比特币：一种新的机构投资资产

比特币的去中心化和抗通胀特性使其成为机构对冲经济不确定性和维持长期价值的多功能工具。

Institutions are increasingly viewing Bitcoin as an investment asset, considering its unique properties compared to traditional assets like gold. Bitcoin's decentralized nature and anti-inflationary characteristics present new possibilities for institutional asset management strategies.

考虑到比特币与黄金等传统资产相比的独特属性，机构越来越多地将比特币视为一种投资资产。比特币的去中心化性质和抗通胀特性为机构资产管理策略提供了新的可能性。

MicroStrategy is a prominent example of an institution that has strategically utilized Bitcoin as an investment asset. The company's decision to allocate a significant portion of its treasury reserves into Bitcoin has garnered widespread market attention. This strategy aims to achieve two key objectives: hedging against inflation and enhancing financial stability.

MicroStrategy 是战略性利用比特币作为投资资产的机构的一个突出例子。该公司将很大一部分库存储备投入比特币的决定引起了市场的广泛关注。该战略旨在实现两个关键目标：对冲通胀和增强金融稳定性。

As a former skeptic of Bitcoin, MicroStrategy CEO Michael Saylor has radically transformed his perception of the asset class. Saylor now emphasizes that "cash, low-yield bonds, and overvalued tech stocks are vulnerable to inflation and should be avoided." In the current market environment, Saylor suggests that stock buybacks and Bitcoin are the best uses of a company's surplus funds, choosing Bitcoin as a long-term means to hedge against unlimited quantitative easing.

作为前比特币怀疑论者，MicroStrategy 首席执行官 Michael Saylor 彻底改变了他对这一资产类别的看法。塞勒现在强调，“现金、低收益债券和估值过高的科技股容易受到通货膨胀的影响，应该避免。”在当前的市场环境下，塞勒认为股票回购和比特币是公司剩余资金的最佳用途，选择比特币作为对冲无限量化宽松的长期手段。

Contrary to early concerns, MicroStrategy's Bitcoin investment strategy has received widespread support from many companies. In addition to serving as an inflation hedge, Bitcoin is now being viewed as "digital gold," reshaping corporate asset management practices. This innovative approach of diversifying reserves with Bitcoin has pointed global corporate financial strategies in a new direction.

与早期的担忧相反，MicroStrategy 的比特币投资策略得到了许多公司的广泛支持。除了作为通胀对冲工具之外，比特币现在还被视为“数字黄金”，重塑了企业资产管理实践。这种利用比特币实现储备多元化的创新方法为全球企业财务战略指明了新方向。

Another example of an institution utilizing Bitcoin as an investment asset is Boya Interactive, a Chinese company listed on the Hong Kong Stock Exchange. Boya Interactive has converted its holdings of Ethereum into Bitcoin, highlighting the shifting preferences among institutions for different cryptocurrencies.

利用比特币作为投资资产的机构的另一个例子是在香港证券交易所上市的中国公司博雅互动。博雅互动已将其持有的以太坊转换为比特币，凸显了机构对不同加密货币偏好的转变。

Moreover, MetaPlanet, a company known for its early investment in Bitcoin, has continued to purchase the asset in 2024. This aligns with MetaPlanet's strategy of allocating a significant portion of its cash reserves into Bitcoin, aiming to preserve value over the long term.

此外，以早期投资比特币而闻名的 MetaPlanet 公司在 2024 年继续购买该资产。这符合 MetaPlanet 将大部分现金储备分配给比特币的战略，旨在长期保值。

In contrast to companies like MicroStrategy that have made highly visible purchases of Bitcoin, some institutions have cautiously sold their holdings, often aiming to realize profits or manage cash flow.

与 MicroStrategy 等高调购买比特币的公司相比，一些机构谨慎地出售其持有的比特币，通常旨在实现利润或管理现金流。

Tesla is one of the most notable companies that initially adopted Bitcoin, providing a case that contrasts sharply with companies like MicroStrategy. The company sold 75% of its Bitcoin holdings in 2022, attributing this decision to liquidity needs amid uncertain economic conditions. Recently, in October 2024, Tesla transferred $760 million worth of Bitcoin to an unknown wallet, sparking speculation about further sales.

特斯拉是最初采用比特币的最著名公司之一，其案例与 MicroStrategy 等公司形成鲜明对比。该公司在 2022 年出售了 75% 的比特币持有量，这一决定归因于经济状况不确定的流动性需求。最近，2024 年 10 月，特斯拉将价值 7.6 亿美元的比特币转移到一个未知的钱包中，引发了有关进一步销售的猜测。

Tesla's Bitcoin investment has been strategically used to support its operational and expansion needs, including building new factories in Austin, Texas, and Berlin. Tesla CFO Zachary Kirkhorn stated that the investment in Bitcoin provided liquidity and a certain level of return, demonstrating its flexibility as a financial tool for a capital-intensive company.

特斯拉的比特币投资已战略性地用于支持其运营和扩张需求，包括在德克萨斯州奥斯汀和柏林建造新工厂。特斯拉首席财务官 Zachary Kirkhorn 表示，投资比特币提供了流动性和一定水平的回报，展示了其作为资本密集型公司金融工具的灵活性。

Similarly, when Bitcoin reached $100,000, Meitu realized substantial profits from its sale. Compared to Tesla's strategic profit-taking, Meitu's decision appears to be a deliberate move to sell at a market peak. Unlike Tesla's discreet approach, Meitu publicly explained that the sale was a step to consolidate its financial position amid challenges in its core business. This starkly contrasts with Tesla's secretive selling, indicating that public disclosure helps reduce market uncertainty caused by institutional sales.

同样，当比特币达到10万美元时，美图公司从其出售中获得了可观的利润。与特斯拉的战略获利盘相比，美图的决定似乎是刻意在市场高峰期抛售的举动。与特斯拉的谨慎做法不同，美图公开解释称，此次出售是在核心业务面临挑战的情况下巩固财务状况的一步。这与特斯拉的秘密抛售形成鲜明对比，表明公开披露有助于减少机构抛售带来的市场不确定性。

The strategic reasons behind institutions buying and selling Bitcoin are directly related to their financial goals and operational needs. Companies typically sell Bitcoin to realize profits during market peaks, as Tesla did in 2022, or to convert held cryptocurrencies into operating capital for reinvestment in core business. The main reasons behind selling can generally be categorized as: 1) profiting under favorable market conditions to expand and improve business operations; or 2) needing funds to address cash flow challenges. This raises the question of whether any future sales are due to strategic financial planning or merely a stopgap measure to address cash flow issues. Furthermore, if the motivation for selling is profit-taking, it raises questions about how these profits will be utilized. Will they be reinvested to enhance the business or primarily benefit stakeholders? In any case, such actions may lead to missed opportunities for further appreciation and undermine the long-term advantages of holding Bitcoin as an investment asset.

机构买卖比特币背后的战略原因与其财务目标和运营需求直接相关。公司通常会在市场高峰期间出售比特币以实现利润，就像特斯拉在 2022 年所做的那样，或者将持有的加密货币转换为运营资本，用于核心业务的再投资。出售的主要原因大致可分为： 1）在有利的市场条件下获利，以扩大和改善业务运营；或 2) 需要资金来应对现金流挑战。这就提出了一个问题：未来的任何出售是出于战略财务规划，还是仅仅是解决现金流问题的权宜之计。此外，如果出售的动机是获利了结，就会引发如何利用这些利润的问题。它们是否会被再投资以增强业务或主要使利益相关者受益？无论如何，此类行为可能会导致错失进一步升值的机会，并损害持有比特币作为投资资产的长期优势。