MicroStrategy 比特币暴跌 300 亿美元引发人们对基于比特币的策略稳健性的质疑

波动性是加密货币的本质。然而，当它扩展到像 MicroStrategy 这样的巨头时，市场就会恐慌。四天内损失300亿美元

Bitcoin’s recent roller-coaster ride, peaking at nearly $99,800 on November 22 before dropping sharply, has sent shockwaves throughout the financial world.

比特币最近的走势像过山车一样，在 11 月 22 日达到近 99,800 美元的峰值，随后大幅下跌，给整个金融界带来了冲击。

One of the most striking examples is MicroStrategy, a company that has become almost synonymous with the world’s leading cryptocurrency. In just four days, the company's market capitalization dropped by 35%. In absolute terms, this represents a colossal loss of $30 billion, setting a new record in MicroStrategy's history.

最引人注目的例子之一是 MicroStrategy，该公司几乎已成为世界领先的加密货币的代名词。短短四天内，该公司市值下跌35%。从绝对值来看，这意味着 300 亿美元的巨额损失，创下了 MicroStrategy 历史上的新纪录。

This drastic correction highlights a crucial aspect of MicroStrategy's strategy: its use of leverage, which acts as a double-edged sword. When Bitcoin rallies, the company amplifies those gains, outperforming the market with an impressive increase of 599% over one year, compared to 146% for Bitcoin.

这次大幅调整凸显了 MicroStrategy 战略的一个关键方面：杠杆的使用，这是一把双刃剑。当比特币上涨时，该公司会放大这些收益，以一年内 599% 的惊人涨幅跑赢市场，而比特币的涨幅为 146%。

However, when the tide turns, the descent is just as spectacular. This extreme volatility, further amplified by a massive influx of retail investors, raises questions about the long-term viability of this model.

然而，当潮水逆转时，下降同样壮观。这种极端的波动性，因大量散户投资者的涌入而进一步放大，引发了人们对该模式的长期可行性的质疑。

According to The Kobeissi Letter, retail investors poured nearly $100 million into MicroStrategy stock in the past week alone. This tidal wave of investment, with daily purchases reaching up to $42 million, is eight times higher than the October average. Such exposure from retail investors magnifies the stock's sensitivity to even the slightest fluctuations in Bitcoin.

据《Kobeissi Letter》报道，仅过去一周，散户投资者就向 MicroStrategy 股票投入了近 1 亿美元。这波投资浪潮每天的购买量高达 4200 万美元，是 10 月份平均水平的八倍。散户投资者的这种风险敞口放大了该股对比特币哪怕是最轻微波动的敏感性。

Despite this setback, some still view MicroStrategy as a unique tool to capitalize on Bitcoin’s volatility. However, this approach comes at a steep price. By aligning so closely with crypto, the company essentially transforms itself into a high-risk investment vehicle, where the potential for gains is directly tied to the ups and downs of the crypto market.

尽管遭遇这一挫折，一些人仍然将 MicroStrategy 视为利用比特币波动性的独特工具。然而，这种方法的代价高昂。通过与加密货币如此紧密地结合，该公司本质上将自己转变为高风险投资工具，其收益潜力与加密货币市场的涨跌直接相关。

In a bid to amplify its Bitcoin exposure, MicroStrategy has also attracted institutional investors. For instance, Allianz acquired 24% of the $600 million bonds issued by MicroStrategy in March. This strategy aligns with the growing institutional interest in cryptocurrencies.

为了扩大其比特币敞口，MicroStrategy 还吸引了机构投资者。例如，Allianz 在 3 月份收购了 MicroStrategy 发行的 6 亿美元债券中的 24%。这一策略符合机构对加密货币日益增长的兴趣。

However, the recent drop also highlights a key limitation: even the strongest institutions are not fully shielded from drastic fluctuations.

然而，最近的下跌也凸显了一个关键限制：即使是最强大的机构也无法完全免受剧烈波动的影响。

This situation also raises questions about the sustainability of leverage in an environment marked by increasing regulation of cryptocurrencies. If regulators decide to impose additional constraints, the domino effect could be devastating for players like MicroStrategy.

这种情况还引发了人们对在加密货币监管日益加强的环境下杠杆可持续性的质疑。如果监管机构决定施加额外的限制，多米诺骨牌效应可能会对 MicroStrategy 等参与者造成毁灭性打击。

Ultimately, this story serves as a harsh reminder: whether directly or indirectly, investing in Bitcoin is not for the faint-hearted. The correlation between MicroStrategy and Bitcoin is a magnifying mirror of the opportunities – and dangers – inherent in the crypto ecosystem.

最终，这个故事是一个严厉的提醒：无论是直接还是间接，投资比特币都不适合胆小的人。 MicroStrategy 和比特币之间的相关性是加密生态系统固有的机遇和危险的放大镜。

As Michael Saylor's Bitcoin adventure continues, the visionary maintains his belief in a future where Bitcoin will reach unprecedented heights. But for investors, the lesson is clear: the allure of quick profits should never overshadow the importance of prudent risk management.

随着迈克尔·塞勒 (Michael Saylor) 的比特币冒险继续进行，这位有远见的人仍然坚信比特币未来将达到前所未有的高度。但对于投资者来说，教训是明确的：快速获利的诱惑永远不应掩盖审慎风险管理的重要性。

Meanwhile, Ripple is betting $25 million on pro-crypto officials in the USA.

与此同时，Ripple 向美国支持加密货币的官员押注 2500 万美元。