比特币国库将在2040年拥有所有BTC的50％

机构保管人Onramp的联合创始人兼首席运营官杰西·迈尔斯（Jesse Myers）昨晚在X上告诉他的92400追随者，对公司比特币战略进行了全新的辩论。

Jesse Myers, the co-founder and chief operating officer of institutional custodian Onramp, ignited a fresh debate on corporate bitcoin strategy last night when he told his 92,400 followers on X that "Strategy will own $70 trillion of Bitcoin in 20 years, making it by far the most valuable company in the history of the world," before adding that "Bitcoin Treasury Companies will hold 50% of all BTC, way more than most Bitcoiners are prepared for."

Jesse Myers, the co-founder and chief operating officer of institutional custodian Onramp, ignited a fresh debate on corporate bitcoin strategy last night when he told his 92,400 followers on X that "Strategy will own $70 trillion of Bitcoin in 20 years, making it by far the most valuable company in the history of the world," before adding that "Bitcoin Treasury Companies will hold 50% of all BTC, way more than most比特币准备了。”

In a thread on X, Myers sketched a scenario in which dedicated treasury vehicles—public companies whose raison d’être is to arbitrage the spread between cheap fiat funding and a growing btc balance—become the dominant marginal buyers of the asset through 2045. His starting premise borrows directly from Michael Saylor:

在X上的线程中，迈尔斯勾勒出了一种场景，在这种情况下，专门的国库车辆（其理由是廉价菲亚特资金和日益增长的BTC余额之间的差异的公共公司）bectement，这是该资产的主要边缘买家，直到2045年，他的首发前提是他的迈克尔·塞勒（Michael Saylor Saylor）。

“Half of all capital is simply looking for the best store of value. Bitcoin is the best SoV asset. SoV capital will osmotically flow towards Bitcoin,” Saylor is cited as saying, with the implication being that the BTC price will rise accordingly, reaching levels that Saylor himself has previously projected at $13 million per coin by 2040.

“全部资本的一半只是在寻找最佳价值存储。比特币是最好的SOV资产。Sov Capital将渗透流向比特币，” Saylor被引用为说，这意味着BTC价格将相应上涨，达到Saylor以前预计的水平，以前预计到2040年，Saylor本人以1300万美元的价格达到了1300万美元。

The intellectual backdrop matters because MicroStrategy—recently renamed Strategy in February—already offers a proof-of-concept. The Virginia-based firm holds about 550,000 btc today after accelerating purchases through a series of high-yield preferred-stock programmes.

智力背景很重要，因为MicroStrategy（2月份的策略更名）提供了概念验证。这家总部位于弗吉尼亚州的公司通过一系列高收益偏爱的库存计划加速购买后，今天持有约55万BTC。

The funding engine is now institutional. Two preferred instruments—Strike (STRK) and Strife (STRF)—offer coupons of eight percent and ten percent respectively, terms rarely available in traditional fixed-income markets for an investment-grade name. Net proceeds of $1.27 billion from the twin offerings are expressly earmarked for further btc purchases.

资金引擎现在是机构的。两种首选乐器（Strk（Strk）和Frife（Strf））分别为8％和10％的优惠券，在传统的固定收益市场中很少获得投资级名称。双方产品中的12.7亿美元净收益明确指定用于进一步的BTC购买。

But, argues Myer, such structures turn Strategy into a "capital pump" that channels yield-hungry bond flows—an estimated $318 trillion pool, by his count—into btc. If growth tracks Saylor’s trajectory, Strategy alone would accumulate five million bitcoin, or nearly one quarter of eventual supply, by 2045.

但是，迈尔认为，这种结构将战略变成了一种“资本泵”，该策略引起了渴望债券的流动，这是他的数量估计的31.8万亿美元池。如果增长轨迹轨道的轨迹，到2045年，仅策略就会累积500万比特币或最终供应的四分之一。

Japan’s Metaplanet is already following suit. The Tokyo-listed investment house, which trades at a treasury multiple of 2.7 and has a preferred-stock programme that pays a seven percent coupon, disclosed this week a treasury top-up with 7,800 btc following a ¥16.2 billion (about $117 million) bond sale. It is also aiming for 10,000 btc by year-end.

日本的Metaplanet已经效仿了。上市的投资公司以2.7的国库倍数进行交易，并具有首选股票计划支付7％的优惠券，本周披露了一家以7,800 BTC的债券票房，此前是162亿日元（约1.17亿美元）的债券销售。它还旨在按年底出现10,000 BTC。

Similar moves by major vehicles such as 21 Capital – which has significant backing from major players including SoftBank, Tether, and Bitfinex – suggest, in Myer’s words, "the birth of an industry." His distribution model places treasury companies at three percent of supply today (about 630,000 btc) but projects a fifty-percent share—10.5 million btc—by 2045, leaving roughly equal portions for governments, traditional corporations, and individuals. At a $13 million spot price, that corporate half would be valued at $140 trillion; Strategy’s slice, by his estimate, would top $70 trillion.

用迈尔（Myer）的话说，诸如21 Capital等主要车辆（例如21 Capital）的类似行动（包括软银，Tether和Bitfinex）的主要支持是“行业的诞生”。他的分销模式将财政公司的今天占供应量的3％（大约63万BTC），但预计到2045年的百分之五十五，即1050万BTC，为政府，传统公司和个人留下了大致相同的部分。以1300万美元的价格价格，公司一半的价值为140万亿美元；根据他的估计，策略的切片将超过70万亿美元。

At press time, btc traded at $110,816.

发稿时，BTC的交易价格为110,816美元。