为什么比特币（BTC 0.52％）的价格不再更加波动

由于始终影响其价值的许多不同的力量，值得注意的是，比特币（BTC 0.52％）的价格甚至不会更加波动

With so many different forces affecting its value at all times, it's remarkable that Bitcoin's (BTC 0.52%) price isn't even more volatile. So when there's significant purchasing action by a large holder that claims to want to hold on to its hoard of the coin forever, like there has been over the last couple of weeks, it's worth paying attention to.

随着如此多的不同力量始终影响其价值，值得注意的是，比特币（BTC 0.52％）价格的波动性甚至更大。因此，当一个大型持有人采取重大购买行动时，声称要永远坚持其ho积硬币，就像过去几周一样，值得关注的是。

After all, high-profile buying could be interpreted as a tailwind for higher prices. Or it could be viewed as a risk, since it might precede later news of the same actor ditching its position for greener pastures.

毕竟，高调购买可以以更高的价格解释为逆风。或者可以将其视为一种风险，因为它可能是在以后的新闻之前就同一演员抛弃其对绿色牧场的立场。

With those dynamics in mind, let's break down who's buying it right now and why it could be an important factor in the coin's performance over the coming years.

考虑到这些动态，让我们打破谁现在购买它，以及为什么它可能是未来几年硬币表现的重要因素。

Is it worth following this whale's move?

遵循此鲸鱼的举动值得吗？

Strategy (MSTR 5.20%), which was originally a software business known as MicroStrategy but now claims to be a Bitcoin treasury, just purchased $555.8 million of Bitcoin in the week of April 14 through April 20, bolstering its smaller purchase of $285.5 million during the week ending on April 14.

策略（MSTR 5.20％）最初是一家称为MicroStrategy的软件业务，但现在声称是比特币财政部，刚刚在4月14日至4月20日的一周中购买了5.558亿美元的比特币，并在4月14日截至4月14日的一周内增强了其较小的2.855亿美元的购买。

It now has about $36.5 billion of the asset, which it procured using funds from a combination of borrowing and stock issuance, for an average price of $67,766 per token. These sizable purchases come on the heels of an even larger one executed at the end of March, which was worth $1.9 billion.

现在，它拥有大约365亿美元的资产，它使用借贷和股票发行的资金以平均价格为67,766美元的资金。这些相当大的购买是在3月底执行的更大的购买，价值19亿美元。

Given that Strategy has been loath to sell its Bitcoin so far, and that it might not ever do so unless forced to, some investors could interpret its ongoing confidence in the coin as a reason to buy it. After all, it controls around 2.5% of all the crypto that's currently in circulation, which is actually a very large proportion for an asset that's highly distributed and decentralized in nature.

鉴于该策略一直讨厌到目前为止出售其比特币，而且除非被迫这样做，否则可能永远不会这样做，一些投资者可以将其对硬币的持续信心视为购买它的理由。毕竟，它控制着目前流通的所有加密货币的2.5％，这实际上是高度分布和分散本质的资产的很大比例。

With that much supply taken off the market, it will increase the competition among buyers for the remaining portion that's still for sale, which will drive prices up over the medium and long terms. Especially when paired with Bitcoin's other scarcity-generating mechanics, like its increasing mining difficulty over time, this kind of supply control can make it far more expensive for future buyers to secure a position of their own, significantly rewarding those who got in earlier, like Strategy.

随着市场的大量供应，它将增加买家在仍在销售的剩余部分的竞争，这将使价格上涨，这会超过中等和长期。尤其是当与比特币的其他稀缺性机制配对时，就像随着时间的推移采矿难度的增加一样，这种供应控制可以使未来的买家确保自己的位置更加昂贵，从而使那些早些时候获得的人（例如策略）获得了可观的回报。

At the same time, investors may also be interested in buying more Bitcoin because of the publicity that Strategy's purchases tend to bring. There's something compelling in the narrative of having a major evangelist for an asset that's proudly buying it at practically any price.

同时，由于策略的购买往往会带来宣传，投资者也可能有兴趣购买更多比特币。在叙述中，拥有一位主要的福音派资产的叙述令人信服，该资产几乎以任何价格自豪地购买它。

What's more, having a powerful advocate for the strategy of simply buying and holding Bitcoin is something that holders can benefit from, since it encourages the investor behavior that drives the price up over time.

更重要的是，持有人可以从中受益的策略强大的倡导者可以从中受益，因为它鼓励投资者的行为随着时间的流逝而推动价格上涨。

Be aware that this is a risk

请注意，这是一种风险

There is a bit of a possible downside to Strategy's purchasing activity. The company uses issuance of debt and equity to fund its purchases, as mentioned previously. That means if the price of Bitcoin drops enough, it could be forced into liquidation of its assets to make its creditors whole.

策略的购买活动可能有些不利之处。如前所述，该公司利用债务和权益的发行来资助其购买。这意味着，如果比特币的价格降低了，则可能会被迫清算其资产，以使其债权人完整。

In other words, it could be forced into selling large volumes of its crypto, thereby potentially creating a downward spiral in the coin's price.

换句话说，它可能被迫销售大量加密货币，从而有可能在硬币的价格上造成下降的螺旋。

That outcome might not happen. Still, if Strategy continue to procure more and more of Bitcoin's total supply, the risk will increase, so it's important to recognize. There is no reason to hold off on buying the coin, but it is worth keeping an eye on, because a forced-selling cascade could actually be a good buying opportunity if it ever happens, assuming you can stomach buying the dip.

这种结果可能不会发生。尽管如此，如果战略继续采购越来越多的比特币供应量，风险将会增加，因此必须认识到这一点很重要。没有理由坚持购买硬币，但是值得关注，因为如果发生的话，强迫销售的级联喀斯喀特实际上可能是一个很好的购买机会，假设您可以忍受倾倒购买蘸酱。

Overall, for now, Strategy's repeated public commitments to never selling any Bitcoin and its repeated purchasing of even more are a minor to moderately strong bullish tailwind. But, as a matter of principle, a big investor loading up on an asset cannot be a part of the investment thesis for that asset or a significant reason for buying it; that's simply bad investing form to try to borrow someone else's conviction to make a decision for yourself, and it never works in the long run anyway.

总体而言，目前，策略一再公开承诺从不出售任何比特币，而反复购买更多的购买是中度强大的看涨逆风的次要。但是，从原则上讲，在资产上加载的大投资者不能成为该资产的投资论文的一部分，或者是购买资产的重要原因。这简直是​​不好的投资表格，试图借用别人的信念为自己做出决定，从长远来看，这是不起作用的。

So buy Bitcoin if you're willing to hold it, but don't feel any pressure to copy what Strategy does.

因此，如果您愿意持有比特币，请购买比特币，但不要感到任何压力以复制策略的作用。