In the cryptocurrency industry, #Strategy is a very unique company—abandoning its main business to become a completely Bitcoin-focused company. Currently, the company holds approximately 506,137 BTC, with a total investment of about $33.7 billion and an average purchase cost of $66,384 per coin. There have been many interpretative articles on the strategy of issuing convertible bonds to purchase Bitcoin.

Convertible bonds are essentially debt instruments that need to repay the principal and interest upon maturity, although some of the company's convertible bonds are zero-coupon bonds that only require repayment of the principal. If the company lacks sufficient cash flow or if the value of Bitcoin is insufficient to cover the debt at maturity, it may face default risk.

Strategy's approach is a clear high-risk, high-reward play. Of course, a very important core premise is that the price of BTC will rise in the long term. In this process, Strategy needs to address three issues:

1⃣ Smooth out the high volatility of Bitcoin prices to avoid threats to the balance sheet from high price fluctuations. The best way to do this is to lobby large institutions, major companies, and sovereign governments to purchase Bitcoin to reduce BTC volatility. This makes it easy to understand why founder Michael Saylor works so hard to persuade large companies and institutions to buy Bitcoin. Moving forward, he will continue to spare no effort in this endeavor. Safety comes when everyone is in the same boat; when one thrives, all thrive, and when one suffers, all suffer.

2⃣ Actively lobby the government to relax or introduce favorable regulations or legislation for the cryptocurrency industry. Fortunately, with Trump's four-year term ahead, it seems that he holds a positive stance towards the cryptocurrency industry. For Michael Saylor, the next four years will be about building good relationships with the government and expanding his circle of allies. This is the core strategic goal.

3⃣ Finally, there is hope that the Federal Reserve will not suddenly tighten liquidity, but this is the most uncertain aspect, and one can only hope that no black swan events occur.

Regardless, in the coming years, the price trend of BTC will certainly make Strategy an important object of observation.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。