<p>邁克爾·塞勒（Michael Saylor）正在重新框定比特幣價格動態，認為推動比特幣達到新歷史高點的力量與投機、零售熱情或 ETF 驅動的資金流動關係不大。相反，塞勒的觀點將比特幣價格的上漲視為銀行系統內部正在悄然展開的更深層次結構性轉變的結果。</p>
<p><strong>邁克爾·塞勒談比特幣價格的結構性轉變</strong></p>
<p>隨着市場展望 2026 年，邁克爾·塞勒關於比特幣價格走勢的理論集中在從交易者驅動的動態向受監管金融機構的結構性轉變，這一轉變可能從根本上重塑資本如何大規模參與比特幣。比特幣歷史的大部分時間裏，價格發現主要受到週期性交易行為、槓桿和情緒驅動的動量的主導。</p>
<p>即使是現貨比特幣 ETF 這樣的里程碑，雖然擴大了參與渠道，但仍然主要侷限於傳統資本市場。塞勒的觀點偏離了這一模式，強調比特幣逐漸融入銀行資產負債表，其估值由效用、抵押和長期資本配置驅動，而非短期市場週期。</p>
<p>最近的發展突顯了這一轉變。越來越多的美國大型銀行開始提供比特幣抵押貸款，這一舉措標誌着比特幣從高波動性交易資產重新分類為被認可的金融抵押品。以比特幣作為抵押的貸款反映了機構對其流動性、保管標準和長期價值穩定性的信心。在實際操作中，這使比特幣與適合信用創造的資產並列，而非短期投機。</p>
<p>一旦比特幣被納入貸款結構、財務運作和機構風險模型，需求特徵將發生實質性變化。通過這些渠道部署的資本不會對短期價格波動做出反應，而是具有戰略性、合規驅動，並設計為多年的投資視角。這種需求類型持續吸收供應，強化了比特幣固定發行模型中已經嵌入的稀缺性動態。因此，比特幣價格的上漲成為持續資本配置的結果，而非偶發市場反彈的產物。</p>
<p><strong>銀行基礎設施與比特幣價格的新上限</strong></p>
<p>塞勒將 2026 年視為銀行採用的影響完全顯現的時期。計劃推出比特幣保管及相關服務的主要金融機構，如嘉信理財和花旗，表明比特幣與受監管金融基礎設施之間的更廣泛對接。</p>
<p>保管在這一過程中發揮着關鍵作用。當銀行保管比特幣時，它們解鎖了將其嵌入財富管理平台、企業財務戰略和擔保貸款產品的能力。這大大擴展了比特幣的可尋址資本基礎，使得之前受到監管、操作或受託限制的機構能夠參與。</p>
<p>隨着銀行參與的加深，比特幣價格行為可能會演變。由槓桿交易和投機性頭寸驅動的波動性相對重要性降低，而長期資產負債表的積累成為主導力量。在這種環境下，塞勒認為，比特幣的新歷史高點將不是突如其來的狂熱的產物，而是由大規模運營的機構持續吸收的結果。</p>

MSTR

GBTC

嘉信理財

花旗

<p>邁克爾·塞勒預測，比特幣的價格將因銀行系統的結構性變化而達到新的歷史高點，而非投機或零售熱情。他強調比特幣已融入銀行資產負債表，作為貸款的抵押品，反映出機構的信心。到 2026 年，嘉信理財和花旗等主要銀行將提供比特幣託管服務，擴大其資本基礎並減少投機交易帶來的波動性。塞勒認為，持續的機構吸納將推動比特幣價格的上漲，而不是短期市場的反彈</p>

