{"id":1411,"date":"2025-07-20T07:53:19","date_gmt":"2025-07-19T23:53:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=1411"},"modified":"2025-07-20T07:53:19","modified_gmt":"2025-07-19T23:53:19","slug":"microstrategy%e6%98%af%e4%b8%8b%e4%b8%80%e4%b8%aaftx%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=1411","title":{"rendered":"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f"},"content":{"rendered":"<p>\u5982\u679c\u4f60\u80fd\u6d3b\u5230\u660e\u5929\uff0c\u8fd9\u53ef\u80fd\u610f\u5473\u7740\uff1aa\uff09\u4f60\u66f4\u6709\u53ef\u80fd\u957f\u751f\u4e0d\u8001\uff0c\u6216\u8005 b\uff09\u4f60\u66f4\u63a5\u8fd1\u6b7b\u4ea1\u3002<\/p>\n<p>\u2014\u2014Nassim Nicholas Taleb \u7684\u300a\u9ed1\u5929\u9e45\u300b<\/p>\n<p>\u8ddd 2022 \u5e74 11 \u6708 FTX \u7533\u8bf7\u7834\u4ea7\uff0c\u5df2\u7ecf\u8fc7\u53bb\u4e24\u5e74\u4e86\u3002\u5e02\u573a\u4eff\u4f5b\u5fd8\u4e86 FTX \u548c Terra \u7684\u5d29\u76d8\uff0c\u8fc5\u901f\u590d\u82cf\uff0c\u6bd4\u7279\u5e01\u6765\u5230\u4e86 10 \u4e07\u7f8e\u5143\u5173\u53e3\u3002<\/p>\n<p>\u867d\u7136\u5e02\u573a\u7684\u7a33\u6b65\u4e0a\u6da8\u4ee4\u4eba\u5174\u594b\uff0c\u4f46\u4f5c\u4e3a 2020 \u5e74\u8fdb\u5165\u52a0\u5bc6\u5e02\u573a\u7684\u6295\u8d44\u8005\uff0c\u6211\u89c1\u8bc1\u4e86\u592a\u591a\u7684\u5d29\u76d8\u4e8b\u4ef6\uff0c\u6211\u4e0d\u7981\u62c5\u5fc3\u4e0b\u4e00\u4e2a\u9ed1\u5929\u9e45\u4e8b\u4ef6\u4f1a\u662f\u4ec0\u4e48\u3002<\/p>\n<p>FTX \u548c Terra \u7684\u5012\u95ed\u6709\u4e0d\u540c\u7684\u539f\u56e0\u3001\u8fc7\u7a0b\u548c\u7ed3\u679c\uff0c\u4f46\u5b83\u4eec\u6709\u4e00\u4e2a\u660e\u663e\u7684\u76f8\u4f3c\u4e4b\u5904\uff1a\u826f\u6027\u5faa\u73af\u548c\u6076\u6027\u5faa\u73af\u3002\u4e24\u8005\u7684\u7ed3\u6784\u5728\u6709\u5229\u7684\u5e02\u573a\u6761\u4ef6\u4e0b\u80fd\u5b9e\u73b0\u7206\u70b8\u5f0f\u589e\u957f\uff0c\u4f46\u5f53\u60c5\u51b5\u53d8\u7cdf\u65f6\uff0c\u4e5f\u4f1a\u9677\u5165\u65e0\u4f11\u6b62\u7684\u6b7b\u4ea1\u87ba\u65cb\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5728\u53e6\u4e00\u4e2a\u5b9e\u4f53 MicroStrategy \u8eab\u4e0a\u4e5f\u4f53\u73b0\u51fa\u7c7b\u4f3c\u7684\u7279\u5f81\u3002\u6211\u4e2a\u4eba\u8ba4\u4e3a MicroStrategy \u7684\u98ce\u9669\u6bd4 FTX \u548c Terra \u8981\u5c0f\uff0c\u4f46\u5176\u5229\u7528\u503a\u52a1\u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u505a\u6cd5\u5e76\u975e\u6ca1\u6709\u5371\u9669\u3002\u6211\u60f3\u7b80\u5355\u8ba8\u8bba\u4e00\u4e0b\u8fd9\u4e00\u70b9\u3002<\/p>\n<p><strong>1.\u73b0\u72b6<\/strong><\/p>\n<p><strong>1.1 \u516c\u53f8\u6982\u51b5<\/strong><\/p>\n<p>MicroStrategy \u6700\u521d\u7531 Michael Saylor \u4e8e 1989 \u5e74\u521b\u7acb\uff0c\u662f\u4e00\u5bb6\u5546\u4e1a\u667a\u80fd\u516c\u53f8\u3002\u6210\u7acb\u521d\u671f\uff0c\u8be5\u516c\u53f8\u4e13\u6ce8\u4e8e\u5206\u6790\u8f6f\u4ef6\uff0c\u6700\u7ec8\u968f\u7740\u6280\u672f\u8fdb\u6b65\u6269\u5c55\u5230\u79fb\u52a8\u5e94\u7528\u7a0b\u5e8f\u548c\u4e91\u670d\u52a1\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468391039.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468391039.