比特幣（BTCUSD）價格比過去一個月上漲了22％，Coinbase（Coin）

比特幣（BTCUSD）價格比過去一個月上漲了22％，Coinbase（Coin）

MicroStrategy (NASDAQ:MSTR) is a name that has become synonymous with Bitcoin (BTCUSD:) Treasury strategies among retail investors. The company, originally known for its enterprise software, pivoted its focus to Bitcoin in recent years, leading to gains of more than 1,400% for investors.

MicroStrategy（NASDAQ：MSTR）是一個名稱，它已成為比特幣（BTCUSD ：）零售投資者中的財政部策略的代名詞。該公司最初以其企業軟件而聞名，近年來將其重點放在了比特幣上，從而導致投資者的收益超過1,400％。

Now, as Coinbase (NASDAQ:COIN) prepares to join the S&P 500 Index(SPX) next week in a milestone for the crypto industry, attention is turning back to Strategy as this apex institution pivots to include COIN.

現在，正如Coinbase（NASDAQ：COIN）準備在下週加入標準普爾500指數（SPX）進入加密貨幣行業的里程碑時，由於該Apex機構樞紐將包括硬幣包括在內。

The team at H.C. Wainwright has become notably bullish on Strategy, issuing a massive price target of $480.

HC Wainwright的團隊已尤其是對戰略的看漲，其價格目標為480美元。

Why Some Analysts Are Growing Bullish on Strategy

為什麼有些分析師對戰略的看漲

Looking at Strategy’s five-year chart, it’s clear that long-term believers in Bitcoin have benefited from owning shares in this tech company. Shares of MSTR stock have gone from roughly $10 apiece five years ago to roughly $420 today, and this recent analyst price target suggests 15% upside is still possible from here.

從策略的五年圖表中看，很明顯，比特幣的長期信徒從擁有這家科技公司的股票中受益。 MST股票的股票已從五年前的大約10美元增加到今天的大約420美元，而最近的Analyst Propping目標表明，從這裡仍然可以使用15％的上升空間。

Of course, given the scale of Strategy’s share price appreciation, with shares up 3,200% over the past five years, anything is possible. And as we’ve seen with Bitcoin prices, volatility can indeed be the best friend of long-term investors.

當然，鑑於戰略​​的股價讚賞規模，在過去五年中股票上漲了3,200％，這一切皆有可能。正如我們從比特幣價格看到的那樣，波動確實可以成為長期投資者的最好朋友。

By borrowing massively in the bond market to reinvest into Bitcoin, Strategy’s balance sheet is a mix of U.S. Dollar-denominated debt and Bitcoin-denominated assets. As the value of Bitcoin in dollar terms rises, investors stand to benefit.

通過在債券市場上大量借貸以將比特幣重新投資，戰略的資產負債表是以美元計價的債務和以比特幣計價的資產的混合在一起。隨著以美元計算的比特幣價值上升，投資者將受益。

Of course, if the long-term trend higher in Bitcoin prices does eventually break down, Strategy’s leveraged position on Bitcoin prices could work against investors. But for now, it's been a rather steady ride higher for those who have stuck with Michael Saylor and his almost fervent faith in the value of Bitcoin as a Treasury asset.

當然，如果比特幣價格的長期趨勢最終最終破壞了，那麼戰略對比特幣價格的槓杆位置可能會對投資者起作用。但是目前，對於那些堅持邁克爾·塞勒（Michael Saylor）以及他對比特幣作為國庫資產價值的信念的人來說，這是一個相當穩定的旅程。

What to Make of MicroStrategy’s Balance Sheet?

MicroStrategy的資產負債表如何做些什麼？

I think the key point for investors considering Strategy has to be the company’s balance sheet. H.C Wainwright analysts point out that Strategy has indeed raised more than $25 billion to buy a stack of Bitcoin that’s now worth closer to $50 billion. That’s great.

我認為，考慮策略的投資者的關鍵必須是公司的資產負債表。 HC Wainwright分析師指出，戰略確實已經籌集了超過250億美元的價格購買了一堆比特幣，現在價值接近500億美元。那太棒了。

However, if the company’s debt load exceeds a psychological threshold the market isn’t willing to stomach, it’s plausible that the company’s share price appreciation profile could slow.

但是，如果公司的債務負擔超過了市場不願意忍受的心理閾值，那麼公司的股價讚賞狀況可能會放緩是合理的。

In my view, the company’s balance sheet does not look stretched, and there’s a solid argument to be made that Strategy has done a good job of becoming a tool for investors looking for liquid access to leveraged Bitcoin.

在我看來，公司的資產負債表看起來並不伸展，並且有一個紮實的論點是，策略已經為尋求液體訪問槓桿比特幣的投資者提供了很好的工作。

That said, I’m always wary of the potential for a significant drawdown in the price of Bitcoin, which could very quickly erode this balance sheet strength, particularly if Saylor continues to acquire Bitcoin at his current rate or ramp up buying activity.

也就是說，我一直對比特幣價格大幅度降低的潛力很謹慎，這可能很快侵蝕了這種資產負債表的強度，尤其是當Saylor繼續以他目前的價格收購比特幣或提高購買活動時。

What Do Analysts Think About MSTR Stock?

分析師對MST的股票有何看法？

Aside from the aforementioned analysts at H.C. Wainwright, most other analysts are also bullish on Strategy. As the graph below shows, the consensus “Strong Buy” rating for Strategy has remained in place due to a still-positive forecast for Bitcoin. However, as the macro environment has become increasingly uncertain, the aggregate rating has dropped from a 4.91 to a 4.62 out of 5 over the last three months.

除了HC Wainwright的上述分析師外，大多數其他分析師也看好戰略。如下圖所示，由於比特幣的陽性預測，對策略的共識“強買”評級一直保持不變。但是，隨著宏觀環境變得越來越不確定，在過去三個月中，總評級從4.91下降到5分的4.62。

In my view, the consensus $524.17 price target on Strategy is likely a little aggressive, given the plethora of downside risks that could materialize. Saylor and his team have done a good job of buying Bitcoin when it has been cheap. But I’m not among those who believe that “price go up” is a strategy that can be relied on forever.

我認為，鑑於很多可能實現的下行風險，共識$ 524.17的策略目標目標可能有些積極。 Saylor和他的團隊在便宜的時候就做得很好。但是，我並不是那些認為“價格上漲”的人是可以永遠依靠的策略。

As mentioned, any sort of drawdown in the price of Bitcoin of more than 50%, and the show could be over for Strategy. That’s a risky proposition right now in my view.

如前所述，比特幣價格超過50％的任何縮減，該節目可能已經結束。在我看來，這是一個冒險的主張。