傳統銀行業向比特幣屈服

MicroStrategy (MSTR) 的方法從根本上改變了上市公司將比特幣視為財務資產的方式。

1. Traditional banking bends the knee to bitcoin

1. 傳統銀行業向比特幣屈服

- MicroStrategy's unique approach in fundamentally altering how public companies view bitcoin within their treasury department has opened the floodgates for new possibilities

- MicroStrategy 的獨特方法從根本上改變了上市公司在其財務部門對比特幣的看法，這為新的可能性打開了閘門

- Rather than simply holding bitcoin, the firm has pioneered a treasury model that leverages public markets to amplify its crypto position

- 該公司不是簡單地持有比特幣，而是開創了一種利用公開市場來擴大其加密貨幣地位的財務模式

- This involves issuing convertible notes and at-the-market equity offerings to finance bitcoin purchases

- 這涉及發行可轉換票據和市場股票發行來為比特幣購買提供資金

- This strategy has allowed MicroStrategy to significantly outperform spot bitcoin ETFs by harnessing the same financial engineering that made traditional banks powerful, but with bitcoin as the underlying asset instead of traditional financial instruments and real estate

- 這項策略使 MicroStrategy 透過利用使傳統銀行變得強大的相同金融工程，但以比特幣作為基礎資產而不是傳統金融工具和房地產，使 MicroStrategy 的表現顯著優於現貨比特幣 ETF

- As a result, one of my predictions for 2025 is that MSTR will announce a 10-for-1 stock split to further its market share as it will allow many more investors to purchase shares and options contracts

- 因此，我對 2025 年的預測之一是 MSTR 將宣布進行 10 比 1 的股票分割，以進一步擴大其市場份額，因為這將允許更多投資者購買股票和期權合約

- MicroStrategy's playbook demonstrates just how deeply bitcoin has penetrated traditional corporate finance

- MicroStrategy 的劇本展示了比特幣對傳統企業融資的滲透有多深

- I also believe financial services built around bitcoin are set to explode in popularity as long-term holders and new investors look to get more out of their positions

- 我還相信，隨著長期持有者和新投資者希望從他們的頭寸中獲得更多收益，圍繞比特幣建立的金融服務將會大受歡迎

- We expect to see rapid growth in bitcoin-collateralized loans and yield-generating products for bitcoin holders worldwide

- 我們預計全球比特幣持有者的比特幣抵押貸款和創收產品將快速成長

- Moreover, there’s an almost poetic answer to why bitcoin-backed loans have become so popular — they are a true representation of financial inclusion

- 此外，對於為什麼比特幣支持的貸款變得如此受歡迎，有一個近乎詩意的答案——它們是金融包容性的真實代表

- A business owner in Medellín faces the same collateral requirements and interest rates as one in Madrid

- 麥德林的企業主面臨與馬德里企業主相同的抵押品要求和利率

- Each person’s bitcoin carries identical properties, verification standards and liquidation processes

- 每個人的比特幣具有相同的屬性、驗證標準和清算流程

- This standardization strips away the arbitrary risk premiums historically imposed on borrowers in emerging markets

- 這種標準化消除了歷史上強加給新興市場借款人的任意風險溢價

- Traditional banks marketed "global reach" for decades while maintaining vastly different lending standards across regions

- 傳統銀行幾十年來一直宣傳“全球影響力”，同時在不同地區維持截然不同的貸款標準

- Now, bitcoin-backed lending exposes this inherited inefficiency for what it is: a relic of an antiquated financial system

- 現在，比特幣支持的貸款暴露了這種遺傳性低效率的本質：過時的金融體系的遺跡

2. Borders fall as capital flows freely

2.隨著資本自由流動，邊界消失

- Nations are entering a new era of competition for bitcoin business and capital

- 各國正進入比特幣業務和資本競爭的新時代

- Consequently, we expect to see new tax incentives specifically targeting bitcoin investors and businesses in 2025

- 因此，我們預計 2025 年將出現專門針對比特幣投資者和企業的新稅收激勵措施

- These will happen alongside fast-track visa programs for crypto entrepreneurs and regulatory frameworks designed to attract bitcoin companies

- 這些將與加密企業家的快速簽證計劃和旨在吸引比特幣公司的監管框架一起進行

- Nations historically competed for manufacturing bases or regional headquarters

- 歷史上各國都在爭奪製造基地或地區總部

- Now they compete for bitcoin mining operations, trading venues and custody infrastructure

- 現在他們爭奪比特幣挖礦業務、交易場所和託管基礎設施

- El Salvador's bitcoin treasury position represents early experimentation with nation-state bitcoin reserves