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1acompaniesmarketcap.com<\/p>\n<p>\u8be5\u516c\u53f8\u4e8e 1998 \u5e74\u4e0a\u5e02\uff0c\u521d\u671f\u4f30\u503c\u7ea6\u4e3a 10 \u4ebf\u7f8e\u5143\u3002\u9664\u4e86\u4e92\u8054\u7f51\u6ce1\u6cab\u671f\u95f4\u7684\u77ed\u6682\u98d9\u5347\u5916\uff0cMicroStrategy \u7684\u5e02\u503c\u4e00\u76f4\u5728 10 \u4ebf\u7f8e\u5143\u5de6\u53f3\u5f98\u5f8a\uff0c\u76f4\u5230 2020 \u5e74\uff0c\u5b83\u4ecd\u7136\u662f\u4e00\u53ea\u76f8\u5bf9\u5e73\u6de1\u65e0\u5947\u7684\u80a1\u7968\u3002\u7136\u800c\uff0c\u4e00\u5207\u90fd\u5728 2020 \u5e74 8 \u6708 11 \u65e5\u53d1\u751f\u4e86\u53d8\u5316\uff0c\u5f53\u65f6 MicroStrategy \u4f5c\u4e3a\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\u5ba3\u5e03\u9996\u6b21\u8d2d\u4e70\u6bd4\u7279\u5e01\u3002\u4ece\u90a3\u65f6\u8d77\uff0c\u5b83\u4e00\u76f4\u5728\u4e0d\u65ad\u589e\u6301 BTC\uff0c\u63a8\u52a8\u81ea\u8eab\u5e02\u503c\u5448\u6307\u6570\u589e\u957f\uff0c\u76ee\u524d\u7ea6\u4e3a 900 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p><strong>1.2 \u8d44\u91d1\u4ece\u54ea\u91cc\u6765\uff1f<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468414224.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468414224.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aSaylorCharts<\/p>\n<p>MicroStrategy \u4ee5\u5e73\u5747 58,263 \u7f8e\u5143\u7684\u4ef7\u683c\u8d2d\u4e70\u4e86\u603b\u8ba1 402,100 \u679a BTC\uff0c\u7ea6\u5360\u6bd4\u7279\u5e01\u603b\u4f9b\u5e94\u91cf 2100 \u4e07\u7684 1.9%\uff0c\u8fd9\u662f\u4e00\u4e2a\u60ca\u4eba\u7684\u6570\u5b57\u3002\u8be5\u516c\u53f8\u4e3b\u8981\u901a\u8fc7\u4e09\u79cd\u65b9\u5f0f\u4e3a\u5176\u6bd4\u7279\u5e01\u8d2d\u4e70\u63d0\u4f9b\u8d44\u91d1\uff1a<\/p>\n<p><strong>1.2.1 \u73b0\u91d1\u50a8\u5907<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468442507.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468442507.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aSEC<\/p>\n<p>\u4f5c\u4e3a\u4e00\u5bb6\u8f6f\u4ef6\u516c\u53f8\uff0cMicroStrategy \u901a\u8fc7\u4ea7\u54c1\u8bb8\u53ef\u3001\u8ba2\u9605\u670d\u52a1\u548c\u4ea7\u54c1\u652f\u6301\u6765\u521b\u9020\u6536\u5165\u3002\u6839\u636e\u5176 10-K \u62a5\u544a\uff0c\u8be5\u516c\u53f8\u7684\u6838\u5fc3\u4e1a\u52a1\u5728 2022 \u5e74\u521b\u9020\u4e86\u7ea6 4.99 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\uff0c\u5728 2023 \u5e74\u521b\u9020\u4e86\u7ea6 4.96 \u4ebf\u7f8e\u5143\u7684\u6536\u5165\u3002<\/p>\n<p>\u6263\u9664\u6210\u672c\u548c\u8fd0\u8425\u8d39\u7528\uff08\u4e0d\u5305\u62ec\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u6ce2\u52a8\uff09\u540e\uff0cMicroStrategy \u5728 2022 \u5e74\u76c8\u4f59 1050 \u4e07\u7f8e\u5143\uff0c2023 \u5e74\u76c8\u4f59 80 \u4e07\u7f8e\u5143\u3002\u8fd9\u4e9b\u8d44\u91d1\u53ef\u7528\u4e8e\u8d2d\u4e70 BTC \u6216\u652f\u4ed8\u73b0\u6709\u503a\u52a1\u7684\u5229\u606f\u3002<\/p>\n<p><strong>1.2.2 \u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u53ca\u80a1\u7968\u53d1\u884c<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468467114.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468467114.