Michael Saylor n\u00f3i r\u1eb1ng \u00f4ng kh\u00f4ng lo ng\u1ea1i v\u1ec1 r\u1ee7i ro t\u00edn d\u1ee5ng c\u1ee7a Strategy ngay c\u1ea3 khi Bitcoin gi\u1ea3m. \u00d4ng cho bi\u1ebft c\u00f4ng ty \u0111\u00e3 l\u1eadp k\u1ebf ho\u1ea1ch cho nh\u1eefng th\u1ecb tr\u01b0\u1eddng x\u1ea5u. Theo quan \u0111i\u1ec3m c\u1ee7a \u00f4ng, Bitcoin c\u00f3 th\u1ec3 gi\u1ea3m m\u1ea1nh v\u00e0 duy tr\u00ec \u1edf m\u1ee9c th\u1ea5p, nh\u01b0ng c\u00f4ng ty v\u1eabn c\u00f3 th\u1ec3 ho\u1ea1t \u0111\u1ed9ng. K\u1ebf ho\u1ea1ch c\u1ee7a \u00f4ng r\u1ea5t \u0111\u01a1n gi\u1ea3n: n\u1ebfu Bitcoin y\u1ebfu trong nhi\u1ec1u n\u0103m, Strategy s\u1ebd t\u00e1i c\u01a1 c\u1ea5u n\u1ee3 v\u00e0 gia h\u1ea1n th\u1eddi h\u1ea1n tr\u1ea3 n\u1ee3.<\/p>\n\n
Saylor \u0111\u01b0a ra nh\u1eadn x\u00e9t tr\u00ean CNBC khi Bitcoin giao d\u1ecbch d\u01b0\u1edbi 70.000 USD v\u00e0o \u0111\u1ea7u th\u00e1ng 2 n\u0103m 2026. \u00d4ng n\u00f3i Strategy s\u1ebd ti\u1ebfp t\u1ee5c mua Bitcoin m\u1ed7i qu\u00fd v\u00e0 kh\u00f4ng b\u00e1n s\u1ed1 coin \u0111ang n\u1eafm gi\u1eef. Strategy \u0111ang n\u1eafm gi\u1eef kho\u1ea3ng 714.644 Bitcoin. C\u00f4ng ty \u0111\u00e3 mua v\u1edbi gi\u00e1 trung b\u00ecnh kho\u1ea3ng 76.056 USD m\u1ed7i coin, v\u00ec v\u1eady khi Bitcoin \u1edf d\u01b0\u1edbi m\u1ee9c \u0111\u00f3, v\u1ecb th\u1ebf s\u1ebd ghi nh\u1eadn l\u1ed7 ch\u01b0a th\u1ef1c hi\u1ec7n.<\/p>\n\n
N\u1ee3 l\u00e0 trung t\u00e2m c\u1ee7a cu\u1ed9c tranh lu\u1eadn. Strategy \u0111\u00e3 s\u1eed d\u1ee5ng vi\u1ec7c b\u00e1n c\u1ed5 phi\u1ebfu v\u00e0 l\u01b0\u1ee3ng l\u1edbn tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i \u0111\u1ec3 x\u00e2y d\u1ef1ng kho d\u1ef1 tr\u1eef Bitcoin. Saylor n\u00f3i c\u00f4ng ty c\u00f3 th\u1ec3 \u201cgia h\u1ea1n\u201d n\u1ee3 v\u1ec1 ph\u00eda tr\u01b0\u1edbc n\u1ebfu Bitcoin gi\u1ea3m 90% v\u00e0 duy tr\u00ec \u1edf m\u1ee9c th\u1ea5p trong b\u1ed1n n\u0103m. \u00d4ng c\u0169ng n\u00f3i b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u00f3 \u0111\u1ee7 ti\u1ec1n m\u1eb7t \u0111\u1ec3 tr\u1ea3 l\u00e3i vay v\u00e0 c\u1ed5 t\u1ee9c \u01b0u \u0111\u00e3i trong h\u01a1n hai n\u0103m, gi\u00fap gi\u1ea3m \u00e1p l\u1ef1c ng\u1eafn h\u1ea1n. C\u00e1c nh\u00e0 ph\u00ea b\u00ecnh cho r\u1eb1ng vi\u1ec7c t\u00e1i c\u01a1 c\u1ea5u n\u1ee3 ph\u1ee5 thu\u1ed9c v\u00e0o kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ef1 quan t\u00e2m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111i\u1ec1u c\u00f3 th\u1ec3 thay \u0111\u1ed5i nhanh ch\u00f3ng trong m\u1ed9t chu k\u1ef3 r\u1ee7i ro s\u00e2u.<\/p>\n\n
Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 tr\u1edf n\u00ean ph\u00f2ng th\u1ee7 h\u01a1n. C\u1ed5 phi\u1ebfu c\u1ee7a Strategy th\u01b0\u1eddng giao d\u1ecbch nh\u01b0 m\u1ed9t phi\u00ean b\u1ea3n beta cao c\u1ee7a Bitcoin, v\u00ec v\u1eady n\u00f3 c\u00f3 th\u1ec3 t\u0103ng nhanh h\u01a1n trong c\u00e1c \u0111\u1ee3t ph\u1ee5c h\u1ed3i v\u00e0 gi\u1ea3m m\u1ea1nh h\u01a1n trong c\u00e1c \u0111\u1ee3t b\u00e1n th\u00e1o. M\u1ed1i li\u00ean k\u1ebft n\u00e0y \u0111\u00e3 gi\u00fap \u0111\u1ea9y m\u1ea1nh m\u1ed9t \u0111\u1ee3t t\u0103ng m\u1ea1nh t\u1eeb n\u0103m 2020 \u0111\u1ebfn 2024, nh\u01b0ng c\u0169ng khi\u1ebfn c\u1ed5 phi\u1ebfu tr\u1edf th\u00e0nh m\u1ee5c ti\u00eau b\u00e1n kh\u1ed1ng ph\u1ed5 bi\u1ebfn. B\u00e1o c\u00e1o g\u1ea7n \u0111\u00e2y cho th\u1ea5y l\u00e3i su\u1ea5t v\u1ecb th\u1ebf b\u00e1n kh\u1ed1ng \u0111\u00e3 t\u0103ng khi Bitcoin gi\u1ea3m v\u00e0 khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o \u0111\u00f2n b\u1ea9y c\u1ee7a c\u00f4ng ty v\u00e0 quy m\u00f4 c\u1ee7a \u0111\u1ed1ng n\u1ee3 chuy\u1ec3n \u0111\u1ed5i.<\/p>\n\n
C\u00f9ng l\u00fac \u0111\u00f3, c\u00e1c nh\u00e0 giao d\u1ecbch \u0111ang t\u00ecm ki\u1ebfm l\u00fd do r\u00f5 r\u00e0ng \u0111\u1eb1ng sau \u0111\u1ee3t gi\u1ea3m Bitcoin m\u1edbi nh\u1ea5t. M\u1ed9t l\u00fd thuy\u1ebft ch\u1ec9 v\u00e0o m\u1ed9t v\u1ee5 n\u1ed5 l\u1edbn li\u00ean quan \u0111\u1ebfn quy\u1ec1n ch\u1ecdn ETF Bitcoin. Parker White, m\u1ed9t c\u1ef1u trader ch\u1ee9ng kho\u00e1n hi\u1ec7n l\u00e0m vi\u1ec7c trong l\u0129nh v\u1ef1c ti\u1ec1n m\u00e3 h\u00f3a, \u0111\u00e3 \u0111\u0103ng r\u1eb1ng c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 \u1edf H\u1ed3ng K\u00f4ng c\u00f3 th\u1ec3 \u0111\u00e3 x\u00e2y d\u1ef1ng c\u00e1c v\u1ecb th\u1ebf l\u1edbn, c\u00f3 \u0111\u00f2n b\u1ea9y th\u00f4ng qua quy\u1ec1n ch\u1ecdn mua tr\u00ean qu\u1ef9 iShares Bitcoin Trust c\u1ee7a BlackRock, th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 IBIT. L\u00fd thuy\u1ebft cho r\u1eb1ng c\u00e1c qu\u1ef9 n\u00e0y \u0111\u00e3 vay b\u1eb1ng y\u00ean Nh\u1eadt \u0111\u1ec3 t\u00e0i tr\u1ee3 cho giao d\u1ecbch. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 giao d\u1ecbch carry y\u00ean: vay b\u1eb1ng m\u1ed9t \u0111\u1ed3ng ti\u1ec1n l\u00e3i su\u1ea5t th\u1ea5p, sau \u0111\u00f3 \u0111\u1ea7u t\u01b0 \u1edf n\u01a1i kh\u00e1c v\u00e0 hy v\u1ecdng kho\u1ea3n ch\u00eanh l\u1ec7ch s\u1ebd mang l\u1ea1i l\u1ee3i nhu\u1eadn. N\u1ebfu chi ph\u00ed t\u00e0i tr\u1ee3 t\u0103ng ho\u1eb7c giao d\u1ecbch di\u1ec5n bi\u1ebfn x\u1ea5u, c\u00e1c kho\u1ea3n l\u1ed7 c\u00f3 th\u1ec3 t\u0103ng t\u1ed1c.<\/p>\n\n
