邁克爾·塞勒（Michael Saylor）警告說，比特幣（BTC）熊市不太可能回來

策略的執行董事長邁克爾·塞勒（Michael Saylor）向人們發出了至關重要的警告。

Michael Saylor, the executive chairman of Strategy, issued a crucial warning to those expecting the Bitcoin bear market soon.

戰略執行董事長邁克爾·塞勒（Michael Saylor）向那些期望比特幣熊市市場的人發出了關鍵警告。

Speaking to Bloomberg, Saylor asserted that the cryptocurrency is not going to $0 and is instead headed towards $1 million per coin.

塞勒（Saylor）在接受彭博社（Bloomberg）的講話中斷言，加密貨幣不會達到0美元，而是每枚硬幣100萬美元。

Winter Is Not Coming Back

冬天沒有回來

In response to Matt Miller's question on when Bitcoin's historically recurring period of massive downside will kick in again, Saylor insisted that the asset has moved beyond that adolescent market phase.

為了回應馬特·米勒（Matt Miller）關於比特幣歷史上重複的大規模下跌時期何時再次開始的問題，塞勒堅持認為，資產已經超出了那個青春期的市場階段。

Crypto winter, as it is widely known, is a period typically characterized by a significant drop in Bitcoin prices. As seen historically, it comes on the heels of the bull market, which has correlated with the automated, four-year halving event.

眾所周知的加密冬季是一個時期，通常以比特幣價格大幅下降的特徵。從歷史上看，它是在牛市的高跟鞋上，這與自動化的四年減半活動相關。

Historically, the Bitcoin bullish cycle could end this year, followed by a correctional bearish phase. Several analysts, including veteran trader Peter Brandt, have already speculated on an incoming dump. However, Saylor suggests that Bitcoin is moving past that phase, arguing that the asset has grown past its "riskiest period."

從歷史上看，比特幣的看漲週期可能在今年結束，然後是矯正看跌階段。包括資深商人彼得·布蘭特（Peter Brandt）在內的幾位分析師已經推測出來的垃圾場。但是，塞勒（Saylor）建議比特幣正在超越該階段，認為該資產已經超過了其“最風險的時期”。

Instead of the expected bear market, Saylor predicted a sustained run to $500,000 or $1 million. He highlighted catalysts for this supercycle experience, including growing institutional Bitcoin adoption, scarcity, and regulatory clarity.

Saylor預測，持續的價格為500,000美元或100萬美元，而不是預期的熊市。他強調了這種超級循環體驗的催化劑，包括不斷增長的機構比特幣採用，稀缺和監管清晰度。

The executive chairman noted that U.S. President Donald Trump's endorsement of Bitcoin and his efforts to create a favorable environment for the asset drew mainstream interest. Meanwhile, banks have begun to leverage this environment to enter the industry, evidenced by the sector's growing and increased exposure to Bitcoin.

執行董事長指出，美國總統唐納德·特朗普（Donald Trump）認可比特幣以及他為資產創造有利環境的努力吸引了主流興趣。同時，銀行已經開始利用這一環境進入該行業，這是該行業不斷增長和對比特幣的增加的證明。

Furthermore, demand for the scarce asset is "off the roof," yet BlackRock's Robbie Mitchnick revealed that institutional adoption is still in its early stages. Firms like Saylor's Strategy and Metaplanet are raising millions of dollars to buy Bitcoin, with new Bitcoin treasury firms, such as Trump Media and GameStop, emerging.

此外，對稀缺資產的需求是“屋頂”，但貝萊德的羅比·米奇尼克（Robbie Mitchnick）透露，機構採用仍處於早期階段。 Saylor的戰略和Metaplanet等公司正在籌集數百萬美元購買比特幣，新的比特幣國庫公司（例如Trump Media和GameStop）正在湧現。

Saylor highlighted that these demands are "consuming" the new $50 million worth of Bitcoin mined every day, with ETFs like BlackRock's IBIT spurring another dip in supply with their "incessant purchases." At this rate, the Bitcoin evangelist noted that the pioneering cryptocurrency "would continue to rise from here."

Saylor強調，這些需求每天都在“消耗”新的價值5000萬美元的比特幣開採，而ETF之類的ETF像BlackRock的IBIT一樣，刺激了他們的“不斷購買”，又激發了另一種供應。以這種速度，比特幣傳教士指出，開創性的加密貨幣“將從這裡繼續上升”。

Nonetheless, he acknowledged the need for correction at some point. He stated that Bitcoin may correct by $200,000, but this could only happen after it has already hit the $1 million price mark.

儘管如此，他承認有時需要進行更正。他說，比特幣可能會糾正200,000美元，但這只有在已經達到100萬美元的價格大關之後才能發生。

Other Bitcoin-Buying Firms Are No Competition

其他購買比特幣的公司沒有競爭

Meanwhile, Saylor insisted that other firms buying Bitcoin do not pose any threat to Strategy's Bitcoin model. The executive chairman called the demand for Bitcoin a "digital gold rush," suggesting he expects the purchases, considering there are only ten years left to buy as much Bitcoin as possible. Recall that miners would mint 99% of all bitcoins by 2035.

同時，Saylor堅持認為，購買比特幣的其他公司不會對策略的比特幣模型構成任何威脅。執行董事長稱對比特幣的需求為“數字淘金熱”，這表明他希望購買，考慮到只有十年的時間才能購買盡可能多的比特幣。回想一下，到2035年，礦工將造成所有比特幣的99％。

Saylor called the competition "virtuous" but noted that some of them focus on different markets, such as Metaplanet in the Tokyo stock market. Ultimately, he stated that these firms are collaborating to raise capital through various strategies to acquire more Bitcoin.

塞勒稱競爭為“良性”，但指出其中一些專注於不同市場，例如在東京股市中的元素市場。最終，他表示，這些公司正在合作通過各種策略來籌集資金，以獲取更多的比特幣。

Moreover, Salyor also squashed calls from legendary short seller Jim Chanos, who advised buying Bitcoin but shorting Strategy's MSTR stock. He stated that the comments stemmed from a lack of understanding of the firm's business model.

此外，Salyor還擠壓了傳奇短賣家Jim Chanos的電話，後者建議購買比特幣，但Shorting Strategy的MSTR股票。他說，這些評論源於對公司業務模式的了解。