MicroStrategy（MSTR -0.48％）刚刚购买了超过14亿美元的比特币，这不是第一次

MicroStrategy（MSTR -0.48％）在4月28日（BTC 1.05％）购买了超过14亿美元的比特币，这不是第一次。通过这样的购买，该公司发出了一个明确的信号，表明它认为硬币的价值将继续增加。但这并不意味着您应该盲目地遵循策略的脚步。让我们评估其方法和理由，以便您知道投资比特币是否有意义，或者输出更好：MSTR刚刚购买了超过14亿美元的比特币，这不是第一次

"The main pillar of Strategy’s financing of these purchases is its issuance of convertible debt, which relies on the value of Bitcoin to be an appreciating asset that pumps up its stock price, thereby enabling it to issue even more convertible debt to raise more money to buy more of the coin.

“战略对这些购买的融资的主要支柱是发行可转换债务，这取决于比特币的价值是一种欣赏的资产，可促进其股票价格上涨，从而使其能够发行更可兑换的债务以筹集更多的钱来购买更多的硬币。

Thus far, this plan has been working for Strategy. Its stock is up by 190% during the past 12 months, exceeding Bitcoin’s gain of 51% and the market’s gain of 8%.

到目前为止，该计划一直在为战略工作。在过去的12个月中，其股票增长了190％，超过比特币的增长51％，市场增长8％。

If Bitcoin’s price falls by a large amount, it is possible that the company’s creditors will demand that it liquidate its crypto investment so as to ensure that they get repaid. That could spike a downward spiral for both Strategy’s stock price and Bitcoin’s price too.

如果比特币的价格大量下跌，则该公司的债权人可能会要求其清算其加密货币投资，以确保其偿还。这也可能会使策略的股价和比特币的价格都呈下降趋势。

But as an investor thinking about whether to buy Bitcoin, the more important thing to recognize here is that your financial situation and purchasing capabilities are unlikely to be anything similar to Strategy’s.

但是，作为一个考虑是否购买比特币的投资者，这里更重要的是，您的财务状况和购买能力不太可能与战略相似。

You shouldn't copy its willingness to commit larger and larger sums of capital to buying more of the coin, and you definitely shouldn't borrow to finance your purchases. Even if it’s among the safest cryptocurrencies, Bitcoin is still a volatile asset, and so it’s too risky for most individuals to buy it by using a lot of leverage from debt.

您不应该将其愿意付出越来越多的资本的意愿来购买更多的硬币，而且您绝对不应该借钱来为您的购买提供资金。即使它是最安全的加密货币之一，比特币仍然是一种波动的资产，因此对于大多数人来说，通过使用债务大量杠杆作用来购买它是太冒险了。

The bull thesis is getting stronger, not weaker

公牛论文变得越来越强，而不是弱

Regardless of how Strategy is implementing its strategy, there’s a strong investment thesis for buying Bitcoin, and Strategy’s approach actually bolsters that thesis somewhat.

无论战略如何实施其战略，都有一项强大的投资论文来购买比特币，而战略的方法实际上会提出一些论点。

At the core of Strategy’s strategy is the fact that Bitcoin’s supply is tightly constrained. Only 21 million coins can ever be created (about 19.9 million already are in circulation), and it’s only produced in small quantities. It will get harder and harder to produce new Bitcoin over time as a result of its halving schedule.

战略战略的核心是比特币的供应受到严格限制的事实。只能创建2100万个硬币（已经发行了约1,990万个），并且仅生产少量。随着时间的推移，由于其减半时间表，生产新的比特币将变得越来越困难。

And, with governments and major corporations accumulating the asset in significantly larger quantities than ever, there is more competition for the existing supply.

而且，随着政府和主要公司以比以往大大增加资产的积累，现有供应竞争的竞争更多。

Furthermore, while the concentration of the coin’s supply in the wallets of large holders does introduce a risk that those holders could tank the price by dumping their holdings, such a decline would just be a short-term blip rather than a long-term problem.

此外，虽然硬币在大型持有人钱包中的供应集中确实引入了风险，即这些持有人可以通过倾倒持有持有的价格来降低价格，但这种下降只是短期的临时，而不是长期问题。

A bigger consideration for potential buyers is the coin’s ability to maintain its purchasing power in fiat currency terms, which is important because it enables the asset to act as a hedge against inflation rather than merely as a store of value.

对潜在买家的更大考虑是硬币以菲亚特货币条款维持其购买力的能力，这很重要，因为它使资产能够充当抵抗通货膨胀的对冲，而不仅仅是作为价值存储。

So yes, you should probably be buying at least some Bitcoin to have exposure to it in your portfolio. Slow and steady wins the race here. Set up a dollar-cost averaging (DCA) plan and gradually build up a position.

因此，是的，您可能应该至少购买一些比特币，以便在您的投资组合中接触它。缓慢而稳定地赢得了比赛。建立一美元成本平均（DCA）计划，并逐渐建立职位。

Finally, remember that this is a play for the long term. In the long term, it doesn't particularly matter whether Strategy's plan makes shareholders rich or if it burns their money because Bitcoin will be in shorter supply either way.

最后，请记住，这是长期的戏剧。从长远来看，策略的计划是否使股东有钱，还是燃烧他们的钱，因为比特币的供应量较短，这并不重要。