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aMicroStrategy 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u62a5\u544a<\/p>\n<p>MicroStrategy \u7b79\u96c6\u8d44\u91d1\u7684\u4e3b\u8981\u65b9\u5f0f\u662f\u53d1\u884c\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u3002\u622a\u81f3 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\uff0c\u8be5\u516c\u53f8\u5df2\u901a\u8fc7\u6b64\u7c7b\u7968\u636e\u7d2f\u79ef\u4e86\u7ea6 42.6 \u4ebf\u7f8e\u5143\u7684\u503a\u52a1\uff0c\u5e73\u5747\u5e74\u5229\u7387\u4e3a 0.811%\uff0c\u6bcf\u5e74\u7684\u5229\u606f\u652f\u51fa\u4e3a 3460 \u4e07\u7f8e\u5143\u3002<\/p>\n<p>\u6700\u8fd1\uff0c2024 \u5e74 11 \u6708 21 \u65e5\uff0cMicroStrategy \u53c8\u53d1\u884c\u4e86\u4ef7\u503c 30 \u4ebf\u7f8e\u5143\u7684\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u3002\u8fd9\u4f7f\u5176\u603b\u503a\u52a1\u8d85\u8fc7 70 \u4ebf\u7f8e\u5143\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u65b0\u53d1\u884c\u7684 30 \u4ebf\u7f8e\u5143\u7968\u636e\u7684\u7968\u9762\u5229\u7387\u4e3a 0%\uff0c\u8fd9\u610f\u5473\u7740\u4e0d\u4f1a\u4ea7\u751f\u5229\u606f\u8d39\u7528\u3002\u4f5c\u4e3a\u56de\u62a5\uff0c\u6295\u8d44\u8005\u53ef\u4ee5\u5728\u672a\u6765\u4ee5 55% \u7684\u6ea2\u4ef7\u5c06\u8fd9\u4e9b\u7968\u636e\u8f6c\u6362\u4e3a\u80a1\u7968\u3002<\/p>\n<p>\u9664\u4e86\u53ef\u8f6c\u6362\u7968\u636e\u5916\uff0cMicroStrategy \u8fd8\u8fdb\u884c\u80a1\u7968\u53d1\u884c\u30022024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u8be5\u516c\u53f8\u53d1\u884c\u4e86\u4ef7\u503c 11 \u4ebf\u7f8e\u5143\u7684 A \u7c7b\u666e\u901a\u80a1\u3002<\/p>\n<p>MicroStrategy \u5ba3\u5e03\u8ba1\u5212\u5728\u672a\u6765\u4e09\u5e74\uff082025 \u5e74\u81f3 2027 \u5e74\uff09\u5185\u7b79\u96c6\u603b\u8ba1 420 \u4ebf\u7f8e\u5143\u7684\u8d44\u91d1\u3002\u5176\u4e2d\uff0c210 \u4ebf\u7f8e\u5143\u5c06\u6765\u81ea\u80a1\u7968\u53d1\u884c\uff0c\u5176\u4f59 210 \u4ebf\u7f8e\u5143\u5c06\u901a\u8fc7\u56fa\u5b9a\u6536\u76ca\u53d1\u884c\u7b79\u96c6\u3002\u5177\u4f53\u65f6\u95f4\u8868\u4e3a\uff1a 2025 \u5e74\u4ece\u6bcf\u4e2a\u8d44\u91d1\u6765\u6e90\u7b79\u96c6 50 \u4ebf\u7f8e\u5143\uff0c2026 \u5e74\u7b79\u96c6 70 \u4ebf\u7f8e\u5143\uff0c2027 \u5e74\u7b79\u96c6 90 \u4ebf\u7f8e\u5143\u3002<\/p>\n<p><strong>1.3 \u4e00\u4e9b\u6709\u8da3\u7684\u7edf\u8ba1\u6570\u636e<\/strong><\/p>\n<p>\u4ee5\u4e0b\u662f\u6709\u5173 MicroStrategy \u7684\u4e00\u4e9b\u6709\u8da3\u7684\u6570\u636e\u548c\u4e8b\u5b9e\uff1a<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468497680.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468497680.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aSaylorCharts<\/p>\n<p>MicroStrategy \u8d2d\u4e70\u7684\u6bd4\u7279\u5e01\u5e73\u5747\u4ef7\u683c\u4e3a 58,263 \u7f8e\u5143\uff0c\u5176\u6301\u6709\u7684\u6bd4\u7279\u5e01\u603b\u5e02\u503c\u4e3a 385 \u4ebf\u7f8e\u5143\uff0c\u8d26\u9762\u4ef7\u503c\u4e3a 234 \u4ebf\u7f8e\u5143\uff0c\u56e0\u6b64\u672a\u5b9e\u73b0\u6536\u76ca\u7ea6\u4e3a 150 \u4ebf\u7f8e\u5143\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468515199.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468515199.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aMSTR-tracker<\/p>\n<p>MicroStrategy \u7684\u5e02\u573a\u4f30\u503c\u7ea6\u4e3a\u5176\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u7684 2.2 \u500d\u3002\u8fd9\u79cd\u4f30\u503c\u5dee\u5f02\u662f\u9999\u6a7c\u7b49\u57fa\u91d1\u505a\u7a7a MicroStrategy \u80a1\u7968\u7684\u539f\u56e0\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468535233.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468535233.