公司比特幣儲備策略乘飛機…

隨著世界進入AI，加密貨幣和區塊鏈的發展，黃金和白銀看起來很明顯。經濟學家梅納德·凱恩斯（Maynard Keynes）指出的“野蠻遺物”

As the world progresses into AI, crypto, and blockchain, gold and silver look distinctly old-fashioned. The ‘barbarous relic’, as economist Maynard Keynes pointed out a century ago, was then going out of fashion. Now, it appears the process is accelerating. Michael Saylor of MSTR would wholeheartedly agree.

隨著世界進入AI，加密貨幣和區塊鏈的發展，黃金和白銀看起來很明顯。經濟學家梅納德·凱恩斯（Maynard Keynes）在一個世紀前指出的那樣，“野蠻的遺物”當時已經過時了。現在，似乎該過程正在加速。 MSTR的邁克爾·塞勒（Michael Saylor）全心全意地同意。

For hundreds of years, however, gold was money. It still is. A transactional metal in most capital cities, a bag of high-quality gold can buy you physical comfort anywhere. A troy ounce of gold these days fetches a hefty $3,300 (around £2,400).

但是，數百年來，黃金就是金錢。仍然是。在大多數首都城市中，一袋高品質的黃金可以在任何地方為您提供身體上的舒適感。如今，一盎司的黃金獲得了3,300美元（約2,400英鎊）。

But Bitcoin bulls will gloat over that gold price. At $105,000 (or thereabout) per digital coin, BTC now trades at a multiple of one gold troy ounce. The Gold versus Bitcoin price differential seems to widen by the month. Bitcoin’s characteristic – divisibility, portability, and new-fangled technology – all underpin its increasing desirability.

但是，比特幣公牛會超越那個黃金價格。 BTC現在以105,000美元（或其他數字硬幣）的價格交易，以一盎司的一盎司的倍數交易。黃金與比特幣價格差異似乎在本月之前擴大了。比特幣的特徵 - 可分裂性，可移植性和新型技術 - 都為其越來越多的需求奠定了基礎。

So enamoured by Bitcoin’s seemingly unstoppable rise that more and more companies are exploring ways to surf the crypto trend. The ‘Bitcoin Treasury Reserve’ strategy is the latest fad to encroach corporate boardrooms.

因此，比特幣看似不可阻擋的上升所迷戀，以至於越來越多的公司正在探索衝浪加密趨勢的方法。 “比特幣國庫預備役”策略是侵占公司董事會的最新時尚。

The newest company to switch into a quasi-Bitcoin holding company is Metaplanet (3350 JP) , a hotel management business listed in Tokyo. Its stock price soared this month when it announced a Bitcoin treasury plan. A $5.4 billion equity offering to buy 210,000 Bitcoins stunned investors and swiftly precipitated a scramble for its shares (see below).

最新的公司轉入準比蒂幣控股公司是Metaplanet（3350 JP），這是一家在東京上市的酒店管理業務。本月宣布比特幣國庫計劃時，其股價飆升。 54億美元的股權可購買21萬比特幣震驚的投資者，並迅速促使其股票爭奪（見下文）。

Metaplanet’s Bitcoin reserve strategy is neither the first, nor last. Trump Media (DJT) recently raised $2.5 billion by way of equity and convertible notes to invest in Bitcoin. Semler Scientific (SMLR) , a medical device company, also engaged in Bitcoin buying strategies. Even the granddaddy of MEME stock – GameStop (GME) – couldn’t resist the temptation. 4,710 BTC was acquired into its balance sheet.

Metaplanet的比特幣儲備策略既不是第一個也不是最後。特朗普媒體（DJT）最近通過股權和可轉換票據籌集了25億美元，以投資比特幣。醫療設備公司Semler Scientific（SMLR）也從事比特幣購買策略。即使是Meme Stock的祖父 - GameStop（GME） - 也無法抗拒誘惑。將4,710 BTC收購到其資產負債表中。

And whenever there is a tech fad, you can be sure that SoftBank (9434 JP) is there. Together with Tether and Cantor Equity, these backers formed Twenty-One Capital XXI (CEP) last month via a spac. CEP is now the third-largest BTC holding company (with 37,230).