\u00dd t\u01b0\u1edfng c\u1ee7a White n\u1ed1i k\u1ebft nhi\u1ec1u b\u1ed9 ph\u1eadn chuy\u1ec3n \u0111\u1ed9ng. N\u1ebfu m\u1ed9t qu\u1ef9 mua quy\u1ec1n ch\u1ecdn mua ngo\u00e0i ti\u1ec1n, h\u1ecd \u0111ang c\u01b0\u1ee3c v\u00e0o m\u1ed9t s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh c\u1ee7a Bitcoin. N\u1ebfu Bitcoin ti\u1ebfp t\u1ee5c gi\u1ea3m, c\u00e1c quy\u1ec1n ch\u1ecdn \u0111\u00f3 m\u1ea5t gi\u00e1 nhanh ch\u00f3ng. N\u1ebfu qu\u1ef9 c\u00f2n s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y, h\u1ecd c\u00f3 th\u1ec3 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi b\u00e1n \u00e9p. White th\u00eam r\u1eb1ng \u00e1p l\u1ef1c trong c\u00e1c th\u1ecb tr\u01b0\u1eddng kh\u00e1c \u2013 bao g\u1ed3m c\u00e1c \u0111\u1ed9ng th\u00e1i li\u00ean quan \u0111\u1ebfn t\u00e0i tr\u1ee3 b\u1eb1ng y\u00ean v\u00e0 m\u1ed9t th\u1ecb tr\u01b0\u1eddng b\u1ea1c bi\u1ebfn \u0111\u1ed9ng \u2013 c\u00f3 th\u1ec3 \u0111\u00e3 si\u1ebft c\u00f9ng l\u00fac c\u00f9ng nh\u1eefng ng\u01b0\u1eddi ch\u01a1i n\u00e0y. K\u1ebft qu\u1ea3, theo c\u00e1ch k\u1ec3 n\u00e0y, l\u00e0 chu\u1ed7i thanh l\u00fd khi\u1ebfn vi\u1ec7c b\u00e1n th\u00eam c\u1ed5 phi\u1ebfu IBIT v\u00e0 \u0111\u1ea9y Bitcoin y\u1ebfu \u0111i. \u0110\u00e2y v\u1eabn ch\u1ec9 l\u00e0 l\u00fd thuy\u1ebft, ch\u01b0a ph\u1ea3i chu\u1ed7i s\u1ef1 ki\u1ec7n \u0111\u00e3 x\u00e1c nh\u1eadn, v\u00e0 c\u00e1c \u0111\u1ee3t s\u1ee5p \u0111\u1ed5 Bitcoin tr\u01b0\u1edbc \u0111\u00e2y th\u01b0\u1eddng xu\u1ea5t ph\u00e1t t\u1eeb nhi\u1ec1u ng\u00f2i n\u1ed5.<\/p>\n\n
Tuy nhi\u00ean, th\u1eddi \u0111i\u1ec3m c\u00f3 \u00fd ngh\u0129a v\u00ec th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn quanh ETF Bitcoin \u0111ang thay \u0111\u1ed5i. Nasdaq \u0111\u00e3 n\u1ed9p \u0111\u01a1n xin lo\u1ea1i b\u1ecf gi\u1edbi h\u1ea1n v\u1ecb th\u1ebf c\u0169 25.000 h\u1ee3p \u0111\u1ed3ng \u0111\u1ed1i v\u1edbi quy\u1ec1n ch\u1ecdn tr\u00ean ETF Bitcoin v\u00e0 Ether, v\u00e0 c\u00e1c b\u00e1o c\u00e1o cho bi\u1ebft SEC \u0111\u00e3 cho ph\u00e9p thay \u0111\u1ed5i n\u00e0y c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o cu\u1ed1i th\u00e1ng 1 n\u0103m 2026. N\u1ebfu c\u00e1c trader c\u00f3 th\u1ec3 n\u1eafm gi\u1eef v\u1ecb th\u1ebf l\u1edbn h\u01a1n, h\u1ecd c\u0169ng c\u00f3 th\u1ec3 tho\u00e1i v\u1ecb th\u1ebf l\u1edbn h\u01a1n, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 gia t\u0103ng l\u1ef1c cho m\u1ed9t \u0111\u1ed9ng th\u00e1i m\u1ea1nh c\u1ee7a Bitcoin trong \u0111i\u1ec1u ki\u1ec7n b\u1ecb stress.<\/p>\n\n