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p class=\"has-text-align-center\">\u6765\u6e90\uff1aMSTR-tracker<\/p>\n<p>\u5c3d\u7ba1\u7531\u4e8e\u80a1\u7968\u53d1\u884c\u5bfc\u81f4\u80a1\u7968\u6570\u91cf\u589e\u52a0\uff0c\u4f46\u6bcf\u80a1\u57fa\u672c\u80a1\u5bf9\u5e94\u7684 BTC \u4ef7\u683c\u5b9e\u9645\u4e0a\u6709\u6240\u4e0a\u6da8\u3002\u8fd9\u662f\u56e0\u4e3a MicroStrategy \u8d2d\u4e70\u6bd4\u7279\u5e01\u7684\u901f\u5ea6\u8d85\u8fc7\u4e86\u989d\u5916\u80a1\u7968\u53d1\u884c\u7684\u7a00\u91ca\u6548\u5e94\u3002<\/p>\n<p><strong>2. Microstrategy \u662f\u4e0b\u4e00\u4e2a FTX \u5417\uff1f<\/strong><\/p>\n<p>\u867d\u7136\u7ed3\u6784\u6027\u95ee\u9898\u5728 FTX \u548c Terra \u7684\u5012\u95ed\u4e2d\u53d1\u6325\u4e86\u4e00\u5b9a\u4f5c\u7528\uff0c\u4f46\u5176\u521b\u59cb\u4eba\u7684\u9053\u5fb7\u98ce\u9669\u4e5f\u662f\u91cd\u8981\u539f\u56e0\u3002\u4ece\u5b9a\u4e49\u4e0a\u8bb2\uff0c\u9ed1\u5929\u9e45\u4e8b\u4ef6\u672c\u8d28\u4e0a\u662f\u4e0d\u53ef\u9884\u6d4b\u7684\uff0c\u56e0\u6b64\u65e0\u6cd5\u6839\u636e\u516c\u5f00\u4fe1\u606f\u8bc4\u4f30 MicroStrategy \u5185\u90e8\u662f\u5426\u5b58\u5728\u9053\u5fb7\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u8fd9\u91cc\u7684\u91cd\u70b9\u5c06\u653e\u5728\u5206\u6790\u7ed3\u6784\u6027\u98ce\u9669\u4e0a\u3002<\/p>\n<p>\u867d\u7136\u8fd9\u4e2a\u8ba8\u8bba\u4e3b\u9898\u542c\u8d77\u6765\u5f88\u5b8f\u5927\uff0c\u4f46 MicroStrategy \u6240\u6d89\u53ca\u7684\u7ed3\u6784\u6027\u98ce\u9669\u5176\u5b9e\u5f88\u7b80\u5355\uff1a\u901a\u8fc7\u6760\u6746\u6295\u8d44\u6bd4\u7279\u5e01\u3002\u5982\u679c\u8be5\u516c\u53f8\u53ea\u5c06\u81ea\u5df1\u7684\u80a1\u6743\u6295\u8d44\u4e8e\u6bd4\u7279\u5e01\uff0c\u4ef7\u683c\u66b4\u8dcc\u7684\u5f71\u54cd\u5c06\u76f8\u5bf9\u8f83\u5c0f\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468568078.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468568078.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u7136\u800c\uff0c\u6b63\u5982 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u62a5\u544a\u6240\u5f3a\u8c03\u7684\u90a3\u6837\uff0cMicroStrategy \u7684\u76ee\u6807\u662f\u5229\u7528\u5ba1\u614e\u7684\u6760\u6746\u6765\u83b7\u53d6\u5c3d\u53ef\u80fd\u591a\u7684 BTC\uff0c\u63d0\u9ad8\u80a1\u4e1c\u4ef7\u503c\uff0c\u5e76\u8d85\u8d8a\u6bd4\u7279\u5e01\u672c\u8eab\u7684\u8868\u73b0\u3002<\/p>\n<p>\u4f17\u6240\u5468\u77e5\uff0c\u6760\u6746\u662f\u4e00\u628a\u53cc\u5203\u5251\uff0c\u6760\u6746\u672c\u8eab\u5c31\u4f34\u968f\u7740\u503a\u52a1\u5229\u606f\u6210\u672c\uff0c\u5982\u679c\u7528\u6760\u6746\u8d2d\u4e70\u7684 BTC \u4ef7\u503c\u4e0b\u8dcc\uff0c\u516c\u53f8\u53ef\u80fd\u88ab\u8feb\u51fa\u552e\u6240\u6301\u8d44\u4ea7\u4ee5\u507f\u8fd8\u503a\u52a1\u3002<\/p>\n<p>Michael Saylor \u66fe\u591a\u6b21\u5728\u5a92\u4f53\u4e0a\u8868\u793a\uff0c\u4ed6\u65e0\u610f\u51fa\u552e BTC\uff0c\u8fd9\u610f\u5473\u7740\u4efb\u4f55\u5f3a\u5236\u6e05\u7b97\u90fd\u53ef\u80fd\u4e25\u91cd\u5f71\u54cd\u8be5\u516c\u53f8\u7684\u4ef7\u503c\u3002\u8fd9\u53ef\u80fd\u4f1a\u5bfc\u81f4 MSTR \u80a1\u4ef7\u4e0b\u8dcc\u3001\u672a\u6765\u878d\u8d44\u56f0\u96be\u3002\u6760\u6746\u7b56\u7565\u7684\u5d29\u6e83\uff0c\u4e5f\u53ef\u80fd\u5bf9\u5e02\u573a\u4ea7\u751f\u91cd\u5927\u8fde\u9501\u53cd\u5e94\u3002<\/p>\n<p>\u4e3a\u4e86\u8bc4\u4f30 MicroStrategy \u7684\u6760\u6746\u7b56\u7565\u662f\u5426\u53ef\u6301\u7eed\uff0c\u6211\u5c06\u7814\u7a76\u4e24\u4e2a\u5173\u952e\u65b9\u9762\uff1a<\/p>\n<ul