公司比特币储备策略乘飞机…

随着世界进入AI，加密货币和区块链的发展，黄金和白银看起来很明显。经济学家梅纳德·凯恩斯（Maynard Keynes）指出的“野蛮遗物”

As the world progresses into AI, crypto, and blockchain, gold and silver look distinctly old-fashioned. The ‘barbarous relic’, as economist Maynard Keynes pointed out a century ago, was then going out of fashion. Now, it appears the process is accelerating. Michael Saylor of MSTR would wholeheartedly agree.

随着世界进入AI，加密货币和区块链的发展，黄金和白银看起来很明显。经济学家梅纳德·凯恩斯（Maynard Keynes）在一个世纪前指出的那样，“野蛮的遗物”当时已经过时了。现在，似乎该过程正在加速。 MSTR的迈克尔·塞勒（Michael Saylor）全心全意地同意。

For hundreds of years, however, gold was money. It still is. A transactional metal in most capital cities, a bag of high-quality gold can buy you physical comfort anywhere. A troy ounce of gold these days fetches a hefty $3,300 (around £2,400).

但是，数百年来，黄金就是金钱。仍然是。在大多数首都城市中，一袋高品质的黄金可以在任何地方为您提供身体上的舒适感。如今，一盎司的黄金获得了3,300美元（约2,400英镑）。

But Bitcoin bulls will gloat over that gold price. At $105,000 (or thereabout) per digital coin, BTC now trades at a multiple of one gold troy ounce. The Gold versus Bitcoin price differential seems to widen by the month. Bitcoin’s characteristic – divisibility, portability, and new-fangled technology – all underpin its increasing desirability.

但是，比特币公牛会超越那个黄金价格。 BTC现在以105,000美元（或其他数字硬币）的价格交易，以一盎司的一盎司的倍数交易。黄金与比特币价格差异似乎在本月之前扩大了。比特币的特征 - 可分裂性，可移植性和新型技术 - 都为其越来越多的需求奠定了基础。

So enamoured by Bitcoin’s seemingly unstoppable rise that more and more companies are exploring ways to surf the crypto trend. The ‘Bitcoin Treasury Reserve’ strategy is the latest fad to encroach corporate boardrooms.

因此，比特币看似不可阻挡的上升所迷恋，以至于越来越多的公司正在探索冲浪加密趋势的方法。 “比特币国库预备役”策略是侵占公司董事会的最新时尚。

The newest company to switch into a quasi-Bitcoin holding company is Metaplanet (3350 JP) , a hotel management business listed in Tokyo. Its stock price soared this month when it announced a Bitcoin treasury plan. A $5.4 billion equity offering to buy 210,000 Bitcoins stunned investors and swiftly precipitated a scramble for its shares (see below).

最新的公司转入准比蒂币控股公司是Metaplanet（3350 JP），这是一家在东京上市的酒店管理业务。本月宣布比特币国库计划时，其股价飙升。 54亿美元的股权可购买21万比特币震惊的投资者，并迅速促使其股票争夺（见下文）。

Metaplanet’s Bitcoin reserve strategy is neither the first, nor last. Trump Media (DJT) recently raised $2.5 billion by way of equity and convertible notes to invest in Bitcoin. Semler Scientific (SMLR) , a medical device company, also engaged in Bitcoin buying strategies. Even the granddaddy of MEME stock – GameStop (GME) – couldn’t resist the temptation. 4,710 BTC was acquired into its balance sheet.

Metaplanet的比特币储备策略既不是第一个也不是最后。特朗普媒体（DJT）最近通过股权和可转换票据筹集了25亿美元，以投资比特币。医疗设备公司Semler Scientific（SMLR）也从事比特币购买策略。即使是Meme Stock的祖父 - GameStop（GME） - 也无法抗拒诱惑。将4,710 BTC收购到其资产负债表中。

And whenever there is a tech fad, you can be sure that SoftBank (9434 JP) is there. Together with Tether and Cantor Equity, these backers formed Twenty-One Capital XXI (CEP) last month via a spac. CEP is now the third-largest BTC holding company (with 37,230).

