The continuous increase in Bitcoin holdings by MicroStrategy can be viewed from the following aspects:

1. Positive Aspects:

• Confidence in the Bitcoin Market: As a well-known publicly traded company, MicroStrategy's ongoing accumulation of Bitcoin demonstrates its strong belief in the long-term value of Bitcoin. This confidence may be based on some characteristics of Bitcoin, such as decentralization and limited supply. In the context of global monetary policy easing and rising inflation pressures, Bitcoin is seen by some as an effective means to counteract the devaluation of fiat currency, and MicroStrategy's accumulation reflects their agreement with this viewpoint.

• Promoting Market Development: MicroStrategy's large-scale purchases directly increase the market demand for Bitcoin, potentially triggering a short-term price increase. This is a positive stimulus for the Bitcoin market, attracting more investors' attention. Moreover, their accumulation also injects strong confidence into the market, encouraging more institutional and individual investors to join, making the market participants more diverse.

2. Risk Aspects:

• Company Financial Risk: The price volatility of Bitcoin is enormous; by investing a large amount of capital into Bitcoin, MicroStrategy's balance sheet will be affected by significant price fluctuations. If Bitcoin's price were to drop sharply, it would pose a direct threat to MicroStrategy's financial health, potentially leading to substantial losses for the company. Additionally, the company has raised funds to increase its Bitcoin holdings through methods such as issuing convertible bonds, which also increases the company's debt burden and potential financial risks.

• Market Concentration Risk: MicroStrategy has become one of the largest holders of Bitcoin globally, and its massive holdings have raised market concentration risks. Any large-scale sell-off by them could significantly impact Bitcoin's price, affecting not only themselves but potentially spreading this risk throughout the entire cryptocurrency ecosystem.

• Regulatory Risk: The regulatory policies of the cryptocurrency market are still incomplete and constantly changing, and central banks in various countries are tightening their regulatory policies on cryptocurrencies. Future changes in regulatory policies may challenge the legality of Bitcoin and its market, which poses a potential risk for MicroStrategy, which is highly reliant on Bitcoin.