class=\"wp-block-list\">\n<li>\u5229\u606f\u6210\u672c<\/li>\n<li>\u53ef\u6301\u7eed\u6ce2\u52a8<\/li>\n<\/ul>\n<p><strong>2.1 MicroStrategy \u80fd\u5426\u63a7\u5236\u5229\u606f\u6210\u672c\uff1f<\/strong><\/p>\n<p>\u9996\u5148\uff0c\u8ba9\u6211\u4eec\u8003\u8651\u4e00\u4e0b\u5229\u606f\u6210\u672c\u3002\u968f\u7740\u6700\u8fd1\u4ee5 0% \u7968\u9762\u5229\u7387\u53d1\u884c 30 \u4ebf\u7f8e\u5143\u7684\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\uff0cMicroStrategy \u7684\u603b\u503a\u52a1\u89c4\u6a21\u7ea6\u4e3a 73 \u4ebf\u7f8e\u5143\uff0c\u5e73\u5747\u5229\u7387\u4e3a 0.476%\uff0c\u6bcf\u5e74\u7684\u5229\u606f\u652f\u51fa\u4e3a 3460 \u4e07\u7f8e\u5143\u3002\u5173\u952e\u95ee\u9898\u662f\uff1aMicroStrategy \u80fd\u5426\u6301\u7eed\u652f\u4ed8\u8fd9\u4e9b\u5229\u606f\uff1f<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468590305.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468590305.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u6839\u636e\u8be5\u516c\u53f8 2023 \u5e74\u7684 10-K \u6587\u4ef6\uff0c\u9664\u6570\u5b57\u8d44\u4ea7\u5916\uff0cMicroStrategy \u6301\u6709\u7ea6 11.3 \u4ebf\u7f8e\u5143\u7684\u5176\u4ed6\u8d44\u4ea7\u3002\u8fd9\u8fdc\u9ad8\u4e8e\u6bcf\u5e74 3,460 \u4e07\u7f8e\u5143\u7684\u5229\u606f\u652f\u51fa\uff0c\u8fd9\u8868\u660e MicroStrategy \u77ed\u671f\u5185\u6ca1\u6709\u652f\u4ed8\u5229\u606f\u7684\u95ee\u9898\u3002<\/p>\n<p>\u6b64\u5916\uff0cMicroStrategy \u4ece\u5176\u6838\u5fc3\u4e1a\u52a1\u5546\u4e1a\u667a\u80fd\u8f6f\u4ef6\u4e2d\u83b7\u5f97\u4e86\u53ef\u89c2\u7684\u6536\u5165\u3002\u7136\u800c\uff0c\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\uff0c\u6263\u9664\u6536\u5165\u548c\u8fd0\u8425\u8d39\u7528\u540e\uff0c\u5269\u4f59\u5229\u6da6\u76f8\u5bf9\u8f83\u5c0f\uff0c\u5e76\u4e14\u4e00\u76f4\u5728\u4e0b\u964d\u3002<\/p>\n<p>\u672a\u6765\u503a\u52a1\u89c4\u6a21\u4e5f\u4e0d\u5bb9\u5ffd\u89c6\u3002\u5982\u524d\u6240\u8ff0\uff0cMicroStrategy \u8ba1\u5212\u5728\u672a\u6765\u4e09\u5e74\u5185\u989d\u5916\u53d1\u884c 210 \u4ebf\u7f8e\u5143\u7684\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u3002\u8fd9\u5c06\u4f7f\u5176\u603b\u503a\u52a1\u589e\u52a0\u5230 283 \u4ebf\u7f8e\u5143\u3002\u6309\u7167\u76ee\u524d 0.476% \u7684\u5e73\u5747\u5229\u7387\u8ba1\u7b97\uff0c\u5e74\u5ea6\u5229\u606f\u652f\u51fa\u53ef\u80fd\u4e0a\u5347\u81f3 1.347 \u4ebf\u7f8e\u5143\uff0c\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u8fd9\u53ef\u80fd\u662f\u96be\u4ee5\u627f\u53d7\u7684\u6570\u989d\u3002<\/p>\n<p>\u867d\u7136 MicroStrategy \u6700\u8fd1\u901a\u8fc7\u53d1\u884c 0% \u606f\u7968\u503a\u5238\u51cf\u8f7b\u4e86\u5229\u606f\u8d1f\u62c5\uff0c\u4f46\u8be5\u516c\u53f8\u662f\u5426\u80fd\u7ee7\u7eed\u83b7\u5f97\u8fd9\u79cd\u4f4e\u606f\u503a\u52a1\u4ecd\u4e0d\u786e\u5b9a\u3002\u4e0b\u4e00\u8282\u5c06\u8fdb\u4e00\u6b65\u63a2\u8ba8\u8fd9\u4e2a\u95ee\u9898\u3002<\/p>\n<p><strong>2.2 \u672a\u6765\u7b79\u6b3e\u662f\u5426\u53ef\u6301\u7eed\uff1f<\/strong><\/p>\n<p><strong>2.2.1 \u6295\u8d44\u8005\u662f\u5426\u4f1a\u7ee7\u7eed\u63d0\u4f9b\u8d44\u91d1\uff1f<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468912540.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468912540.