每當有技術時尚時，您可以確定軟銀（9434 JP）就在那裡。這些支持者與繫帶和康托爾權益一起通過一個SPAC形成了21個Capital XXI（CEP）。 CEP現在是第三大BTC控股公司（37,230）。

The behemoth and leader by far in holding Bitcoin remains MicroStrategy (MSTR). The firm is sitting on an enviable 582,000 Bitcoin hoard. Have a look at the companies holding Bitcoin below:

迄今為止，龐然大物和領導者在持有比特幣方面仍然是微觀的（MSTR）。該公司坐在一個令人羨慕的582,000比特幣ho積。看看下面持有比特幣的公司：

Source: bitcointreasuries.net/

資料來源：比特幣庫.net/

Is the Bitcoin Reserve a speculative fad or financial prudence?

比特幣保留是投機性的時尚還是財務謹慎？

But is this so-called bitcoin reserve strategy a financially viable route? Or is this Dot-Com craze 2.0, where most companies lose their shirts investing in speculative unprofitable dot-coms?

但是，這種所謂的比特幣儲備戰略在財務上可行嗎？還是這個點com熱潮2.0，大多數公司在投機性無利可圖的互聯網上都失去了襯衫的投資？

For now, it appears that acquiring Bitcoins for their balance sheets is a financially ‘sound’ one. Two points worth stressing here: ‘for now’ and ‘sound’.

就目前而言，似乎為資產負債表購買比特幣是一種財務上的“聲音”。值得在這裡強調兩個點：“現在”和“聲音”。

Few know how Bitcoin will fare in the future. At the moment, most investors hold bullish views on it. The reason is simple: Bitcoin has more than quadrupled from the $16,000 low in 2022. Cast your eyes just a little further, BTC jumped 10x in 5 years. Everyone recognises a red-hot bull market.

很少有人知道將來比特幣的表現。目前，大多數投資者對此有看漲的看法。原因很簡單：比特幣從2022年的$ 16,000低點開始了三倍以上。將您的眼睛進一步增加，BTC在5年內躍升了10倍。每個人都認識到熾熱的牛市。

One market principle is that an appreciating asset always attracts capital. The stronger the momentum, the more money it attracts. So the larger the crowd, the bigger the party. At $2.1 trillion in market cap, Bitcoin is hosting a rather large party.

一種市場原則是，欣賞的資產總是吸引資本。動力越強，吸引的錢就越多。因此，人群越大，聚會就越大。比特幣的市值為2.1萬億美元，主辦了一個相當大的聚會。

Moreover, when CEOs notice that a ‘Bitcoin Treasury Strategy’ immediately propels its share price north, the enticement to adopt increases immeasurably. Hence, the list of corporate ‘Bitcoin Adopters’ lengthens.

此外，當首席執行官注意到“比特幣國庫策略”立即推動其股價北部，誘惑採用的誘惑將無可估計。因此，企業“比特幣採用者”列表延長了。

The logic underpinning this reserve strategy is that ‘Bitcoin prices always go up’. Indeed, Bitcoin’s long-running bull trend has been defying gravity (and countless doomsayers). In light of the growing sovereign debt pile sitting in credit portfolios, the Hard-Cap Bitcoin appears relatively safe for capital, due to its limited supply, in the same role that gold is playing right now, as a sovereign reserve asset.

這項儲備策略的基礎的邏輯是“比特幣價格總是上漲”。的確，比特幣長期運行的牛趨勢一直在違背重力（和無數的厄運者）。鑑於在信貸投資組合中越來越多的主權債務堆堆，硬盤比特幣在資本的供應量有限的情況下似乎相對安全，與黃金現在正在扮演的角色一樣，作為主權儲備資產。

Silver Breaks Out!

銀爆發！

While Bitcoin is attracting increasing corporate sponsorship. sadly silver is still being unappreciated – despite breaking out to its highest level in more than a decade (see below).

比特幣吸引了越來越多的公司贊助。令人遺憾的是，儘管白銀在十多年來爆發到最高水平，但銀幣仍然沒有得到讚賞（見下文）。

So far, virtually no CEOs is talking about buying silver as a strategic reserve. Silver is too analogue in today’s digital world.

到目前為止，幾乎沒有CEO都在談論購買銀作為戰略儲備。在當今的數字世界中，銀太模擬了。

But there’s money to be made in silver, though. Prices vaulted to the highest level since 2012, suggesting an imminent catch-up with gold. When stars are aligned for silver, it can produce strong returns

但是，有銀子可以賺錢。價格越來越高於2012年以來的最高水平，這表明即將遇到黃金的追趕。當恆星對齊銀牌時，它會產生強大的回報