比特幣策略

傳統上，公司財務主管是謹慎的，將大部分資本分配給低風險資產。這些通常是主權債券，例如美國國庫債券。

The price of bitcoin rose sharply on Thursday, putting it back in contact with the $110,000 level, galvanized by the rush of corporate treasurers and the teasing from White House advisor Bo Hines.

比特幣的價格在周四急劇上漲，使其與$ 110,000的水平接觸，這是由公司財政部長和白宮顧問Bo Hines的戲弄所吸引的。

The Bitcoin Strategy

比特幣策略

Now, usually, corporate treasurers are known for their conservatism, allocating the majority of capital to less risky assets. These are typically sovereign bonds, such as US Treasury bonds.

現在，通常，公司財務主管以保守主義而聞名，將大多數資本分配給風險較小的資產。這些通常是主權債券，例如美國國庫債券。

But the world is changing. Inflation, interest rates, geopolitical risks, and the advent of bitcoin are leading more and more companies to reconsider this now sterile strategy, especially in a context where Europe joins the BRICS rebellion against the dollar.

但是世界在變化。通貨膨脹，利率，地緣政治風險和比特幣的出現正在導致越來越多的公司重新考慮這一現已無菌的戰略，尤其是在歐洲加入金磚四國叛亂的情況下。

In 2020, MicroStrategy was the first to make bitcoin its main treasury reserve with an initial purchase of 38,250 BTC for $425 million. Five years later, Strategy holds 582,000 BTC worth $63 billion.

在2020年，MicroStrategy是第一個以4.25億美元的價格購買38,250 BTC，最初購買了38,250 BTC，將比特幣製造出其主要國庫券。五年後，戰略持有582,000 BTC，價值630億美元。

Dozens of companies and institutional investors, including Stone Ridge, Semler Scientific, and Tesla, have adopted similar strategies: more than a hundred of them now hold over 3% of the circulating bitcoin supply, as shown by Fidelity Digital Assets’ study on corporate treasuries.

包括Stone Ridge，Semler Scientific和Tesla在內的數十家公司和機構投資者採用了類似的策略：如Fidelity Digital資產對公司財務研究所示，現在有超過3％的循環比特幣供應量超過3％。

Bernstein Research expects the corporate world to invest $330 billion by 2029. To put this figure in perspective, note that ETFs have “only” attracted $45 billion since their launch in January 2024.

伯恩斯坦研究（Bernstein Research）預計，企業界將在2029年投資3,300億美元。要看這一數字，請注意，自2024年1月推出以來，ETF的“僅”吸引了450億美元。

It’s straightforward, the pace at which companies are accumulating already exceeds the natural supply of bitcoins (450 BTC per day). Not to mention ETF demand which is of the same order of magnitude (431 BTC as of Tuesday, June 10).

這很簡單，公司積累的速度已經超過比特幣的自然供應（每天450 BTC）。更不用說ETF需求的數量級相同（截至6月10日，星期二431 BTC）。

Undoubtedly, regulatory developments have strengthened investors’ confidence. Notably the accounting legitimacy offered by the Financial Accounting Standards Board (FASB), the MiCA regulation in Europe, and the SEC approval of ETFs in the United States.

毫無疑問，監管發展增強了投資者的信心。值得注意的是，財務會計標準委員會（FASB）提供的會計合法性，歐洲的雲母法規以及美國ETF的SEC批准。

All these advances provide investors and companies with the assurance and clarity they needed to take the plunge.

所有這些進步為投資者和公司提供了投資所需的保證和清晰度。

Born in USA

出生於美國

Of course, the big catalyst of 2025 was Donald Trump’s election. The United States is about to make bitcoin its reserve currency and the latest statements from Bo Hines are feeding into the prevailing optimism:

當然，2025年的大催化劑是唐納德·特朗普的選舉。美國即將使比特幣的儲備貨幣，而Bo Hines的最新聲明正在引起人們的樂觀情緒：

Reporters constantly ask me how many bitcoins we are going to accumulate? We want as many as possible. We have to do so in a budget-neutral way, but the possibilities are countless. […] We will be ready soon and I think bitcoiners will be extremely happy.

