MSTR庫存：碰撞模式重複？ Schiff vs. Saylor

MSTR股票顯示出崩潰模式，迴盪了2021-2023趨勢。彼得·希夫（Peter Schiff）在市場關注的問題中向邁克爾·塞勒（Michael Saylor）提供了比特幣戰略。

MSTR Stock: Crash Pattern Repeating? Schiff vs. Saylor

MSTR庫存：碰撞模式重複？ Schiff vs. Saylor

Strategy (MSTR) stock's recent performance is raising eyebrows, with analysts pointing to a potential repeat of a 2021-2023 crash pattern. Is Michael Saylor's Bitcoin strategy about to face another test?

策略（MSTR）股票最近的表現正在引起人們的注意，分析師指出了2021-2023崩潰模式的潛在重複。邁克爾·塞勒（Michael Saylor）的比特幣策略是否要面臨另一個測試？

The Sideways Slide

側向滑動

After peaking at $442 in July 2025, MSTR stock has been trading sideways, effectively erasing all of its gains for the year. As of September 26, the closing price was $309. This sideways movement is concerning because market analysts believe it mirrors a fractal pattern seen between 2021 and 2023—a pattern that preceded a significant 50% crash.

在2025年7月達到442美元的峰值之後，MSTR股票一直在側面交易，實際上消除了一年中的所有收益。截至9月26日，收盤價為309美元。這種側向運動令人擔憂，因為市場分析師認為它反映了2021年至2023年之間的分形模式，這種模式發生在50％的崩潰之前。

Deja Vu? The 2021-2023 Fractal

離開vu？ 2021-2023分形

Crypto analyst Ali Martinez highlights a critical support level at $257. A break below this point could pave the way for a steep decline, potentially down to $120. The implication? Investors are getting nervous about MSTR's correlation with Bitcoin's price volatility.

加密分析師阿里·馬丁內斯（Ali Martinez）重點介紹了257美元的關鍵支持水平。低於這一點的休息可能會為大幅下降鋪平道路，可能會降至120美元。含義？投資者對MSTR與比特幣價格波動的相關性感到緊張。

Premium Erosion and Institutional Fatigue

高級侵蝕和機構疲勞

MSTR stock has traditionally traded at a premium due to its substantial Bitcoin holdings. However, this premium has shrunk considerably in 2025, with the net asset value (NAV) compressing from 2x in January to 1.44x. While the Royal Bank of Canada increased its stake by 16% last quarter, broader market sentiment suggests investor fatigue, particularly with slowing Bitcoin purchases.

由於比特幣持有的大量比特幣持有，MST股票傳統上以溢價交易。但是，這種溢價在2025年縮減了大幅縮小，淨資產價值（NAV）從1月的2倍壓縮到1.44倍。儘管加拿大皇家銀行上個季度將其股份增加了16％，但更廣泛的市場情緒表明投資者的疲勞，尤其是在購買比特幣放緩的情況下。

The diminishing premium begs the question: why hold MSTR stock when you can directly invest in Bitcoin? It seems the unique appeal of MicroStrategy shares is waning.

溢價降低提出了一個問題：當您可以直接投資比特幣時，為什麼要持有MST股票？ MicroStrategy股票的獨特吸引力似乎正在減弱。

Schiff's Gold vs. Saylor's Bitcoin

席夫的黃金與塞勒的比特幣

Gold advocate Peter Schiff has been vocal about MicroStrategy's Bitcoin-heavy strategy. He argues that Saylor would have been better off investing in gold. While MicroStrategy shows a paper gain of 47% on its Bitcoin purchases, Schiff notes that a gold investment would have yielded a 30% gain.

黃金倡導者彼得·希夫（Peter Schiff）一直對MicroStrategy的比特幣重型戰略發聲。他認為，塞勒會更好地投資黃金。儘管MicroStrategy的比特幣購買顯示紙質收益為47％，但Schiff指出，黃金投資將產生30％的收益。

Schiff's main argument revolves around liquidity. He claims MicroStrategy could liquidate its gold holdings ($61.5 billion) without disrupting the market. Selling $70 billion in Bitcoin, on the other hand, could trigger a price crash and mass liquidations.

席夫的主要論點圍繞流動性。他聲稱，MicroStrategy可以在不破壞市場的情況下清算其黃金持有量（615億美元）。另一方面，出售700億美元的比特幣可能會引發價格崩潰和大規模清算。

Saylor's Stance: Always Be Stacking

塞勒的立場：始終堆放

Despite the criticism, Michael Saylor remains committed to his Bitcoin strategy. In a recent tweet, he hinted at further Bitcoin purchases, reinforcing his unwavering belief in the digital asset. Whether that will calm investor nerves remains to be seen.

儘管受到批評，邁克爾·塞勒（Michael Saylor）仍然致力於他的比特幣戰略。在最近的一條推文中，他暗示了進一步的比特幣購買，增強了他對數字資產的堅定信念。這是否會使投資者保持緊張感還有待觀察。

The Bottom Line

底線

MSTR stock's future hangs in the balance. If Bitcoin takes another tumble, MSTR could face significant pressure. Keep an eye on that $257 support level—it could be the key to understanding where this stock is headed next. In the meantime, maybe diversify a little? Just a thought! After all, a little gold never hurt anyone, right?

MSTR股票的未來懸而未決。如果比特幣再次滾滾，MSTR可能會面臨巨大的壓力。請密切關注257美元的支持水平，這可能是了解該股票下一步在哪裡的關鍵。同時，也許會使一些多樣化？只是一個想法！畢竟，一點黃金永遠不會傷害任何人，對嗎？