传统银行业向比特币屈服

MicroStrategy (MSTR) 的方法从根本上改变了上市公司将比特币视为财务资产的方式。

1. Traditional banking bends the knee to bitcoin

1. 传统银行业向比特币屈服

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

- MicroStrategy 的独特方法从根本上改变了上市公司在其财务部门对比特币的看法，这为新的可能性打开了闸门

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

- 该公司不是简单地持有比特币，而是开创了一种利用公开市场来扩大其加密货币地位的财务模式

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

- 这涉及发行可转换票据和市场股票发行来为比特币购买提供资金

- 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

- 这一策略使 MicroStrategy 通过利用使传统银行变得强大的相同金融工程，但以比特币作为基础资产而不是传统金融工具和房地产，使 MicroStrategy 的表现显着优于现货比特币 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，我对 2025 年的预测之一是 MSTR 将宣布进行 10 比 1 的股票分割，以进一步扩大其市场份额，因为这将允许更多投资者购买股票和期权合约

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

- MicroStrategy 的剧本展示了比特币对传统企业融资的渗透有多深

- 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

- 我还相信，随着长期持有者和新投资者希望从他们的头寸中获得更多收益，围绕比特币建立的金融服务将会大受欢迎

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

- 我们预计全球比特币持有者的比特币抵押贷款和创收产品将快速增长

- 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，对于为什么比特币支持的贷款变得如此受欢迎，有一个近乎诗意的答案——它们是金融包容性的真实代表

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

- 麦德林的企业主面临与马德里企业主相同的抵押品要求和利率

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

- 每个人的比特币具有相同的属性、验证标准和清算流程

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

- 这种标准化消除了历史上强加给新兴市场借款人的任意风险溢价

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

- 传统银行几十年来一直宣传“全球影响力”，同时在不同地区维持截然不同的贷款标准

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

- 现在，比特币支持的贷款暴露了这种遗传性低效率的本质：过时的金融体系的遗迹

2. Borders fall as capital flows freely

2.随着资本自由流动，边界消失

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

- 各国正在进入比特币业务和资本竞争的新时代

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

- 因此，我们预计 2025 年将出现专门针对比特币投资者和企业的新税收激励措施

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

- 这些将与加密企业家的快速签证计划和旨在吸引比特币公司的监管框架一起进行

- Nations historically competed for manufacturing bases or regional headquarters

- 历史上各国都在争夺制造基地或地区总部

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

- 现在他们争夺比特币挖矿业务、交易场所和托管基础设施

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

- 萨尔瓦多的比特币金库地位代表了民族国家比特币储备的早期实验

- 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

- 虽然是实验性的，但他们的举动以及最近提出的美国战略比特币储备的提议迫使传统金融中心面对比特币在主权金融中的作用

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

- 其他国家将研究并尝试复制这些框架，准备自己的举措来吸引以比特币计价的资本流动

3. Banks race against obsolescence

3. 银行与过时竞争

- In debt markets, necessity drives innovation

- 在债务市场，必要性推动创新

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

- 上市公司现在经常利用债券市场和可转换票据来为比特币相关交易提供资金

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

- 这种做法已将比特币从投机资产转变为企业财务管理的基石

- 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 等公司已成功追随 MicroStrategy 的领导，市场也给予了他们回报

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

- 对于财务经理和首席执行官来说，这是最重要的信号

- Bitcoin’s got their attention now

- 比特币现在引起了他们的注意

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

- 与此同时，比特币借贷市场在过去两年中取得了长足的进步

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

- 随着死木被清除，严肃的机构贷款人现在要求适当的抵押品隔离、透明的托管安排和保守的贷款价值比率

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

- 这种风险管理实践的标准化恰恰吸引了之前处于观望状态的机构资本

- 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

- 美国监管更加明确应该为更多银行参与比特币金融产品打开大门——这将使消费者受益最大

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

- 新的资本和竞争将压低利率并使比特币支持的贷款更具吸引力

4. Bitcoin and crypto M&A intensifies

4. 比特币和加密货币并购加剧

- 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

- 随着涉及加密货币托管和其他指导的 SAB 121 决议的监管明确化，银行将面临一个关键的选择：建立或购买进入不断增长的比特币和贷款市场

- 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，我们预测美国 20 强银行中至少有一家将在来年收购加密业务

- 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

- 银行希望快速行动，加密货币基础设施的开发时间表超出了竞争窗口，而老牌公司已经通过经过考验的系统处理每月数十亿的交易量

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

- 这些运营平台代表了多年的专业化发展，银行无法快速复制

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

- 收购溢价相对于延迟进入市场的机会成本有所下降

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

- 运营成熟度、监管清晰度和战略必要性的结合为银行业获取加密货币能力创造了自然条件

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

- 这些举措反映了以前的金融技术整合模式，即银行历来收购电子交易平台而不是建立内部能力

5. Public markets validate bitcoin infrastructure

5. 公开市场验证比特币基础设施

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

- 加密货币行业有望在公开市场迎来突破性的一年