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u9996\u8981\u95ee\u9898\u662f\u878d\u8d44\u7684\u53ef\u6301\u7eed\u6027\u3002\u867d\u7136\u76ee\u524d\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u79ef\u6781\u60c5\u7eea\u4f7f\u5f97\u83b7\u53d6\u878d\u8d44\u53d8\u5f97\u5bb9\u6613\uff0c\u4f46\u5386\u53f2\u6570\u636e\u663e\u793a\uff0c\u5728 2021 \u5e74 2 \u6708\u81f3 2024 \u5e74 3 \u6708\u671f\u95f4\uff0cMicroStrategy \u6ca1\u6709\u53d1\u884c\u4efb\u4f55\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u3002\u8fd9\u6bb5\u65f6\u95f4\u521a\u597d\u662f\u4ece 2021 \u5e74\u6bd4\u7279\u5e01\u5d29\u76d8\u5230\u6700\u8fd1\u5e02\u573a\u590d\u82cf\u7684\u65f6\u671f\u3002<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468940071.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468940071.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u867d\u7136\u6ca1\u6709\u786e\u51ff\u7684\u8bc1\u636e\uff0c\u4f46\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5468\u671f\u5386\u6765\u4e0e\u5176 4 \u5e74\u51cf\u534a\u5468\u671f\u4e00\u81f4\u3002\u8fd9\u8868\u660e 2026-2027 \u5e74\u5de6\u53f3\u51fa\u73b0\u718a\u5e02\u7684\u53ef\u80fd\u6027\u5f88\u9ad8\uff0cBTC \u957f\u671f\u5e42\u5f8b\u6a21\u578b\u8868\u660e\u5728\u6b64\u671f\u95f4\u6f5c\u5728\u7684\u4ef7\u683c\u5e95\u7ebf\u4e3a 53,000-70,000 \u7f8e\u5143\u3002\u8003\u8651\u5230 MicroStrategy \u7684\u5e73\u5747\u6bd4\u7279\u5e01\u8d2d\u4e70\u4ef7\u683c\u4e3a 58,000 \u7f8e\u5143\uff0c\u718a\u5e02\u53ef\u80fd\u4f1a\u4f7f\u878d\u8d44\u53d8\u5f97\u56f0\u96be\u3002<\/p>\n<p><strong>2.2.2 \u6ce2\u52a8\u6027\u81f3\u5173\u91cd\u8981<\/strong><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468968044.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733468968044.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u9664\u4e86\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u4e4b\u5916\uff0c\u6ce2\u52a8\u6027\u5bf9\u4e8e\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u878d\u8d44\u7684\u53ef\u6301\u7eed\u6027\u4e5f\u8d77\u7740\u91cd\u8981\u4f5c\u7528\u3002<\/p>\n<p>\u6709\u4e9b\u8bfb\u8005\u53ef\u80fd\u4f1a\u95ee\uff1a\u4e3a\u4ec0\u4e48 MSTR \u80a1\u7968\u7684\u4ea4\u6613\u4ef7\u683c\u6bd4\u5176\u51c0\u8d44\u4ea7\u4ef7\u503c (NAV) \u9ad8\u51fa 2 \u500d\u4ee5\u4e0a\uff1f\u4e3a\u4ec0\u4e48\u6295\u8d44\u8005\u4f1a\u53c2\u4e0e\u6700\u8fd1\u53d1\u884c\u7684\u7968\u9762\u5229\u7387\u4e3a 0% \u7684 30 \u4ebf\u7f8e\u5143\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\uff1f<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733469000321.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733469000321.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u8fd9\u4e9b\u95ee\u9898\u7684\u5173\u952e\u5728\u4e8e\u6ce2\u52a8\u6027\u3002\u4e0e\u5176\u4ed6\u8d44\u4ea7\u76f8\u6bd4\uff0c\u6bd4\u7279\u5e01\u548c MSTR \u8868\u73b0\u51fa\u660e\u663e\u66f4\u9ad8\u7684\u6ce2\u52a8\u6027\uff0c\u8fd9\u5bf9\u6295\u8d44\u8005\u5177\u6709\u5438\u5f15\u529b\u3002MicroStrategy \u751a\u81f3\u5728\u5176 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6 IR \u62a5\u544a\u4e2d\u5f3a\u8c03\u4e86\u5176\u80a1\u7968\u7684\u6ce2\u52a8\u6027\u3002<\/p>\n<p>\u9ad8\u6ce2\u52a8\u6027\u4f7f\u5f97\u5404\u79cd\u4ea4\u6613\u7b56\u7565\u6210\u4e3a\u53ef\u80fd\uff0c\u4f8b\u5982 Delta \u5bf9\u51b2\u3001Gamma \u4ea4\u6613\u548c\u6ce2\u52a8\u6027\u5957\u5229\u3002<\/p>\n<ul