比特币策略

传统上，公司财务主管是谨慎的，将大部分资本分配给低风险资产。这些通常是主权债券，例如美国国库债券。

The price of bitcoin rose sharply on Thursday, putting it back in contact with the $110,000 level, galvanized by the rush of corporate treasurers and the teasing from White House advisor Bo Hines.

比特币的价格在周四急剧上涨，使其与$ 110,000的水平接触，这是由公司财政部长和白宫顾问Bo Hines的戏弄所吸引的。

The Bitcoin Strategy

比特币策略

Now, usually, corporate treasurers are known for their conservatism, allocating the majority of capital to less risky assets. These are typically sovereign bonds, such as US Treasury bonds.

现在，通常，公司财务主管以保守主义而闻名，将大多数资本分配给风险较小的资产。这些通常是主权债券，例如美国国库债券。

But the world is changing. Inflation, interest rates, geopolitical risks, and the advent of bitcoin are leading more and more companies to reconsider this now sterile strategy, especially in a context where Europe joins the BRICS rebellion against the dollar.

但是世界在变化。通货膨胀，利率，地缘政治风险和比特币的出现正在导致越来越多的公司重新考虑这一现已无菌的战略，尤其是在欧洲加入金砖四国叛乱的情况下。

In 2020, MicroStrategy was the first to make bitcoin its main treasury reserve with an initial purchase of 38,250 BTC for $425 million. Five years later, Strategy holds 582,000 BTC worth $63 billion.

在2020年，MicroStrategy是第一个以4.25亿美元的价格购买38,250 BTC，最初购买了38,250 BTC，将比特币制造出其主要国库券。五年后，战略持有582,000 BTC，价值630亿美元。

Dozens of companies and institutional investors, including Stone Ridge, Semler Scientific, and Tesla, have adopted similar strategies: more than a hundred of them now hold over 3% of the circulating bitcoin supply, as shown by Fidelity Digital Assets’ study on corporate treasuries.

包括Stone Ridge，Semler Scientific和Tesla在内的数十家公司和机构投资者采用了类似的策略：如Fidelity Digital资产对公司财务研究所示，现在有超过3％的循环比特币供应量超过3％。

Bernstein Research expects the corporate world to invest $330 billion by 2029. To put this figure in perspective, note that ETFs have “only” attracted $45 billion since their launch in January 2024.

伯恩斯坦研究（Bernstein Research）预计，企业界将在2029年投资3,300亿美元。要看这一数字，请注意，自2024年1月推出以来，ETF的“仅”吸引了450亿美元。

It’s straightforward, the pace at which companies are accumulating already exceeds the natural supply of bitcoins (450 BTC per day). Not to mention ETF demand which is of the same order of magnitude (431 BTC as of Tuesday, June 10).

这很简单，公司积累的速度已经超过比特币的自然供应（每天450 BTC）。更不用说ETF需求的数量级相同（截至6月10日，星期二431 BTC）。

Undoubtedly, regulatory developments have strengthened investors’ confidence. Notably the accounting legitimacy offered by the Financial Accounting Standards Board (FASB), the MiCA regulation in Europe, and the SEC approval of ETFs in the United States.

毫无疑问，监管发展增强了投资者的信心。值得注意的是，财务会计标准委员会（FASB）提供的会计合法性，欧洲的云母法规以及美国ETF的SEC批准。

All these advances provide investors and companies with the assurance and clarity they needed to take the plunge.

所有这些进步为投资者和公司提供了投资所需的保证和清晰度。

Born in USA

出生于美国

Of course, the big catalyst of 2025 was Donald Trump’s election. The United States is about to make bitcoin its reserve currency and the latest statements from Bo Hines are feeding into the prevailing optimism:

当然，2025年的大催化剂是唐纳德·特朗普的选举。美国即将使比特币的储备货币，而Bo Hines的最新声明正在引起人们的乐观情绪：

Reporters constantly ask me how many bitcoins we are going to accumulate? We want as many as possible. We have to do so in a budget-neutral way, but the possibilities are countless. […] We will be ready soon and I think bitcoiners will be extremely happy.

