比特幣（BTC）仍在努力達到150,000美元的象徵目標，儘管最近有反彈至104,000美元

比特幣的最新路徑完美地說明了這種波動性被投機運動加劇。 2025年1月20日，加密貨幣達到了109,000美元的歷史最高點

Bitcoin still struggles to reach the symbolic target of $150,000, despite a recent rebound to $104,000 on May 8, as reported by CoinDesk.

據Coindesk報導，儘管5月8日的反彈，比特幣仍在努力達到150,000美元的象徵目標。

This observation was made by Michael Saylor, founder of MicroStrategy and a strong bitcoin advocate, who has clearly identified the culprits of this slowdown: opportunistic investors, whom he calls tourists or weak hands, who leave the market at the slightest sign of quick gain.

這一觀察結果是由Microstrategy的創始人Michael Saylor和強大的比特幣擁護者進行的，他清楚地確定了這種放緩的罪魁禍首：機會主義投資者，他稱之為遊客或弱者，他們絲毫毫無疑問地離開了市場。

A Turbulent Journey in 2025

2025年動蕩的旅程

The recent path of bitcoin perfectly illustrates this volatility exacerbated by speculative movements. On January 20, 2025, the crypto had reached an all-time high of $109,000, just hours before the presidential inauguration of Donald Trump.

比特幣的最新路徑完美地說明了這種波動性被投機運動加劇。 2025年1月20日，加密貨幣達到了唐納德·特朗普（Donald Trump）總統就職典禮前幾個小時，達到了109,000美元的歷史最高點。

This moment seemed to mark a decisive step towards even higher peaks. However, the momentum quickly reversed, leading to a slow descent down to $76,273 on April 9.

這一刻似乎標誌著朝著更高山峰邁出的決定性步驟。但是，勢頭很快倒轉，導致4月9日下降到76,273美元。

It was only in early May, following President Trump’s new market-friendly tax proposals, that bitcoin regained strength, breaking the symbolic $100,000 barrier and stabilizing around $104,000.

直到5月初，在特朗普總統的新市場友好稅提案之後，比特幣才恢復了實力，打破了象徵性的100,000美元障礙，並穩定了104,000美元。

In the “Coin Stories” podcast hosted by Natalie Brunell on May 9, Michael Saylor spoke candidly about the reasons behind this chaotic dynamic. He claims that the current stagnation mainly comes from a rotation of investors:

在5月9日由娜塔莉·布魯內爾（Natalie Brunell）主持的“硬幣故事”播客中，邁克爾·塞勒（Michael Saylor）坦率地談到了這種混亂的動態背後的原因。他聲稱目前的停滯主要來自投資者的輪換：

“I believe we are currently experiencing a rotation. Many people without a real long-term perspective are leaving the market to cash in their gains, while a new cohort of stronger investors, attracted by Bitcoin ETFs and treasury companies, is beginning to enter.”

“我相信我們目前正在輪換。許多沒有真正長期觀點的人正在離開市場賺錢，而新的強大投資者被比特幣ETF和財政部吸引了，他們開始進入。”

This observation directly points to those whom Saylor considers responsible for the slowdown: investors without genuine commitment, motivated solely by the pursuit of quick and easy profits.

這一觀察結果直接指向那些認為負責放緩的人：沒有真正的承諾的投資者，僅僅是由於追求快速而輕鬆的利潤而激發的。

Bitcoin: Between Weak Hands and Institutional Investors

比特幣：在薄弱的手和機構投資者之間

Michael Saylor also highlights a rarely discussed issue: a significant part of bitcoin is today in the hands of actors such as governments, lawyers, or bankruptcy trustees, who do not necessarily have a long-term investment horizon.

邁克爾·塞勒（Michael Saylor）還強調了一個很少討論的問題：今天，比特幣的重要部分是由政府，律師或破產受託人等參與者手中的，他們不一定會有長期的投資視野。

These institutional holders, without a “10-year investor mindset,” have taken advantage of recent peaks to liquidate their positions and obtain liquidity.

這些機構持有人沒有“ 10年的投資者思維方式”，利用了最近的高峰來清算其職位並獲得流動性。

It is precisely this type of massive selling that, according to him, hampers the natural progression of BTC toward higher levels.

據他說，正是這種大規模銷售的原因使BTC的自然發展趨向更高級別。

Furthermore, Saylor expresses genuine surprise at the dramatic turnaround of the U.S. administration toward bitcoin.

此外，Saylor對美國政府對比特幣的戲劇性轉變表示了真正的驚喜。

The decree signed by Donald Trump on March 7, 2025, creating a strategic reserve composed of bitcoins confiscated in legal proceedings, marks, according to him, a major change:

唐納德·特朗普（Donald Trump）於2025年3月7日簽署的法令，制定了一個戰略儲備，該儲備由法律訴訟中沒收的比特幣組成，馬克斯（Marks）據稱，這是一個重大變化：

“I was surprised that the United States adopted bitcoin so radically over the past six months. I did not expect such enthusiasm within the American Cabinet.”

“令我驚訝的是，在過去六個月中，美國採用比特幣如此徹底地採用了比特幣。我沒想到在美國內閣中如此熱情。”

This government support is perceived as a strong positive signal for the crypto’s future, despite the current lack of direct bitcoin purchases by the state.

儘管該州目前缺乏直接購買比特幣，但這種政府支持被認為是加密貨幣未來的強烈信號。

For Michael Saylor, MicroStrategy (NASDAQ:MSTR) perfectly embodies this long-term strategy. With 555,450 bitcoins in wallet, valued at approximately $57.23 billion at the current price, the company shows an impressive capital gain of 50.27% compared to its average purchase price of $68,569. Ultimately, Saylor is categorical: bitcoin will reward those who look far ahead, those who hold firm despite the turbulences.

對於邁克爾·塞勒（Michael Saylor）而言，MicroStrategy（NASDAQ：MSTR）完美地體現了這一長期策略。該公司的錢包中有555,450個比特幣，價值約572.3億美元，該公司的資本收益令人印象深刻，比其平均購買價格為68,569美元。最終，Saylor是絕對的：比特幣將獎勵那些前所未有的人，儘管動盪，但仍然堅定地保持堅定。