比特幣國庫將在2040年擁有所有BTC的50％

機構保管人Onramp的聯合創始人兼首席運營官傑西·邁爾斯（Jesse Myers）昨晚在X上告訴他的92400追隨者，對公司比特幣戰略進行了全新的辯論。

Jesse Myers, the co-founder and chief operating officer of institutional custodian Onramp, ignited a fresh debate on corporate bitcoin strategy last night when he told his 92,400 followers on X that "Strategy will own $70 trillion of Bitcoin in 20 years, making it by far the most valuable company in the history of the world," before adding that "Bitcoin Treasury Companies will hold 50% of all BTC, way more than most Bitcoiners are prepared for."

Jesse Myers, the co-founder and chief operating officer of institutional custodian Onramp, ignited a fresh debate on corporate bitcoin strategy last night when he told his 92,400 followers on X that "Strategy will own $70 trillion of Bitcoin in 20 years, making it by far the most valuable company in the history of the world," before adding that "Bitcoin Treasury Companies will hold 50% of all BTC, way more than most比特幣準備了。”

In a thread on X, Myers sketched a scenario in which dedicated treasury vehicles—public companies whose raison d’être is to arbitrage the spread between cheap fiat funding and a growing btc balance—become the dominant marginal buyers of the asset through 2045. His starting premise borrows directly from Michael Saylor:

在X上的線程中，邁爾斯勾勒出了一種場景，在這種情況下，專門的國庫車輛（其理由是廉價菲亞特資金和日益增長的BTC餘額之間的差異的公共公司）bectement，這是該資產的主要邊緣買家，直到2045年，他的首發前提是他的邁克爾·塞勒（Michael Saylor Saylor）。

“Half of all capital is simply looking for the best store of value. Bitcoin is the best SoV asset. SoV capital will osmotically flow towards Bitcoin,” Saylor is cited as saying, with the implication being that the BTC price will rise accordingly, reaching levels that Saylor himself has previously projected at $13 million per coin by 2040.

“全部資本的一半只是在尋找最佳價值存儲。比特幣是最好的SOV資產。Sov Capital將滲透流向比特幣，” Saylor被引用為說，這意味著BTC價格將相應上漲，達到Saylor以前預計的水平，以前預計到2040年，Saylor本人以1300萬美元的價格達到了1300萬美元。

The intellectual backdrop matters because MicroStrategy—recently renamed Strategy in February—already offers a proof-of-concept. The Virginia-based firm holds about 550,000 btc today after accelerating purchases through a series of high-yield preferred-stock programmes.

智力背景很重要，因為MicroStrategy（2月份的策略更名）提供了概念驗證。這家總部位於弗吉尼亞州的公司通過一系列高收益偏愛的庫存計劃加速購買後，今天持有約55萬BTC。

The funding engine is now institutional. Two preferred instruments—Strike (STRK) and Strife (STRF)—offer coupons of eight percent and ten percent respectively, terms rarely available in traditional fixed-income markets for an investment-grade name. Net proceeds of $1.27 billion from the twin offerings are expressly earmarked for further btc purchases.

資金引擎現在是機構的。兩種首選樂器（Strk（Strk）和Frife（Strf））分別為8％和10％的優惠券，在傳統的固定收益市場中很少獲得投資級名稱。雙方產品中的12.7億美元淨收益明確指定用於進一步的BTC購買。

But, argues Myer, such structures turn Strategy into a "capital pump" that channels yield-hungry bond flows—an estimated $318 trillion pool, by his count—into btc. If growth tracks Saylor’s trajectory, Strategy alone would accumulate five million bitcoin, or nearly one quarter of eventual supply, by 2045.

但是，邁爾認為，這種結構將戰略變成了一種“資本泵”，該策略引起了渴望債券的流動，這是他的數量估計的31.8萬億美元池。如果增長軌跡軌道的軌跡，到2045年，僅策略就會累積500萬比特幣或最終供應的四分之一。

Japan’s Metaplanet is already following suit. The Tokyo-listed investment house, which trades at a treasury multiple of 2.7 and has a preferred-stock programme that pays a seven percent coupon, disclosed this week a treasury top-up with 7,800 btc following a ¥16.2 billion (about $117 million) bond sale. It is also aiming for 10,000 btc by year-end.

日本的Metaplanet已經效仿了。上市的投資公司以2.7的國庫倍數進行交易，並具有首選股票計劃支付7％的優惠券，本週披露了一家以7,800 BTC的債券票房，此前是162億日元（約1.17億美元）的債券銷售。它還旨在按年底出現10,000 BTC。

Similar moves by major vehicles such as 21 Capital – which has significant backing from major players including SoftBank, Tether, and Bitfinex – suggest, in Myer’s words, "the birth of an industry." His distribution model places treasury companies at three percent of supply today (about 630,000 btc) but projects a fifty-percent share—10.5 million btc—by 2045, leaving roughly equal portions for governments, traditional corporations, and individuals. At a $13 million spot price, that corporate half would be valued at $140 trillion; Strategy’s slice, by his estimate, would top $70 trillion.

用邁爾（Myer）的話說，諸如21 Capital等主要車輛（例如21 Capital）的類似行動（包括軟銀，Tether和Bitfinex）的主要支持是“行業的誕生”。他的分銷模式將財政公司的今天佔供應量的3％（大約63萬BTC），但預計到2045年的百分之五十五，即1050萬BTC，為政府，傳統公司和個人留下了大致相同的部分。以1300萬美元的價格價格，公司一半的價值為140萬億美元；根據他的估計，策略的切片將超過70萬億美元。

At press time, btc traded at $110,816.

發稿時，BTC的交易價格為110,816美元。