迈克尔·塞勒（Michael Saylor）警告说，比特币（BTC）熊市不太可能回来

策略的执行董事长迈克尔·塞勒（Michael Saylor）向人们发出了至关重要的警告。

Michael Saylor, the executive chairman of Strategy, issued a crucial warning to those expecting the Bitcoin bear market soon.

战略执行董事长迈克尔·塞勒（Michael Saylor）向那些期望比特币熊市市场的人发出了关键警告。

Speaking to Bloomberg, Saylor asserted that the cryptocurrency is not going to $0 and is instead headed towards $1 million per coin.

塞勒（Saylor）在接受彭博社（Bloomberg）的讲话中断言，加密货币不会达到0美元，而是每枚硬币100万美元。

Winter Is Not Coming Back

冬天没有回来

In response to Matt Miller's question on when Bitcoin's historically recurring period of massive downside will kick in again, Saylor insisted that the asset has moved beyond that adolescent market phase.

为了回应马特·米勒（Matt Miller）关于比特币历史上重复的大规模下跌时期何时再次开始的问题，塞勒坚持认为，资产已经超出了那个青春期的市场阶段。

Crypto winter, as it is widely known, is a period typically characterized by a significant drop in Bitcoin prices. As seen historically, it comes on the heels of the bull market, which has correlated with the automated, four-year halving event.

众所周知的加密冬季是一个时期，通常以比特币价格大幅下降的特征。从历史上看，它是在牛市的高跟鞋上，这与自动化的四年减半活动相关。

Historically, the Bitcoin bullish cycle could end this year, followed by a correctional bearish phase. Several analysts, including veteran trader Peter Brandt, have already speculated on an incoming dump. However, Saylor suggests that Bitcoin is moving past that phase, arguing that the asset has grown past its "riskiest period."

从历史上看，比特币的看涨周期可能在今年结束，然后是矫正看跌阶段。包括资深商人彼得·布兰特（Peter Brandt）在内的几位分析师已经推测出来的垃圾场。但是，塞勒（Saylor）建议比特币正在超越该阶段，认为该资产已经超过了其“最风险的时期”。

Instead of the expected bear market, Saylor predicted a sustained run to $500,000 or $1 million. He highlighted catalysts for this supercycle experience, including growing institutional Bitcoin adoption, scarcity, and regulatory clarity.

Saylor预测，持续的价格为500,000美元或100万美元，而不是预期的熊市。他强调了这种超级循环体验的催化剂，包括不断增长的机构比特币采用，稀缺和监管清晰度。

The executive chairman noted that U.S. President Donald Trump's endorsement of Bitcoin and his efforts to create a favorable environment for the asset drew mainstream interest. Meanwhile, banks have begun to leverage this environment to enter the industry, evidenced by the sector's growing and increased exposure to Bitcoin.

执行董事长指出，美国总统唐纳德·特朗普（Donald Trump）认可比特币以及他为资产创造有利环境的努力吸引了主流兴趣。同时，银行已经开始利用这一环境进入该行业，这是该行业不断增长和对比特币的增加的证明。

Furthermore, demand for the scarce asset is "off the roof," yet BlackRock's Robbie Mitchnick revealed that institutional adoption is still in its early stages. Firms like Saylor's Strategy and Metaplanet are raising millions of dollars to buy Bitcoin, with new Bitcoin treasury firms, such as Trump Media and GameStop, emerging.

此外，对稀缺资产的需求是“屋顶”，但贝莱德的罗比·米奇尼克（Robbie Mitchnick）透露，机构采用仍处于早期阶段。 Saylor的战略和Metaplanet等公司正在筹集数百万美元购买比特币，新的比特币国库公司（例如Trump Media和GameStop）正在涌现。

Saylor highlighted that these demands are "consuming" the new $50 million worth of Bitcoin mined every day, with ETFs like BlackRock's IBIT spurring another dip in supply with their "incessant purchases." At this rate, the Bitcoin evangelist noted that the pioneering cryptocurrency "would continue to rise from here."

Saylor强调，这些需求每天都在“消耗”新的价值5000万美元的比特币开采，而ETF之类的ETF像BlackRock的IBIT一样，刺激了他们的“不断购买”，又激发了另一种供应。以这种速度，比特币传教士指出，开创性的加密货币“将从这里继续上升”。

Nonetheless, he acknowledged the need for correction at some point. He stated that Bitcoin may correct by $200,000, but this could only happen after it has already hit the $1 million price mark.

尽管如此，他承认有时需要进行更正。他说，比特币可能会纠正200,000美元，但这只有在已经达到100万美元的价格大关之后才能发生。

Other Bitcoin-Buying Firms Are No Competition

其他购买比特币的公司没有竞争

Meanwhile, Saylor insisted that other firms buying Bitcoin do not pose any threat to Strategy's Bitcoin model. The executive chairman called the demand for Bitcoin a "digital gold rush," suggesting he expects the purchases, considering there are only ten years left to buy as much Bitcoin as possible. Recall that miners would mint 99% of all bitcoins by 2035.

同时，Saylor坚持认为，购买比特币的其他公司不会对策略的比特币模型构成任何威胁。执行董事长称对比特币的需求为“数字淘金热”，这表明他希望购买，考虑到只有十年的时间才能购买尽可能多的比特币。回想一下，到2035年，矿工将造成所有比特币的99％。

Saylor called the competition "virtuous" but noted that some of them focus on different markets, such as Metaplanet in the Tokyo stock market. Ultimately, he stated that these firms are collaborating to raise capital through various strategies to acquire more Bitcoin.

塞勒称竞争为“良性”，但指出其中一些专注于不同市场，例如在东京股市中的元素市场。最终，他表示，这些公司正在合作通过各种策略来筹集资金，以获取更多的比特币。

Moreover, Salyor also squashed calls from legendary short seller Jim Chanos, who advised buying Bitcoin but shorting Strategy's MSTR stock. He stated that the comments stemmed from a lack of understanding of the firm's business model.

此外，Salyor还挤压了传奇短卖家Jim Chanos的电话，后者建议购买比特币，但Shorting Strategy的MSTR股票。他说，这些评论源于对公司业务模式的了解。