邁克爾·塞勒（Michael Saylor）的策略的比特幣積累策略方法有問題集中水平

該公司獲得5％的目標，這引起了人們對破壞比特幣的避風港物業的擔憂。大型集中持有量為任何資產類別造成風險。

In the rapidly evolving landscape of cryptocurrency, the implications of a single company’s actions can carry significant weight, especially when it comes to accumulating a substantial portion of a cryptocurrency’s total supply.

在加密貨幣的迅速發展的景觀中，單個公司行動的含義可能會帶來很大的重量，尤其是在積累加密貨幣總供應的很大一部分方面。

This is the case with Strategy’s (NASDAQ:STRG) Bitcoin accumulation strategy, which has now reached problematic levels of concentration with nearly 3% of total Bitcoin supply concentrated in a single private corporation.

策略（NASDAQ：Strg）比特幣積累策略就是這種情況，該策略現在已經達到了有問題的集中程度，將近比特幣供應量的近3％集中在一個私人公司中。

The company’s goal of acquiring 5% of the cryptocurrency’s total supply is also raising concerns about undermining Bitcoin’s safe haven properties and rendering it unsuitable for central bank reserve holdings.

該公司獲得加密貨幣總供應量的5％的目標也引起了人們對破壞比特幣的避風港財產的擔憂，並使其不適合中央銀行儲備金。

Large concentrated holdings create systemic risks for any asset class, but they are particularly problematic for Bitcoin, which was designed to be used as a decentralized store of value and payment method.

大型集中持有量會為任何資產類別造成系統性風險，但對於比特幣來說尤其有問題，該比特幣被設計為價值和付款方式的分散儲存。

Moreover, private corporations holding such a large portion of a global cryptocurrency’s supply also renders it inappropriate for central bank reserve assets.

此外，屬於全球加密貨幣供應中如此大部分的私人公司也使其不適合中央銀行儲備資產。

Michael Saylor’s company is currently holding close to 3% of the total Bitcoin ever issued, according to a report from Sygnum.

根據Sygnum的一份報告，邁克爾·塞勒（Michael Saylor）的公司目前佔有近比特幣的近3％。

This figure becomes more concerning when considering that Strategy has set a goal of acquiring 5% of the entire Bitcoin supply, a level of corporate control that contradicts the cryptocurrency’s foundational principles of decentralization and distributed ownership.

當考慮該策略設定了獲取整個比特幣供應的5％的目標時，這個數字變得更加關注，這是公司控制水平與加密貨幣的權力下放和分佈式所有權相矛盾的基礎原則。

The company’s corporate holdings are also relative to the liquid Bitcoin supply, which is substantially smaller than the total issued amount.

該公司的公司持有量也相對於液體比特幣供應，該供應量大於發行的總額。

At the end of 2022, liquid Bitcoin supply was around $250 billion, while the company’s adjusted preferred equity value is $10.43 billion.

在2022年底，液體比特幣供應量約為2500億美元，而公司的調整後的股票價值為104.3億美元。

This means that Michael Saylor’s company controls a much higher percentage of actively traded Bitcoin, setting the stage for potential market manipulation risks and broader cryptocurrency price volatility concerns.

這意味著邁克爾·塞勒（Michael Saylor）的公司控制著積極交易的比特幣的比例更高，為潛在的市場操縱風險和更廣泛的加密貨幣價格波動率關注。

Another crucial aspect highlighted by Sygnum is the potential implications of bitcoin acquisition vehicles like Strategy during cryptocurrency bear markets.

Sygnum強調的另一個關鍵方面是比特幣採集工具在加密貨幣熊市中的策略的潛在影響。

Due to the potential for significant forced selling pressure. When demand for such investment instruments becomes saturated and Bitcoin prices drop, companies may be forced to liquidate their cryptocurrency holdings to retire debt or pay for operational costs.

由於有可能發生強迫銷售壓力。當對此類投資工具的需求變得飽和並且比特幣價格下跌時，公司可能會被迫清算其加密貨幣持股以退休債務或支付運營成本。

Michael Saylor’s company used leveraged capital through convertible bonds and preferred stock, setting up a situation where decreasing bitcoin prices would lead to increased redemption calls.

