比特币不再只是投机性资产，它已成为公司战略的核心部分

该预测假设比特币将在2025年达到200,000美元，到2029年将达到500,000美元，到2033年最终将达到100万美元。

According to a new report by Bernstein, Strategy (NYSE:STRG) could be holding over 1 million BTC by 2033 if market conditions remain favorable.

根据伯恩斯坦的一份新报告，如果市场条件仍然有利，则战略（NYSE：Strg）可能会在2033年持有超过100万BTC。

Currently, Strategy holds 506,137 BTC, making it the largest corporate holder of the cryptocurrency. However, Bernstein’s bullish scenario suggests that the firm could more than double that, reaching 1,013,000 BTC, which amounts to 5.8 percent of Bitcoin’s current circulating supply.

目前，战略持有506,137 BTC，使其成为加密货币的最大公司持有人。但是，伯恩斯坦（Bernstein）的看涨情景表明，该公司可以翻一番以上，达到1,013,000 BTC，占比特币当前循环供应的5.8％。

This projection assumes that Bitcoin will hit $200,000 by 2025, $500,000 by 2029, and eventually $1 million by 2033. To fund this aggressive expansion, Strategy would likely rely on the capital markets, potentially increasing its debt from $11 billion to a staggering $100 billion and raising $84 billion in equity. The analysts believe that lower interest rates and strong investor demand would be key to making this plan feasible.

该预测假设比特币将在2025年达到200,000美元，到2029年将达到500,000美元，到2033年最终达到100万美元。为了资助这一积极的扩张，战略可能会依靠资本市场，将其债务从110亿美元增加到超额$ 1000亿美元，并筹集了840亿美元的股票。分析师认为，较低的利率和强劲的投资者需求将是使该计划可行的关键。

If Bitcoin Peaks In 2025

如果比特币在2025年达到峰值

Not everyone anticipates Bitcoin to continue rising without any setbacks. If Bitcoin reaches a peak in 2025 and then starts a long decline, Strategy might stop buying more BTC and hold around 514,800 BTC, which is just 2.6 percent of the total supply.

并非每个人都希望比特币在没有任何挫折的情况下继续上升。如果比特币在2025年达到高峰，然后开始长期下降，则策略可能会停止购买更多的BTC并持有约514,800 BTC，这仅占总供应量的2.6％。

In this case, the company might even have to sell some of its Bitcoin to handle its growing debt, which would still climb but to a smaller amount—around $51 billion.

在这种情况下，该公司甚至可能不得不出售其一些比特币来处理其不断增长的债务，但这仍然可以攀升，但数量较小 - 损失了510亿美元。

Investors Still See Growth Potential

投资者仍然看到增长潜力

Despite the risks, Bernstein remains confident in Strategy’s long-term position, maintaining an “outperform” rating and setting a $600 price target—a 75 percent upside from current levels.

尽管有风险，但伯恩斯坦仍然对战略的长期职位，保持“跑赢大盘”的评级并设定600美元的目标目标，这是75％的上涨空间。

The firm’s valuation model applies a 2x EV/sales multiple to Strategy’s software segment and a 55 percent premium on its Bitcoin holdings, in line with its average market valuation since pivoting to Bitcoin in 2020.

该公司的估值模型对策略的软件细分市场应用2X EV/销售倍数，其比特币持有量为55％的溢价，这与2020年旋转到比特币以来的平均市场估值一致。

Strategy continues its Bitcoin buying spree. Between March 17 and March 23, the company added another 6,911 BTC for $584.1 million.

策略继续其比特币购买狂潮。在3月17日至3月23日之间，该公司以5.841亿美元的价格增加了6,911 BTC。

This purchase further cements Bitcoin as Strategy’s primary treasury asset, a strategy that has seen the company outperform the market despite market volatility.

这次购买进一步巩固了比特币作为策略的主要国库资产，尽管市场波动，但该战略已经使公司优于市场。

The post Bitcoin: Bernstein's Bullish Scenario Sees Strategy Holding 1M BTC By 2033 appeared first on Benzinga.

比特币邮政：伯恩斯坦的看涨场景认为，到2033年，持有1M BTC的战略首先出现在Benzinga上。