比特币（BTC）仍在努力达到150,000美元的象征目标，尽管最近有反弹至104,000美元

比特币的最新路径完美地说明了这种波动性被投机运动加剧。 2025年1月20日，加密货币达到了109,000美元的历史最高点

Bitcoin still struggles to reach the symbolic target of $150,000, despite a recent rebound to $104,000 on May 8, as reported by CoinDesk.

据Coindesk报道，尽管5月8日的反弹，比特币仍在努力达到150,000美元的象征目标。

This observation was made by Michael Saylor, founder of MicroStrategy and a strong bitcoin advocate, who has clearly identified the culprits of this slowdown: opportunistic investors, whom he calls tourists or weak hands, who leave the market at the slightest sign of quick gain.

这一观察结果是由Microstrategy的创始人Michael Saylor和强大的比特币拥护者进行的，他清楚地确定了这种放缓的罪魁祸首：机会主义投资者，他称之为游客或弱者，他们丝毫毫无疑问地离开了市场。

A Turbulent Journey in 2025

2025年动荡的旅程

The recent path of bitcoin perfectly illustrates this volatility exacerbated by speculative movements. On January 20, 2025, the crypto had reached an all-time high of $109,000, just hours before the presidential inauguration of Donald Trump.

比特币的最新路径完美地说明了这种波动性被投机运动加剧。 2025年1月20日，加密货币达到了唐纳德·特朗普（Donald Trump）总统就职典礼前几个小时，达到了109,000美元的历史最高点。

This moment seemed to mark a decisive step towards even higher peaks. However, the momentum quickly reversed, leading to a slow descent down to $76,273 on April 9.

这一刻似乎标志着朝着更高山峰迈出的决定性步骤。但是，势头很快倒转，导致4月9日下降到76,273美元。

It was only in early May, following President Trump’s new market-friendly tax proposals, that bitcoin regained strength, breaking the symbolic $100,000 barrier and stabilizing around $104,000.

直到5月初，在特朗普总统的新市场友好税提案之后，比特币才恢复了实力，打破了象征性的100,000美元障碍，并稳定了104,000美元。

In the “Coin Stories” podcast hosted by Natalie Brunell on May 9, Michael Saylor spoke candidly about the reasons behind this chaotic dynamic. He claims that the current stagnation mainly comes from a rotation of investors:

在5月9日由娜塔莉·布鲁内尔（Natalie Brunell）主持的“硬币故事”播客中，迈克尔·塞勒（Michael Saylor）坦率地谈到了这种混乱的动态背后的原因。他声称目前的停滞主要来自投资者的轮换：

“I believe we are currently experiencing a rotation. Many people without a real long-term perspective are leaving the market to cash in their gains, while a new cohort of stronger investors, attracted by Bitcoin ETFs and treasury companies, is beginning to enter.”

“我相信我们目前正在轮换。许多没有真正长期观点的人正在离开市场赚钱，而新的强大投资者被比特币ETF和财政部吸引了，他们开始进入。”

This observation directly points to those whom Saylor considers responsible for the slowdown: investors without genuine commitment, motivated solely by the pursuit of quick and easy profits.

这一观察结果直接指向那些认为负责放缓的人：没有真正的承诺的投资者，仅仅是由于追求快速而轻松的利润而激发的。

Bitcoin: Between Weak Hands and Institutional Investors

比特币：在薄弱的手和机构投资者之间

Michael Saylor also highlights a rarely discussed issue: a significant part of bitcoin is today in the hands of actors such as governments, lawyers, or bankruptcy trustees, who do not necessarily have a long-term investment horizon.

迈克尔·塞勒（Michael Saylor）还强调了一个很少讨论的问题：今天，比特币的重要部分是由政府，律师或破产受托人等参与者手中的，他们不一定会有长期的投资视野。

These institutional holders, without a “10-year investor mindset,” have taken advantage of recent peaks to liquidate their positions and obtain liquidity.

这些机构持有人没有“ 10年的投资者思维方式”，利用了最近的高峰来清算其职位并获得流动性。

It is precisely this type of massive selling that, according to him, hampers the natural progression of BTC toward higher levels.

据他说，正是这种大规模销售的原因使BTC的自然发展趋向更高级别。

Furthermore, Saylor expresses genuine surprise at the dramatic turnaround of the U.S. administration toward bitcoin.

此外，Saylor对美国政府对比特币的戏剧性转变表示了真正的惊喜。

The decree signed by Donald Trump on March 7, 2025, creating a strategic reserve composed of bitcoins confiscated in legal proceedings, marks, according to him, a major change:

唐纳德·特朗普（Donald Trump）于2025年3月7日签署的法令，制定了一个战略储备，该储备由法律诉讼中没收的比特币组成，马克斯（Marks）据称，这是一个重大变化：

“I was surprised that the United States adopted bitcoin so radically over the past six months. I did not expect such enthusiasm within the American Cabinet.”

“令我惊讶的是，在过去六个月中，美国采用比特币如此彻底地采用了比特币。我没想到在美国内阁中如此热情。”

This government support is perceived as a strong positive signal for the crypto’s future, despite the current lack of direct bitcoin purchases by the state.

尽管该州目前缺乏直接的比特币购买，但这种政府支持被认为是加密货币未来的强烈信号。

For Michael Saylor, MicroStrategy (NASDAQ:MSTR) perfectly embodies this long-term strategy. With 555,450 bitcoins in wallet, valued at approximately $57.23 billion at the current price, the company shows an impressive capital gain of 50.27% compared to its average purchase price of $68,569. Ultimately, Saylor is categorical: bitcoin will reward those who look far ahead, those who hold firm despite the turbulences.

对于迈克尔·塞勒（Michael Saylor）而言，MicroStrategy（NASDAQ：MSTR）完美地体现了这一长期策略。该公司的钱包中有555,450个比特币，价值约572.3亿美元，该公司的资本收益令人印象深刻，比其平均购买价格为68,569美元。最终，Saylor是绝对的：比特币将奖励那些前所未有的人，尽管动荡，但仍然坚定地保持坚定。