- 薩爾瓦多的比特幣金庫地位代表了民族國家比特幣儲備的早期實驗

- While experimental, their moves and the recent proposal for a U.S. Strategic Bitcoin Reserve forces traditional financial centers to confront bitcoin's role in sovereign finance

- 雖然是實驗性的，但他們的舉動以及最近提出的美國戰略比特幣儲備的提議迫使傳統金融中心面對比特幣在主權金融中的作用

- Other nations will study and attempt to replicate these frameworks, preparing their own initiatives to attract bitcoin-denominated capital flows

- 其他國家將研究並嘗試複製這些框架，準備自己的措施來吸引以比特幣計價的資本流動

3. Banks race against obsolescence

3. 銀行與過時競爭

- In debt markets, necessity drives innovation

- 在債務市場，必要性推動創新

- Public companies now routinely tap bond markets and convertible notes to finance bitcoin-related transactions

- 上市公司現在經常利用債券市場和可轉換票據來為比特幣相關交易提供資金

- The practice has transformed bitcoin from a speculative asset into a cornerstone of corporate treasury management

- 這種做法已將比特幣從投機資產轉變為企業財務管理的基石

- Companies like Marathon Digital Holdings and Semler Scientific have been successful in following MicroStrategy's lead, and the market has rewarded them

- Marathon Digital Holdings 和 Semler Scientific 等公司已成功追隨 MicroStrategy 的領導，市場也給予了他們回報

- This is the most important signal for treasury managers and CEOs

- 對於財務經理和執行長來說，這是最重要的訊號

- Bitcoin’s got their attention now

- 比特幣現在引起了他們的注意

- Meanwhile, bitcoin lending markets have come a long way over the last two years

- 同時，比特幣借貸市場在過去兩年中取得了長足的進步

- With the deadwood being cleared away, serious institutional lenders now demand proper collateral segregation, transparent custody arrangements and conservative loan-to-value ratios

- 隨著死木被清除，嚴肅的機構貸款人現在要求適當的抵押品隔離、透明的託管安排和保守的貸款價值比率

- This standardization of risk management practices attracts precisely the type of institutional capital that previously sat on the sidelines

- 這種風險管理實踐的標準化恰恰吸引了先前處於觀望狀態的機構資本

- More regulatory clarity out of the U.S. should open the door for more banks to get involved in bitcoin financial products — this will benefit consumers the most

- 美國監管更加明確應該為更多銀行參與比特幣金融產品打開大門—這將使消費者受益最大

- New capital and competition will drive rates down and make bitcoin-backed loans even more compelling

- 新的資本和競爭將壓低利率並使比特幣支持的貸款更具吸引力

4. Bitcoin and crypto M&A intensifies

4. 比特幣和加密貨幣併購加劇

- As regulatory clarity emerges through the SAB 121 resolution addressing crypto custody and other guidance, banks will face a critical choice: build or buy their way into the growing market of bitcoin & lending

- 隨著涉及加密貨幣託管和其他指導的 SAB 121 決議的監管明確化，銀行將面臨一個關鍵的選擇：建立或購買進入不斷增長的比特幣和貸款市場

- As a Result, we predict at least one of the top 20 U.S. banks will acquire a crypto business in the coming year

- 因此，我們預測美國 20 強銀行中至少有一家將在未來一年收購加密業務

- Banks will want to move fast, and development timelines for cryptocurrency infrastructure stretch beyond competitive windows, while established firms already process billions in monthly volume through battle-tested systems

- 銀行希望快速行動，加密貨幣基礎設施的開發時間表超出了競爭窗口，而老牌公司已經通過經過考驗的系統處理每月數十億的交易量

- These operational platforms represent years of specialized development that banks cannot rapidly replicate

- 這些營運平台代表了多年的專業化發展，銀行無法快速複製

- The acquisition premium shrinks against the opportunity cost of delayed market entry

- 收購溢價相對於延遲進入市場的機會成本有所下降

- The confluence of operational maturity, regulatory clarity and strategic necessity creates natural conditions for the banking industry’s acquisition of cryptocurrency capabilities

- 營運成熟度、監管清晰度和策略必要性的結合為銀行業獲取加密貨幣能力創造了自然條件

- These moves mirror previous financial technology integration patterns in which banks historically acquired electronic trading platforms rather than building internal capabilities

- 這些措施反映了先前的金融科技整合模式，即銀行歷來收購電子交易平台而不是建立內部能力

5. Public markets validate bitcoin infrastructure

5. 公開市場驗證比特幣基礎設施

- The cryptocurrency industry is poised for a breakthrough year in public markets

- 加密貨幣產業預計在公開市場迎來突破性的一年