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cover of episode Bitcoin Treasuries: Inflation Hedge or Hype-Driven Bubble?

Bitcoin Treasuries: Inflation Hedge or Hype-Driven Bubble?

2025/7/1
logo of podcast Merryn Talks Money

Merryn Talks Money
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D
Dominic Frisby
J
John Stepek
M
Merryn Somerset Webb
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Dominic Frisby: 我认为比特币国库的兴起与MicroStrategy的CEO Michael Saylor有关。在2020年疫情期间，Saylor为了保护公司资产免受通货膨胀的侵蚀，开始寻找合适的投资标的。他意识到持有美元会因货币超发而贬值，而公司需要保持7%到8%的增长才能维持现状。经过对房地产、黄金和标普指数基金等多种选择的考量，Saylor最终选择了比特币。他的公司MicroStrategy通过发行股票和债券来购买比特币，实际上成为了比特币价格的杠杆化工具。我认为他最终会成为世界上最富有的人之一，MicroStrategy也有望成为全球市值最高的公司之一。 Merryn Somerset Webb: 我认为英国金融行为监管局（FCA）对比特币的监管限制是比特币国库在英国兴起的重要原因。由于FCA的限制，英国投资者很难直接购买比特币，也无法在税务优惠账户中持有加密货币。因此，市场开始寻找其他方式让投资者能够接触到比特币。现在出现了很多宣布采用比特币国库策略的公司，但其中很多公司我都闻所未闻。这些公司的股价涨幅可能并不反映他们实际持有的比特币价值，零售投资者应该谨慎对待这些公司。 John Stepek: 我对比特币本身是否是泡沫持怀疑态度。我不明白为什么有人会以高溢价购买投资信托来投资比特币，这就像以高溢价购买比特币一样。至少MicroStrategy还是这个领域的先行者。这些比特币国库公司只是购买和持有比特币，缺乏实际的生产活动。我不理解这些公司作为投资比特币的途径的合理性。我认为比特币ETF推出后，比特币国库公司的监管套利优势可能会消失。

Deep Dive

Chapters
This chapter explores the concept of Bitcoin treasuries, focusing on their recent emergence in the UK. It examines why UK-listed companies, particularly smaller ones, are accumulating Bitcoin and the potential implications for investors.
  • The strategy involves companies holding Bitcoin on their balance sheets as a hedge against inflation and to attract crypto-focused investors.
  • The trend is relatively new to the UK, with several smaller companies adopting this approach.
  • Concerns are raised regarding the potential for this trend to be a concerning trend for investors, and whether there are better ways to gain cryptocurrency exposure.

Shownotes Transcript

You’ve heard of Bitcoin, but have you heard of “Bitcoin treasuries?” From Japan’s MetaPlanet to UK firms like Coincilium and The Smarter Web Company, 61 publicly listed companies have now adopted the strategy of holding Bitcoin on their balance sheets—not just as a speculative bet, but as a hedge against inflation and a way to lure investors hungry for crypto exposure.

In this week’s episode of* Merryn Talks Money,* host Merryn Somerset Webb and* Money Distilled *author John Stepek are joined by Dominic Frisby, author of *The Flying Frisby *investment newsletter, to unpack this new strategy and whether the hype is grounded in value or hot air.

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