邁克爾·塞勒（Michael Saylor）的公司通過可轉換債券和優先股利用了槓桿資本，建立了一個情況下，比特幣價格下降將導致贖回電話增加。

When Strategy cannot issue new securities on good terms during periods of market decline, it must sell bitcoin in order to service debt.

當策略在市場下降期間無法以良好狀態發行新證券時，它必須出售比特幣才能提供債務。

The high weighting of Strategy’s holdings guarantees that involuntary selling would have a disproportionate market effect. If Michael Saylor were to dispose of bitcoin, it would damage market mood and would tend to cause additional selling pressure in already challenging market circumstances.

戰略持有的高度加權保證了非自願銷售將產生不成比例的市場影響。如果邁克爾·賽勒（Michael Saylor）要處理比特幣，它將損害市場的情緒，並且在已經具有挑戰性的市場情況下傾向於造成額外的銷售壓力。

Strategy has just launched STRD, its third Nasdaq-listed series of bitcoin-backed preferred stocks, aimed at fixed-income investors and collateralized by BTC.

策略剛剛推出了納斯達克上市的第三款比特幣支持的優先股，該股票旨在固定收入投資者，並由BTC抵押。

These instruments involve additional obligations that might compel the forced sale of bitcoin in adverse market conditions.

這些工具涉及其他義務，可能會在不利的市場條件下強迫出售比特幣。

Strategy’s methodology also unjustifiably misdescribes bitcoin treasury investment as normal corporate practice, replicating leveraged investment strategies that overwhelm the underlying business operations.

策略的方法論還不合理地誤解了比特幣國庫投資作為正常的公司實踐，從而復制了槓桿投資策略，這些策略壓倒了基本的業務運營。

The firm’s bitcoin reserves overshadow the size and cashflow capacity of its underlying software business, leading to a misalignment with conventional treasury management principles.

該公司的比特幣保留掩蓋了其基礎軟件業務的規模和現金流量，導致與常規財政管理原則的未對準。

Corporate treasury operations typically target adequate working capital and investment on the basis of liquidity needs.

公司財政運營通常基於流動性需求，以足夠的營運資金和投資為目標。

Michael Saylor’s leveraged bitcoin purchases are an investment strategy and not prudent treasury management because the position in bitcoin is gigantic in terms of the needs of the business.

邁克爾·塞勒（Michael Saylor）的槓桿比特幣購買是一種投資策略，而不是審慎的國庫管理，因為就業務需求而言，比特幣的地位是巨大的。

This disinformation has led large companies to reject bitcoin treasury resolutions, with Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Meta (NASDAQ:META) and McDonald’s (NYSE:MCD) all rejecting shareholder proposals for bitcoin reserves, with only 0.55% support for Microsoft.

這種虛假信息使大型公司拒絕了比特幣國庫決議，Microsoft（NASDAQ：MSFT），Amazon（Nasdaq：Amzn），Meta（Nasdaq：Meta）和McDonald's（NYSE：MCD）都拒絕BitcooSals for BitcoIn Reseves的股東，僅用於0.55％的BitcoIn Resevers，並僅拒絕BitcoOsals的股東。

Finally, the leveraged buyout strategy employed by Strategy’s founders to take over the company in 2020 and the subsequent issuance of convertible preferred stock to fund bitcoin purchases might be viewed as an opportunistic move during a period of low interest rates and high equity valuations.

最後，戰略創始人採用的槓桿收購策略在2020年接管了公司，隨後發行可轉換優先股以資助比特幣購買的股票可能被視為在低利率和高股票估值期間的機會主義行動。

This strategy has enabled the company to quickly accumulate a large bitcoin position, but it also carries the risk of becoming unwound rapidly if interest rates rise significantly from their current levels.

該策略使該公司能夠迅速積累大型的比特幣頭寸，但如果利率從目前的水平顯著上升，它也有迅速解開的風險。

Companies can benefit from modest bitcoin positions as fiscal and monetary catastrophe insurance, particularly with current monetary system stresses and government obligations.

公司可以從適度的比特幣頭寸中受益，作為財政和貨幣災難保險，尤其是當前的貨幣制度壓力和政府義務。