<p>Bitcoin price dynamics heading into the next market cycle are being reframed by Michael Saylor, who argues that the forces capable of pushing Bitcoin to new all-time highs have little to do with speculation, retail enthusiasm, or ETF-driven flows. Instead, Saylor’s outlook positions Bitcoin price appreciation as the outcome of a deeper structural transition that is unfolding quietly within the banking system.</p>
<div class="lb-trans"><p>邁克爾·塞勒（Michael Saylor）正在重新框定比特幣價格動態，認為推動比特幣達到新歷史高點的力量與投機、零售熱情或 ETF 驅動的資金流動關係不大。相反，塞勒的觀點將比特幣價格的上漲視為銀行系統內部正在悄然展開的更深層次結構性轉變的結果。</p>
</div><p><strong>Michael Saylor On Bitcoin Price’s Structural Shift</strong></p>
<div class="lb-trans"><p><strong>邁克爾·塞勒談比特幣價格的結構性轉變</strong></p>
</div><p>As the market looks toward 2026, Michael Saylor’s thesis on Bitcoin price action focuses on a structural shift away from trader-driven dynamics toward regulated financial institutions, a transition that could fundamentally reshape how capital engages with Bitcoin at scale. For most of its history, Bitcoin price discovery has been dominated by cyclical trading behavior, leverage, and sentiment-driven momentum.</p>
<div class="lb-trans"><p>隨着市場展望 2026 年，邁克爾·塞勒關於比特幣價格走勢的理論集中在從交易者驅動的動態向受監管金融機構的結構性轉變，這一轉變可能從根本上重塑資本如何大規模參與比特幣。比特幣歷史的大部分時間裏，價格發現主要受到週期性交易行為、槓桿和情緒驅動的動量的主導。</p>
</div><p>Even milestones such as spot Bitcoin ETFs, while broadening access, largely remain confined to traditional capital markets. Saylor’s view departs from this model by highlighting Bitcoin’s gradual integration into bank balance sheets, where valuation is driven by utility, collateralization, and long-term capital allocation rather than short-term market cycles.</p>
<div class="lb-trans"><p>即使是現貨比特幣 ETF 這樣的里程碑，雖然擴大了參與渠道，但仍然主要侷限於傳統資本市場。塞勒的觀點偏離了這一模式，強調比特幣逐漸融入銀行資產負債表，其估值由效用、抵押和長期資本配置驅動，而非短期市場週期。</p>
</div><p>Recent developments underscore this shift. A growing number of major US banks have begun offering Bitcoin-collateralized loans, a move that signals a reclassification of Bitcoin from a high-volatility trading asset to a recognized form of financial collateral. Lending against Bitcoin reflects institutional confidence in its liquidity, custody standards, and long-term value stability. In practical terms, this positions Bitcoin alongside assets that are suitable for credit creation rather than short-term speculation.</p>
<div class="lb-trans"><p>最近的發展突顯了這一轉變。越來越多的美國大型銀行開始提供比特幣抵押貸款，這一舉措標誌着比特幣從高波動性交易資產重新分類為被認可的金融抵押品。以比特幣作為抵押的貸款反映了機構對其流動性、保管標準和長期價值穩定性的信心。在實際操作中，這使比特幣與適合信用創造的資產並列，而非短期投機。</p>
</div><p>Once Bitcoin is integrated into lending structures, treasury operations, and institutional risk models, demand characteristics change materially. Capital deployed through these channels is not reactive to short-term price fluctuations. It is strategic, compliance-driven, and designed for multi-year horizons. This type of demand absorbs supply consistently, reinforcing scarcity dynamics already embedded in Bitcoin’s fixed issuance model. As a result, Bitcoin price appreciation becomes a function of sustained capital allocation rather than episodic market rallies.</p>
<div class="lb-trans"><p>一旦比特幣被納入貸款結構、財務運作和機構風險模型，需求特徵將發生實質性變化。通過這些渠道部署的資本不會對短期價格波動做出反應，而是具有戰略性、合規驅動，並設計為多年的投資視角。這種需求類型持續吸收供應，強化了比特幣固定發行模型中已經嵌入的稀缺性動態。因此，比特幣價格的上漲成為持續資本配置的結果，而非偶發市場反彈的產物。</p>
</div><p><strong>Banking Infrastructure And The New Ceiling For Bitcoin Price</strong></p>
<div class="lb-trans"><p><strong>銀行基礎設施與比特幣價格的新上限</strong></p>
</div><p>Saylor identifies 2026 as the period when the impact of banking adoption becomes fully visible. Major financial institutions such as Charles Schwab and Citigroup, planning to roll out Bitcoin custody and related services, point to a broader alignment between Bitcoin and regulated financial infrastructure.</p>
<div class="lb-trans"><p>塞勒將 2026 年視為銀行採用的影響完全顯現的時期。計劃推出比特幣保管及相關服務的主要金融機構，如嘉信理財和花旗，表明比特幣與受監管金融基礎設施之間的更廣泛對接。</p>
</div><p>Custody plays a pivotal role in this process. When banks custody Bitcoin, they unlock the ability to embed it across wealth management platforms, corporate treasury strategies, and secured lending products. This dramatically expands Bitcoin’s addressable capital base by enabling participation from institutions previously constrained by regulatory, operational, or fiduciary limitations.</p>
<div class="lb-trans"><p>保管在這一過程中發揮着關鍵作用。當銀行保管比特幣時，它們解鎖了將其嵌入財富管理平台、企業財務戰略和擔保貸款產品的能力。這大大擴展了比特幣的可尋址資本基礎，使得之前受到監管、操作或受託限制的機構能夠參與。</p>
</div><p>As banking participation deepens, Bitcoin price behavior is likely to evolve. Volatility driven by leveraged trading and speculative positioning diminishes in relative importance, while long-term balance-sheet accumulation becomes a dominant force. In this environment, according to Saylor, Bitcoin’s new all-time highs will not be the product of sudden euphoria but the result of sustained absorption by institutions operating at scale.</p>
<div class="lb-trans"><p>隨着銀行參與的加深，比特幣價格行為可能會演變。由槓桿交易和投機性頭寸驅動的波動性相對重要性降低，而長期資產負債表的積累成為主導力量。在這種環境下，塞勒認為，比特幣的新歷史高點將不是突如其來的狂熱的產物，而是由大規模運營的機構持續吸收的結果。</p>
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Saylor 揭示了推動比特幣價格達到新歷史高點的因素——這並不是你所想的那樣