MicroStrategy（MSTR -0.48％）剛剛購買了超過14億美元的比特幣，這不是第一次

MicroStrategy（MSTR -0.48％）在4月28日（BTC 1.05％）購買了超過14億美元的比特幣，這不是第一次。通過這樣的購買，該公司發出了一個明確的信號，表明它認為硬幣的價值將繼續增加。但這並不意味著您應該盲目地遵循策略的腳步。讓我們評估其方法和理由，以便您知道投資比特幣是否有意義，或者輸出更好：MSTR剛剛購買了超過14億美元的比特幣，這不是第一次

"The main pillar of Strategy’s financing of these purchases is its issuance of convertible debt, which relies on the value of Bitcoin to be an appreciating asset that pumps up its stock price, thereby enabling it to issue even more convertible debt to raise more money to buy more of the coin.

“戰略對這些購買的融資的主要支柱是發行可轉換債務，這取決於比特幣的價值是一種欣賞的資產，可促進其股票價格上漲，從而使其能夠發行更可兌換的債務以籌集更多的錢來購買更多的硬幣。

Thus far, this plan has been working for Strategy. Its stock is up by 190% during the past 12 months, exceeding Bitcoin’s gain of 51% and the market’s gain of 8%.

到目前為止，該計劃一直在為戰略工作。在過去的12個月中，其股票增長了190％，超過比特幣的增長51％，市場增長8％。

If Bitcoin’s price falls by a large amount, it is possible that the company’s creditors will demand that it liquidate its crypto investment so as to ensure that they get repaid. That could spike a downward spiral for both Strategy’s stock price and Bitcoin’s price too.

如果比特幣的價格大量下跌，則該公司的債權人可能會要求其清算其加密貨幣投資，以確保其償還。這也可能會使策略的股價和比特幣的價格都呈下降趨勢。

But as an investor thinking about whether to buy Bitcoin, the more important thing to recognize here is that your financial situation and purchasing capabilities are unlikely to be anything similar to Strategy’s.

但是，作為一個考慮是否購買比特幣的投資者，這裡更重要的是，您的財務狀況和購買能力不太可能與戰略相似。

You shouldn't copy its willingness to commit larger and larger sums of capital to buying more of the coin, and you definitely shouldn't borrow to finance your purchases. Even if it’s among the safest cryptocurrencies, Bitcoin is still a volatile asset, and so it’s too risky for most individuals to buy it by using a lot of leverage from debt.

您不應該將其願意付出越來越多的資本的意願來購買更多的硬幣，而且您絕對不應該借錢來為您的購買提供資金。即使它是最安全的加密貨幣之一，比特幣仍然是一種波動的資產，因此對於大多數人來說，通過使用債務大量槓桿作用來購買它是太冒險了。

The bull thesis is getting stronger, not weaker

公牛論文變得越來越強，而不是弱

Regardless of how Strategy is implementing its strategy, there’s a strong investment thesis for buying Bitcoin, and Strategy’s approach actually bolsters that thesis somewhat.

無論戰略如何實施其戰略，都有一項強大的投資論文來購買比特幣，而戰略的方法實際上會提出一些論點。

At the core of Strategy’s strategy is the fact that Bitcoin’s supply is tightly constrained. Only 21 million coins can ever be created (about 19.9 million already are in circulation), and it’s only produced in small quantities. It will get harder and harder to produce new Bitcoin over time as a result of its halving schedule.

戰略戰略的核心是比特幣的供應受到嚴格限制的事實。只能創建2100萬個硬幣（已經發行了約1,990萬個），並且僅生產少量。隨著時間的推移，由於其減半時間表，生產新的比特幣將變得越來越困難。

And, with governments and major corporations accumulating the asset in significantly larger quantities than ever, there is more competition for the existing supply.

而且，隨著政府和主要公司以比以往大大增加資產的積累，現有供應競爭的競爭更多。

Furthermore, while the concentration of the coin’s supply in the wallets of large holders does introduce a risk that those holders could tank the price by dumping their holdings, such a decline would just be a short-term blip rather than a long-term problem.

此外，雖然硬幣在大型持有人錢包中的供應集中確實引入了風險，即這些持有人可以通過傾倒持有持有的價格來降低價格，但這種下降只是短期的臨時，而不是長期問題。

A bigger consideration for potential buyers is the coin’s ability to maintain its purchasing power in fiat currency terms, which is important because it enables the asset to act as a hedge against inflation rather than merely as a store of value.

對潛在買家的更大考慮是硬幣以菲亞特貨幣條款維持其購買力的能力，這很重要，因為它使資產能夠充當抵抗通貨膨脹的對沖，而不僅僅是作為價值存儲。

So yes, you should probably be buying at least some Bitcoin to have exposure to it in your portfolio. Slow and steady wins the race here. Set up a dollar-cost averaging (DCA) plan and gradually build up a position.

因此，是的，您可能應該至少購買一些比特幣，以便在您的投資組合中接觸它。緩慢而穩定地贏得了比賽。建立一美元成本平均（DCA）計劃，並逐漸建立職位。

Finally, remember that this is a play for the long term. In the long term, it doesn't particularly matter whether Strategy's plan makes shareholders rich or if it burns their money because Bitcoin will be in shorter supply either way.

最後，請記住，這是長期的戲劇。從長遠來看，策略的計劃是否使股東有錢，還是燃燒他們的錢，因為比特幣的供應量較短，這並不重要。