class=\"wp-block-list\">\n<li>Delta \u8861\u91cf\u671f\u6743\u4ef7\u683c\u5bf9\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u5316\u7684\u654f\u611f\u5ea6\u3002<\/li>\n<li>Gamma \u8861\u91cf\u7684\u662f\u968f\u7740\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u53d8\u52a8\uff0cdelta \u7684\u53d8\u5316\u91cf\u3002<\/li>\n<li>Gamma \u4ea4\u6613\u5229\u7528\u8fd9\u4e9b\u53d8\u5316\u4ece\u5e02\u573a\u6ce2\u52a8\u4e2d\u83b7\u5229\uff0c\u4ece\u800c\u4f7f\u66f4\u9ad8\u7684\u6ce2\u52a8\u6027\u6709\u5229\u53ef\u56fe\u3002<\/li>\n<\/ul>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733469028774.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733469028774.png\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" \/><\/figure>\n<p>\u7531\u4e8e\u6bd4\u7279\u5e01\u6bd4\u4f20\u7edf\u80a1\u7968\u6ce2\u52a8\u6027\u66f4\u5927\uff0c\u800c MSTR \u901a\u8fc7\u6760\u6746\u8d2d\u4e70\u6bd4\u7279\u5e01\u653e\u5927\u4e86\u8fd9\u79cd\u6ce2\u52a8\u6027\uff0cMSTR \u80a1\u7968\u53ca\u5176\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u5438\u5f15\u4e86\u5bf9\u51b2\u57fa\u91d1\u7684\u6781\u5927\u5174\u8da3\u3002\u8fd9\u4e9b\u7968\u636e\u4e0d\u4ec5\u662f\u4e00\u79cd\u503a\u52a1\u5de5\u5177\uff0c\u800c\u4e14\u662f\u4e00\u79cd\u770b\u6da8\u671f\u6743\uff0c\u5141\u8bb8\u6301\u6709\u4eba\u4ee5\u7279\u5b9a\u4ef7\u683c\u5c06\u5176\u8f6c\u6362\u4e3a\u80a1\u7968\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u589e\u52a0\u4e86\u5b83\u4eec\u7684\u5438\u5f15\u529b\u3002<\/p>\n<h2 class=\"wp-block-heading\"><img decoding=\"async\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733469046035.png\"><img decoding=\"async\" class=\"j-lazy\" alt=\"MicroStrategy\u662f\u4e0b\u4e00\u4e2aFTX\u5417\uff1f\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/12\/5-1733469046035.png\"><\/h2>\n<p>\u4e3a\u4e86\u4f7f MicroStrategy \u4fdd\u6301\u5e73\u7a33\u878d\u8d44\uff0cBTC \u548c MSTR \u7684\u6ce2\u52a8\u6027\u5fc5\u987b\u6301\u7eed\u5b58\u5728\u3002\u7136\u800c\uff0c\u968f\u7740\u6bd4\u7279\u5e01 ETF \u7684\u6279\u51c6\u548c\u673a\u6784\u6295\u8d44\u8005\u7684\u6301\u7eed\u5165\u573a\uff0c\u5e02\u573a\u6b63\u53d8\u5f97\u66f4\u52a0\u7a33\u5b9a\uff0c\u6ce2\u52a8\u6027\u9010\u6e10\u4e0b\u964d\u3002\u5982\u679c\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u964d\u4f4e\uff0cMSTR \u7684\u8d44\u4ea7\u51c0\u503c\u6ea2\u4ef7\u53ef\u80fd\u4f1a\u7f29\u6c34\uff0c\u4ece\u800c\u5f71\u54cd\u5176\u80a1\u4ef7\u5e76\u964d\u4f4e\u5176\u53ef\u8f6c\u6362\u4f18\u5148\u7968\u636e\u7684\u878d\u8d44\u5438\u5f15\u529b\u3002<\/p>\n<p><strong>3. \u6700\u7ec8\u8fd8\u662f\u4ef7\u683c\u6700\u91cd\u8981<\/strong><\/p>\n<p>\u5f52\u6839\u7ed3\u5e95\uff0c\u6700\u5173\u952e\u7684\u56e0\u7d20\u662f\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u3002\u5982\u679c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6ca1\u6709\u7ecf\u5386\u4f4e\u8ff7\uff0cFTX \u53ef\u80fd\u4f1a\u6210\u4e3a\u4e0e\u5e01\u5b89\u76f8\u5ab2\u7f8e\u7684\u5927\u578b\u4ea4\u6613\u6240\u3002\u540c\u6837\uff0c\u5982\u679c Curve Finance \u7684 UST \u6c60\u6ca1\u6709\u53d7\u5230\u653b\u51fb\uff0cTerra \u53ef\u80fd\u4f1a\u6210\u4e3a\u7ee7\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u4e4b\u540e\u7684\u7b2c\u4e09\u5927\u7f51\u7edc\u3002<\/p>\n<p>\u5982\u679c BTC \u7684\u4ef7\u683c\u7ee7\u7eed\u7a33\u6b65\u4e0a\u6da8\uff0cMicroStrategy \u76ee\u524d\u7684\u7b56\u7565\u53ef\u80fd\u4f1a\u5f62\u6210\u4e00\u4e2a\u6b63\u5411\u98de\u8f6e\uff0c\u63a8\u52a8\u516c\u53f8\u548c\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u7206\u70b8\u5f0f\u589e\u957f\u3002\u7136\u800c\uff0c\u5982\u679c BTC \u7684\u4ef7\u683c\u66b4\u8dcc\uff0c\u6700\u574f\u7684\u60c5\u51b5\u662f MicroStrategy \u51fa\u552e\u5176\u6301\u6709\u7684\u6bd4\u7279\u5e01\u4ee5\u507f\u8fd8\u503a\u52a1\uff0c\u4ece\u800c\u5f15\u53d1\u6076\u6027\u6b7b\u4ea1\u87ba\u65cb\u3002<\/p>\n<p>\u503c\u5f97\u5e86\u5e78\u7684\u662f\uff0cMicroStrategy \u7684\u503a\u52a1\u662f\u65e0\u62c5\u4fdd\u7684\u3002\u8be5\u516c\u53f8\u6b64\u524d\u66fe\u53d1\u884c\u8fc7\u4ee5\u6bd4\u7279\u5e01\u4f5c\u4e3a\u62b5\u62bc\u7684\u503a\u5238\uff0c\u4f46\u5230 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u624d\u5168\u90e8\u507f\u8fd8\u3002\u5982\u679c\u6bd4\u7279\u5e01\u4ecd\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u90a3\u4e48\u5728\u8fd8\u6b3e\u56f0\u96be\u7684\u60c5\u51b5\u4e0b\u88ab\u8feb\u6e05\u7b97\u53ef\u80fd\u4f1a\u5e26\u6765\u707e\u96be\u6027\u7684\u540e\u679c\u3002<\/p>\n<p>\u6211\u4e2a\u4eba\u8ba4\u4e3a\uff0cMicroStrategy \u4f3c\u4e4e\u4e0d\u4f1a\u9762\u4e34\u91cd\u5927\u7684\u76f4\u63a5\u98ce\u9669\u3002\u5b83\u7684\u5229\u606f\u6210\u672c\u4ecd\u7136\u53ef\u63a7\uff0c\u8fc4\u4eca\u4e3a\u6b62\u878d\u8d44\u4e5f\u8fdb\u5c55\u987a\u5229\u3002\u7136\u800c\uff0c\u672a\u6765\u8ba1\u5212\u7684\u878d\u8d44\u89c4\u6a21\u662f\u524d\u6240\u672a\u6709\u7684\uff0c\u800c\u57fa\u7840\u8d44\u4ea7\u6bd4\u7279\u5e01\u7684\u6ce2\u52a8\u6027\u9884\u8ba1\u5c06\u4f1a\u4e0b\u964d\u3002\u56e0\u6b64\uff0c\u6211\u9884\u8ba1 2025 \u5e74\u81f3 2027 \u5e74\u671f\u95f4\u7684\u98ce\u9669\u6c34\u5e73\u5c06\u4f1a\u53d8\u9ad8\u3002<\/p>\n<p>\u6bd4\u7279\u5e01\u7684\u4ef7\u503c\u6b63\u5728\u8fc5\u901f\u589e\u957f\uff0c\u6210\u4e3a\u9ec4\u91d1\u5730\u4f4d\u7684\u6311\u6218\u8005\u3002\u4f46\u95ee\u9898\u4ecd\u7136\u5b58\u5728\uff1aMicroStrategy \u662f\u5426\u4f1a\u7ee7\u7eed\u4ee5\u53ef\u6301\u7eed\u7684\u65b9\u5f0f\u8d2d\u4e70 BTC\uff0c\u6210\u4e3a\u4e16\u754c\u4e0a\u6700\u5f3a\u5927\u7684\u516c\u53f8\u4e4b\u4e00\uff1f\u8fd8\u662f\u4f1a\u6210\u4e3a\u53e6\u4e00\u4e2a\u8b66\u793a\u6545\u4e8b\uff0c\u9677\u5165\u90c1\u91d1\u9999\u6ce1\u6cab\u7684\u53d9\u4e8b\u4e2d\uff1f\u53ea\u6709\u65f6\u95f4\u624d\u80fd\u544a\u8bc9\u6211\u4eec\u7b54\u6848\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5982\u679c\u4f60\u80fd\u6d3b\u5230\u660e\u5929\uff0c\u8fd9\u53ef\u80fd\u610f\u5473\u7740\uff1aa\uff09\u4f60\u66f4\u6709\u53ef\u80fd\u957f\u751f\u4e0d\u8001\uff0c\u6216\u8005 b\uff09\u4f60\u66f4\u63a5\u8fd1\u6b7b\u4ea1\u3002 \u2014\u2014Nassim Nicho [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1411","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1411"}],"version-history":[{"count":1,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1411\/revisions"}],"predecessor-version":[{"id":3065,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=\/wp\/v2\/posts\/1411\/revisions\/3065"}],"wp:attachment":[{"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1411"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fubairui.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}