记者不断问我要积累多少比特币？我们想要尽可能多的。我们必须以预算中立的方式这样做，但可能性是无数的。 […]我们很快就会做好准备，我认为比特币将非常高兴。

Moreover, there are signs that speak for themselves. Trump Media and Technology Group has just raised $2.5 billion to build a bitcoin treasury. And as everyone knows, there is no better trader than an American politician…

此外，有一些迹象自言自语。特朗普媒体和技术集团刚刚筹集了25亿美元来建造比特币财政部。众所周知，没有什么比美国政治家更好的交易者了……

Let us also remember that Senator Cynthia Lummis introduced the “Bitcoin Act” early March. This bill proposes that the United States acquire 1 million bitcoins over five years, probably by selling part of its gold reserves. The senator sees this as a geopolitical and economic strategy aimed at countering China and reducing debt weight.

让我们还记得，参议员辛西娅·卢米斯（Cynthia Lummis）于3月初提出了“比特币法案”。该法案建议，美国在五年内收购了100万比特币，可能是出售其一部分黄金储备。参议员认为这是一种地缘政治和经济战略，旨在抵消中国并减轻债务权重。

Other countries will inevitably follow the United States’ lead. For example, South Korea, the Czech Republic, and also Poland. It is also rumored that Russia and China are seriously considering the matter, as they represent nearly 30% of the network’s computing power.

其他国家将不可避免地跟随美国的领导。例如，韩国，捷克共和国以及波兰。也有传言说，俄罗斯和中国正在认真考虑此事，因为它们占网络计算能力的近30％。

The Wind Also Turns in Favor of Banks

风也转向银行

2025 promises to be a pivotal year and the evolution of bankers’ opinions may be just as significant as Donald Trump’s election.

2025年有望成为关键的一年，而银行家意见的演变可能与唐纳德·特朗普的当选一样重要。

Thanks must be given to Michael Saylor, who reassures them by rejecting the idea that bitcoin could replace the fiat system. He clarified his thoughts during the recent Bitcoin conference in Vegas:

必须感谢迈克尔·塞勒（Michael Saylor），后者通过拒绝比特币可以取代菲亚特系统的想法来保证他们。他在最近在拉斯维加斯举行的比特币会议上澄清了自己的想法：

For the CEO of Strategy, bitcoin will grow to $10 trillion, then $100 trillion, adding to existing capital without changing the world’s face.

对于战略首席执行官而言，比特币将增长到100万亿美元，然后是100万亿美元，增加了现有资本而不会改变世界的面貌。

States, companies, and municipalities will continue to issue debt as long as they exist. Families will continue to borrow to buy a home. Credit won’t disappear and people will continue to operate in fiat currency, but compensations at higher levels will be in bitcoins.

州，公司和市政当局将继续发行债务。家庭将继续借钱买房。信贷不会消失，人们将继续以法定货币运作，但比特币的薪酬将在较高的水平上。

His historical parallel is interesting: “Was the world built on a gold standard in the 19th century? Yes, but what circulated was the fiduciary expression of debt, not gold. Will the world be on a Bitcoin standard in the 21st century? Yes. What will circulate? All forms of credit [in fiat currency]. I don’t see a world where that disappears. I don’t see a world where it needs to disappear.”

他的历史相似之处很有趣：“世界是否建立在19世纪的黄金标准上？是的，但是，债务的信托表达是什么流传的，而不是黄金的。世界将在21世纪达到比特币标准的标准。是的。是什么流通的信贷？所有形式的信贷（以菲亚特货币为单位）。我看不到一个世界上消失的世界。我需要消失的世界。”

Michael Saylor sees Bitcoin becoming the king asset toward which everything else gravitates. “The center of gravity of the 21st-century financial universe will be Bitcoin,” he said.

迈克尔·赛勒（Michael Saylor）认为比特币成为其他一切吸引人的国王资产。他说：“ 21世纪金融宇宙的重心将是比特币。”

In short, Satoshi Nakamoto is not the anti-Christ of banks. Bitcoin is not an existential threat to the fiat system. This awareness is perhaps what was missing

简而言之，萨托·纳卡摩（Satoshi Nakamoto）不是银行的反基督。比特币不是菲亚特系统的存在威胁。这种意识也许是缺少的