相關的和解協議的一部分，他還向 SEC 支付了 820 萬美元的非法所得和 35 萬美元的民事罰款。

Now, Saylor is once again at the center of a financial storm, but this time he's betting on Bitcoin and not overstating earnings. However, the risks are still high, and if MicroStrategy's bet on BTC goes south, the effects could be felt throughout the financial system.

現在，塞勒再次處於金融風暴的中心，但這次他押注於比特幣，並沒有誇大收益。然而，風險仍然很高，如果 MicroStrategy 對 BTC 的押注失敗，整個金融體係都會受到影響。

Here's a closer look at what Saylor is doing and why it could be so risky.

以下是塞勒正在做的事情以及為什麼風險如此之大的詳細分析。

MicroStrategy's massive bet on Bitcoin

MicroStrategy 大舉押注比特幣

In 2020, MicroStrategy began purchasing large amounts of Bitcoin, eventually totaling over 130,000 BTC. The company used a combination of cash on hand and proceeds from low-interest convertible notes to fund the purchases.

2020 年，MicroStrategy 開始購買大量比特幣，最終總計超過 13 萬BTC。該公司利用手頭現金和低息可轉換票據收益來為購買提供資金。

The goal of the purchases was to generate a return on MicroStrategy's capital and to hedge against inflation. Saylor has also expressed his belief that Bitcoin is a superior store of value to fiat currencies and that it will continue to appreciate over time.

此次收購的目的是為 MicroStrategy 的資本帶來回報並對沖通貨膨脹。塞勒也表示，他相信比特幣是比法定貨幣更優越的價值儲存手段，隨著時間的推移，比特幣將繼續升值。

So far, MicroStrategy's bet on Bitcoin has paid off handsomely. The price of BTC has soared in recent years, and MicroStrategy's stock price has followed suit. In 2023, MSTR stock is up over 200% year-to-date.

到目前為止，MicroStrategy 對比特幣的押注已經獲得了豐厚的回報。近年來，BTC 的價格一路飆升，MicroStrategy 的股價也隨之上漲。 2023 年，MSTR 股價今年迄今上漲 200% 以上。

But some are starting to wonder if the rally is sustainable. After all, Bitcoin is a notoriously volatile asset, and it's already had a huge run-up in price. If the price of BTC were to decline sharply, MicroStrategy's stock price would likely follow suit.

但有些人開始懷疑漲勢是否可持續。畢竟，比特幣是一種出了名的不穩定資產，而且其價格已經大幅上漲。如果 BTC 的價格大幅下跌，MicroStrategy 的股價也可能隨之下跌。

The risks of MicroStrategy's strategy

MicroStrategy 策略的風險

In addition to the risk of a decline in the price of Bitcoin, there are other risks associated with MicroStrategy's strategy.

除了比特幣價格下跌的風險外，還有其他與 MicroStrategy 策略相關的風險。

For example, MicroStrategy is taking on a lot of debt to finance its purchases of BTC. If the price of BTC were to decline and MicroStrategy were to experience a loss on its investment, the company could be left with a large amount of debt and a diminished ability to repay it.

例如，MicroStrategy 正在承擔大量債務來為其購買 BTC 提供資金。如果 BTC 價格下跌，MicroStrategy 的投資出現損失，該公司可能會背負巨額債務，償還能力下降。

Another risk is that MicroStrategy's strategy could put the company at odds with regulators. For example, the SEC has already expressed concerns about the company's accounting practices related to its BTC holdings. If the SEC were to take further action against MicroStrategy, it could impact the company's ability to continue its current strategy.

另一個風險是 MicroStrategy 的策略可能會使該公司與監管機構發生衝突。例如，美國證券交易委員會已經對該公司與其持有的比特幣相關的會計實務表示擔憂。如果 SEC 對 MicroStrategy 採取進一步行動，可能會影響該公司繼續實施當前策略的能力。

Overall, MicroStrategy's strategy is a risky one, but it has the potential to pay off handsomely. If the price of Bitcoin continues to rise and MicroStrategy is able to sell its BTC at a profit, the company could generate a substantial return on its capital. However, if the price of BTC were to decline or if MicroStrategy experiences other setbacks, the company could be left with a large amount of debt and a diminished ability to repay it.

總體而言，MicroStrategy 的策略是一項有風險的策略，但它有可能獲得豐厚的回報。如果比特幣的價格繼續上漲，並且 MicroStrategy 能夠出售其 BTC 並獲利，該公司可能會產生可觀的資本回報。然而，如果 BTC 的價格下跌，或者 MicroStrategy 遇到其他挫折，該公司可能會背負大量債務，且償還能力下降。