為什麼比特幣（BTC 0.52％）的價格不再更加波動

由於始終影響其價值的許多不同的力量，值得注意的是，比特幣（BTC 0.52％）的價格甚至不會更加波動

With so many different forces affecting its value at all times, it's remarkable that Bitcoin's (BTC 0.52%) price isn't even more volatile. So when there's significant purchasing action by a large holder that claims to want to hold on to its hoard of the coin forever, like there has been over the last couple of weeks, it's worth paying attention to.

隨著如此多的不同力量始終影響其價值，值得注意的是，比特幣（BTC 0.52％）價格的波動性甚至更大。因此，當一個大型持有人採取重大購買行動時，聲稱要永遠堅持其ho積硬幣，就像過去幾週一樣，值得關注的是。

After all, high-profile buying could be interpreted as a tailwind for higher prices. Or it could be viewed as a risk, since it might precede later news of the same actor ditching its position for greener pastures.

畢竟，高調購買可以以更高的價格解釋為逆風。或者可以將其視為一種風險，因為它可能是在以後的新聞之前就同一演員拋棄其對綠色牧場的立場。

With those dynamics in mind, let's break down who's buying it right now and why it could be an important factor in the coin's performance over the coming years.

考慮到這些動態，讓我們打破誰現在購買它，以及為什麼它可能是未來幾年硬幣表現的重要因素。

Is it worth following this whale's move?

遵循此鯨魚的舉動值得嗎？

Strategy (MSTR 5.20%), which was originally a software business known as MicroStrategy but now claims to be a Bitcoin treasury, just purchased $555.8 million of Bitcoin in the week of April 14 through April 20, bolstering its smaller purchase of $285.5 million during the week ending on April 14.

策略（MSTR 5.20％）最初是一家稱為MicroStrategy的軟件業務，但現在聲稱是比特幣財政部，剛剛在4月14日至4月20日的一周中購買了5.558億美元的比特幣，並在4月14日截至4月14日的一周內增強了其較小的2.855億美元的購買。

It now has about $36.5 billion of the asset, which it procured using funds from a combination of borrowing and stock issuance, for an average price of $67,766 per token. These sizable purchases come on the heels of an even larger one executed at the end of March, which was worth $1.9 billion.

現在，它擁有大約365億美元的資產，它使用借貸和股票發行的資金以平均價格為67,766美元的資金。這些相當大的購買是在3月底執行的更大的購買，價值19億美元。

Given that Strategy has been loath to sell its Bitcoin so far, and that it might not ever do so unless forced to, some investors could interpret its ongoing confidence in the coin as a reason to buy it. After all, it controls around 2.5% of all the crypto that's currently in circulation, which is actually a very large proportion for an asset that's highly distributed and decentralized in nature.

鑑於該策略一直討厭到目前為止出售其比特幣，而且除非被迫這樣做，否則可能永遠不會這樣做，一些投資者可以將其對硬幣的持續信心視為購買它的理由。畢竟，它控制著目前流通的所有加密貨幣的2.5％，這實際上是高度分佈和分散本質的資產的很大比例。

With that much supply taken off the market, it will increase the competition among buyers for the remaining portion that's still for sale, which will drive prices up over the medium and long terms. Especially when paired with Bitcoin's other scarcity-generating mechanics, like its increasing mining difficulty over time, this kind of supply control can make it far more expensive for future buyers to secure a position of their own, significantly rewarding those who got in earlier, like Strategy.

隨著市場的大量供應，它將增加買家在仍在銷售的剩餘部分的競爭，這將使價格上漲，這會超過中等和長期。尤其是當與比特幣的其他稀缺性機製配對時，就像隨著時間的推移採礦難度的增加一樣，這種供應控制可以使未來的買家確保自己的位置更加昂貴，從而使那些早些時候獲得的人（例如策略）獲得了可觀的回報。

At the same time, investors may also be interested in buying more Bitcoin because of the publicity that Strategy's purchases tend to bring. There's something compelling in the narrative of having a major evangelist for an asset that's proudly buying it at practically any price.

同時，由於策略的購買往往會帶來宣傳，投資者也可能有興趣購買更多比特幣。在敘述中，擁有一位主要的福音派資產的敘述令人信服，該資產幾乎以任何價格自豪地購買它。

What's more, having a powerful advocate for the strategy of simply buying and holding Bitcoin is something that holders can benefit from, since it encourages the investor behavior that drives the price up over time.

更重要的是，持有人可以從中受益的策略強大的倡導者可以從中受益，因為它鼓勵投資者的行為隨著時間的流逝而推動價格上漲。

Be aware that this is a risk

請注意，這是一種風險

There is a bit of a possible downside to Strategy's purchasing activity. The company uses issuance of debt and equity to fund its purchases, as mentioned previously. That means if the price of Bitcoin drops enough, it could be forced into liquidation of its assets to make its creditors whole.

策略的購買活動可能有些不利之處。如前所述，該公司利用債務和權益的發行來資助其購買。這意味著，如果比特幣的價格降低了，則可能會被迫清算其資產，以使其債權人完整。

In other words, it could be forced into selling large volumes of its crypto, thereby potentially creating a downward spiral in the coin's price.

換句話說，它可能被迫銷售大量加密貨幣，從而有可能在硬幣的價格上造成下降的螺旋。

That outcome might not happen. Still, if Strategy continue to procure more and more of Bitcoin's total supply, the risk will increase, so it's important to recognize. There is no reason to hold off on buying the coin, but it is worth keeping an eye on, because a forced-selling cascade could actually be a good buying opportunity if it ever happens, assuming you can stomach buying the dip.

這種結果可能不會發生。儘管如此，如果戰略繼續採購越來越多的比特幣供應量，風險將會增加，因此必須認識到這一點很重要。沒有理由堅持購買硬幣，但是值得關注，因為如果發生的話，強迫銷售的級聯喀斯喀特實際上可能是一個很好的購買機會，假設您可以忍受傾倒購買蘸醬。

Overall, for now, Strategy's repeated public commitments to never selling any Bitcoin and its repeated purchasing of even more are a minor to moderately strong bullish tailwind. But, as a matter of principle, a big investor loading up on an asset cannot be a part of the investment thesis for that asset or a significant reason for buying it; that's simply bad investing form to try to borrow someone else's conviction to make a decision for yourself, and it never works in the long run anyway.

總體而言，目前，策略一再公開承諾從不出售任何比特幣，而反复購買更多的購買是中度強大的看漲逆風的次要。但是，從原則上講，在資產上加載的大投資者不能成為該資產的投資論文的一部分，或者是購買資產的重要原因。這簡直是​​不好的投資表格，試圖借用別人的信念為自己做出決定，從長遠來看，這是不起作用的。

So buy Bitcoin if you're willing to hold it, but don't feel any pressure to copy what Strategy does.

因此，如果您願意持有比特幣，請購買比特幣，但不要感到任何壓力以復制策略的作用。