迈克尔·塞勒（Michael Saylor）解释了为什么比特币的价格停滞不前

Michael Saylor在接受MicroStrategy创始人Natalie Brunell的播客采访中，对2025年5月9日的比特币价格趋势发表了评论。

In a recent interview on the Coin Stories podcast with Natalie Brunell, the founder of FinTech Mogul, Michael Saylor, offered interesting commentary on Bitcoin’s price trends.

金融科技大亨迈克尔·塞勒（Michael Saylor）的创始人娜塔莉·布鲁内尔（Natalie Brunell）最近接受了有关硬币故事播客的采访，对比特币的价格趋势发表了有趣的评论。

As the price of Bitcoin (BTC) failed to reach $150,000 as quickly as some had anticipated, Saylor attributed this to investors selling too quickly.

由于比特币（BTC）的价格未能像某些人预期的那样迅速达到150,000美元，因此Saylor将其归因于卖得太快的投资者。

“There are no long-term investors who quickly dumped their Bitcoin during the rally,” explained Saylor. Rather, the rapid increase in the price of Bitcoin created situations that caused these short-term investors to quickly liquidate their positions.

Saylor解释说：“没有长期投资者在集会期间迅速抛弃了比特币。”相反，比特币价格的迅速上涨造成了使这些短期投资者迅速清算其头寸的情况。

Discussing the rapid selling behavior of short-term investors, Saylor observed that they sold Bitcoin fast to access more liquid funds. This selling pressure, in turn, limited Bitcoin’s ascent towards greater values.

在讨论短期投资者的快速销售行为时，Saylor观察到他们快速销售比特币以获取更多的流动资金。反过来，这种销售压力限制了比特币对更大价值的上升。

Despite the selling, Saylor believes that there is a bright future for Bitcoin. He added that there has been a new wave of investors, which is a sign that prices will increase in the near future.

尽管有销售，Saylor认为比特币有光明的未来。他补充说，已经有一波新的投资者，这表明价格将在不久的将来上涨。

"We're seeing a real changing of the guard in the market," said Saylor.

塞勒说：“我们看到了市场上警卫的真正改变。”

As short-term investors, such as government entities, lawyers, and bankruptcy trustees, who have been the main holders of a significant amount of all the Bitcoin, are exiting the market, there is a new wave of investors, which includes institutions like treasury companies and exchange-traded funds (ETFs), entering the market.

作为短期投资者，例如政府实体，律师和破产受托人，他们一直是所有比特币的主要持有人，他们正在退出市场，因此有新的投资者浪潮，其中包括财政公司和交易所贸易资金（ETF）等机构，并进入市场。

These government entities, lawyers, and bankruptcy trustees have been some of the main holders of a significant amount of all the Bitcoin, according to Saylor.

塞勒说，这些政府实体，律师和破产受托人一直是所有比特币的主要持有人。

Saylor says that these groups tend to hold Bitcoin for shorter periods and are more willing to liquidate when prices increase.

塞勒说，这些群体倾向于较短的时间内持有比特币，并且在价格上涨时更愿意清算。

This dynamic of investor participation has developed the market in a new way.

这种投资者参与的动态以新的方式发展了市场。

The influx of new investors might help to stabilize Bitcoin’s price in the future, but the current selling has kept it below his intended level, according to Saylor.

塞勒说，新投资者的涌入可能有助于将来稳定比特币的价格，但目前的销售使其低于其预期水平。

In a separate interview, released by Brunell on 8th May 2025, Saylor shared his potential price target for Bitcoin of $13 million in the long run.

在2025年5月8日，布鲁内尔（Brunell）在另一次采访中，塞勒（Saylor）从长远来看，对比特币的潜在价格目标分别为1300万美元。

According to Saylor, the value of Bitcoin is set to skyrocket once more companies adopt it into their treasury reserves. However, macro pressures like tariffs are one of the reasons why Bitcoin is not progressing as fast as it should.

根据赛勒（Saylor）的说法，比特币的价值将越来越多地将其采用到财政部储备中。但是，诸如关税之类的宏观压力是比特币没有尽快发展的原因之一。

According to Saylor, such economic pressures had planted seeds of uncertainty across financial markets, leaving investors less sure about the future of cryptocurrencies.

根据塞勒（Saylor）的说法，这种经济压力已经在金融市场上种植了不确定性的种子，使投资者不太确定加密货币的未来。

During the podcast, Saylor discussed in detail the increased corporate adoption of Bitcoin for treasury use. He highlighted MicroStrategy’s strategy, which had the company at the leading edge of this trend by storing massive amounts of Bitcoin for its treasury.

在播客期间，Saylor详细讨论了比特币用于国库使用的公司采用的增加。他强调了MicroStrategy的战略，该战略通过为其财政部存储大量比特币，使该公司处于这一趋势的领先地位。

According to Bitcoins offer a good security option for organizations that are prone to capital erosion. Thus, Bitcoin can be used by companies to offset risks associated with inflation and weakening of currencies through strengthening their balance sheets.

根据比特币，比特币为容易发生资本侵蚀的组织提供了一个很好的安全选择。因此，公司可以使用比特币来抵消与通货膨胀和货币削弱货币的风险，从而通过加强货币表格来抵消风险。

Saylor also brought up BitBonds as a potential way to bring Bitcoin into the mainstream of finance. He described Bitcoin as “the sucrose of finance,” which highlighted its ability to energize and change the financial world.

Saylor还提出了BitBonds，作为将比特币带入金融主流的潜在方法。他将比特币描述为“金融的蔗糖”，该比特币强调了其充满活力和改变金融界的能力。

Saylor pointed out during the conversation that the company’s achievements have received an uplift in view of the investment made in Bitcoin. Also, Saylor spoke about Bitcoin’s place in providing stability during times of market volatility.

塞勒在谈话中指出，鉴于比特币的投资，公司的成就得到了提升。另外，塞勒谈到了比特币在市场波动时提供稳定性的位置。

In the midst of increasing interest in U.S. Bitcoin adoption, Saylor’s ideas take on an even more pronounced meaning. He observed that more and more companies are taking Bitcoin into account as a treasury asset, and the tendency will only grow in the future.

在对美国比特币采用的兴趣越来越多的过程中，塞勒的想法具有更明显的含义。他观察到，越来越多的公司将比特币视为财政资产，而将来的趋势只会在未来增长。