記者不斷問我要積累多少比特幣？我們想要盡可能多的。我們必須以預算中立的方式這樣做，但可能性是無數的。 […]我們很快就會做好準備，我認為比特幣將非常高興。

Moreover, there are signs that speak for themselves. Trump Media and Technology Group has just raised $2.5 billion to build a bitcoin treasury. And as everyone knows, there is no better trader than an American politician…

此外，有一些跡象自言自語。特朗普媒體和技術集團剛剛籌集了25億美元來建造比特幣財政部。眾所周知，沒有什麼比美國政治家更好的交易者了……

Let us also remember that Senator Cynthia Lummis introduced the “Bitcoin Act” early March. This bill proposes that the United States acquire 1 million bitcoins over five years, probably by selling part of its gold reserves. The senator sees this as a geopolitical and economic strategy aimed at countering China and reducing debt weight.

讓我們還記得，參議員辛西婭·盧米斯（Cynthia Lummis）於3月初提出了“比特幣法案”。該法案建議，美國在五年內收購了100萬比特幣，可能是出售其一部分黃金儲備。參議員認為這是一種地緣政治和經濟戰略，旨在抵消中國並減輕債務權重。

Other countries will inevitably follow the United States’ lead. For example, South Korea, the Czech Republic, and also Poland. It is also rumored that Russia and China are seriously considering the matter, as they represent nearly 30% of the network’s computing power.

其他國家將不可避免地跟隨美國的領導。例如，韓國，捷克共和國以及波蘭。也有傳言說，俄羅斯和中國正在認真考慮此事，因為它們佔網絡計算能力的近30％。

The Wind Also Turns in Favor of Banks

風也轉向銀行

2025 promises to be a pivotal year and the evolution of bankers’ opinions may be just as significant as Donald Trump’s election.

2025年有望成為關鍵的一年，而銀行家意見的演變可能與唐納德·特朗普的當選一樣重要。

Thanks must be given to Michael Saylor, who reassures them by rejecting the idea that bitcoin could replace the fiat system. He clarified his thoughts during the recent Bitcoin conference in Vegas:

必須感謝邁克爾·塞勒（Michael Saylor），後者通過拒絕比特幣可以取代菲亞特系統的想法來保證他們。他在最近在拉斯維加斯舉行的比特幣會議上澄清了自己的想法：

For the CEO of Strategy, bitcoin will grow to $10 trillion, then $100 trillion, adding to existing capital without changing the world’s face.

對於戰略首席執行官而言，比特幣將增長到100萬億美元，然後是100萬億美元，增加了現有資本而不會改變世界的面貌。

States, companies, and municipalities will continue to issue debt as long as they exist. Families will continue to borrow to buy a home. Credit won’t disappear and people will continue to operate in fiat currency, but compensations at higher levels will be in bitcoins.

州，公司和市政當局將繼續發行債務。家庭將繼續借錢買房。信貸不會消失，人們將繼續以法定貨幣運作，但比特幣的薪酬將在較高的水平上。

His historical parallel is interesting: “Was the world built on a gold standard in the 19th century? Yes, but what circulated was the fiduciary expression of debt, not gold. Will the world be on a Bitcoin standard in the 21st century? Yes. What will circulate? All forms of credit [in fiat currency]. I don’t see a world where that disappears. I don’t see a world where it needs to disappear.”

他的歷史相似之處很有趣：“世界是否建立在19世紀的黃金標准上？是的，但是，債務的信託表達是什麼流傳的，而不是黃金的。世界將在21世紀達到比特幣標準的標準。是的。是什麼流通的信貸？所有形式的信貸（以菲亞特貨幣為單位）。我看不到一個世界上消失的世界。我需要消失的世界。”

Michael Saylor sees Bitcoin becoming the king asset toward which everything else gravitates. “The center of gravity of the 21st-century financial universe will be Bitcoin,” he said.

邁克爾·賽勒（Michael Saylor）認為比特幣成為其他一切吸引人的國王資產。他說：“ 21世紀金融宇宙的重心將是比特幣。”

In short, Satoshi Nakamoto is not the anti-Christ of banks. Bitcoin is not an existential threat to the fiat system. This awareness is perhaps what was missing

簡而言之，薩托·納卡摩（Satoshi Nakamoto）不是銀行的反基督。比特幣不是菲亞特系統的存在威脅。這種意識也許是缺少的