每当有技术时尚时，您可以确定软银（9434 JP）就在那里。这些支持者与系带和康托尔权益一起通过一个SPAC形成了21个Capital XXI（CEP）。 CEP现在是第三大BTC控股公司（37,230）。

The behemoth and leader by far in holding Bitcoin remains MicroStrategy (MSTR). The firm is sitting on an enviable 582,000 Bitcoin hoard. Have a look at the companies holding Bitcoin below:

迄今为止，庞然大物和领导者在持有比特币方面仍然是微观的（MSTR）。该公司坐在一个令人羡慕的582,000比特币ho积。看看下面持有比特币的公司：

Source: bitcointreasuries.net/

资料来源：比特币库.net/

Is the Bitcoin Reserve a speculative fad or financial prudence?

比特币保留是投机性的时尚还是财务谨慎？

But is this so-called bitcoin reserve strategy a financially viable route? Or is this Dot-Com craze 2.0, where most companies lose their shirts investing in speculative unprofitable dot-coms?

但是，这种所谓的比特币储备战略在财务上可行吗？还是这个点com热潮2.0，大多数公司在投机性无利可图的互联网上都失去了衬衫的投资？

For now, it appears that acquiring Bitcoins for their balance sheets is a financially ‘sound’ one. Two points worth stressing here: ‘for now’ and ‘sound’.

就目前而言，似乎为资产负债表购买比特币是一种财务上的“声音”。值得在这里强调两个点：“现在”和“声音”。

Few know how Bitcoin will fare in the future. At the moment, most investors hold bullish views on it. The reason is simple: Bitcoin has more than quadrupled from the $16,000 low in 2022. Cast your eyes just a little further, BTC jumped 10x in 5 years. Everyone recognises a red-hot bull market.

很少有人知道将来比特币的表现。目前，大多数投资者对此有看涨的看法。原因很简单：比特币从2022年的$ 16,000低点开始了三倍以上。将您的眼睛进一步增加，BTC在5年内跃升了10倍。每个人都认识到炽热的牛市。

One market principle is that an appreciating asset always attracts capital. The stronger the momentum, the more money it attracts. So the larger the crowd, the bigger the party. At $2.1 trillion in market cap, Bitcoin is hosting a rather large party.

一种市场原则是，欣赏的资产总是吸引资本。动力越强，吸引的钱就越多。因此，人群越大，聚会就越大。比特币的市值为2.1万亿美元，主办了一个相当大的聚会。

Moreover, when CEOs notice that a ‘Bitcoin Treasury Strategy’ immediately propels its share price north, the enticement to adopt increases immeasurably. Hence, the list of corporate ‘Bitcoin Adopters’ lengthens.

此外，当首席执行官注意到“比特币国库策略”立即推动其股价北部，诱惑采用的诱惑将无可估计。因此，企业“比特币采用者”列表延长了。

The logic underpinning this reserve strategy is that ‘Bitcoin prices always go up’. Indeed, Bitcoin’s long-running bull trend has been defying gravity (and countless doomsayers). In light of the growing sovereign debt pile sitting in credit portfolios, the Hard-Cap Bitcoin appears relatively safe for capital, due to its limited supply, in the same role that gold is playing right now, as a sovereign reserve asset.

这项储备策略的基础的逻辑是“比特币价格总是上涨”。的确，比特币长期运行的牛趋势一直在违背重力（和无数的厄运者）。鉴于在信贷投资组合中越来越多的主权债务堆堆，硬盘比特币在资本的供应量有限的情况下似乎相对安全，与黄金现在正在扮演的角色一样，作为主权储备资产。

Silver Breaks Out!

银爆发！

While Bitcoin is attracting increasing corporate sponsorship. sadly silver is still being unappreciated – despite breaking out to its highest level in more than a decade (see below).

比特币吸引了越来越多的公司赞助。令人遗憾的是，尽管白银在十多年来爆发到最高水平，但银币仍然没有得到赞赏（见下文）。

So far, virtually no CEOs is talking about buying silver as a strategic reserve. Silver is too analogue in today’s digital world.

到目前为止，几乎没有CEO都在谈论购买银作为战略储备。在当今的数字世界中，银太模拟了。

But there’s money to be made in silver, though. Prices vaulted to the highest level since 2012, suggesting an imminent catch-up with gold. When stars are aligned for silver, it can produce strong returns

但是，有银子可以赚钱。价格越来越高于2012年以来的最高水平，这表明即将遇到黄金的追赶。当恒星对齐银牌时，它会产生强大的回报