\u0110\u00e2y l\u00e0 n\u01a1i hai c\u00e2u chuy\u1ec7n g\u1eb7p nhau. Strategy \u0111\u1ea1i di\u1ec7n cho nhu c\u1ea7u Bitcoin d\u00e0i h\u1ea1n, \u1edf c\u1ea5p doanh nghi\u1ec7p, s\u1eed d\u1ee5ng n\u1ee3 v\u00e0 s\u1ef1 ki\u00ean nh\u1eabn. L\u00fd thuy\u1ebft qu\u1ef9 ph\u00f2ng h\u1ed9 H\u1ed3ng K\u00f4ng \u0111\u1ea1i di\u1ec7n cho vi\u1ec7c ti\u1ebfp x\u00fac Bitcoin ng\u1eafn h\u1ea1n, c\u00f3 \u0111\u00f2n b\u1ea9y th\u00f4ng qua ETF v\u00e0 quy\u1ec1n ch\u1ecdn. Khi \u0111\u00f2n b\u1ea9y v\u1ee1, n\u00f3 c\u00f3 th\u1ec3 \u0111\u1ea9y Bitcoin xu\u1ed1ng nhanh. Khi Bitcoin gi\u1ea3m, kho\u1ea3n l\u1ed7 tr\u00ean gi\u1ea5y c\u1ee7a Strategy t\u0103ng v\u00e0 c\u00f4ng ty \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng c\u00e2u h\u1ecfi l\u1edbn h\u01a1n v\u1ec1 r\u1ee7i ro t\u00e1i c\u01a1 c\u1ea5u. Saylor n\u00f3i \u00f4ng hoan ngh\u00eanh bi\u1ebfn \u0111\u1ed9ng v\u00ec tin r\u1eb1ng n\u00f3 thu h\u00fat ng\u01b0\u1eddi cho vay v\u00e0 trader, kh\u00f4ng ch\u1ec9 ng\u01b0\u1eddi n\u1eafm gi\u1eef. Th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng nh\u00ecn kh\u00e1c: bi\u1ebfn \u0111\u1ed9ng l\u00e0m t\u0103ng chi ph\u00ed v\u1ed1n v\u00e0 khi\u1ebfn ng\u01b0\u1eddi cho vay th\u1eadn tr\u1ecdng.<\/p>\n\n
\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng th\u01b0\u1eddng, \u0111i\u1ec3m m\u1ea5u ch\u1ed1t kh\u00f4ng ph\u1ea3i l\u00e0 drama. M\u00e0 l\u00e0 h\u1ec7 th\u1ed1ng \u0111\u01b0\u1eddng \u1ed1ng. Bitcoin hi\u1ec7n g\u1ea7n v\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng h\u01a1n c\u00e1c chu k\u1ef3 tr\u01b0\u1edbc. ETF Bitcoin, quy\u1ec1n ch\u1ecdn Bitcoin v\u00e0 c\u00e1c giao d\u1ecbch t\u00e0i tr\u1ee3 xuy\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ec1u c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn chuy\u1ec3n \u0111\u1ed9ng gi\u00e1 Bitcoin. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 mang l\u1ea1i thanh kho\u1ea3n nhi\u1ec1u h\u01a1n, nh\u01b0ng c\u0169ng c\u00f3 th\u1ec3 mang l\u1ea1i c\u00e1c \u0111\u1ee3t thanh l\u00fd nhanh h\u01a1n. Trong th\u1ebf gi\u1edbi \u0111\u00f3, c\u01b0\u1ee3c c\u1ee7a Strategy tr\u1edf n\u00ean d\u1ec5 theo d\u00f5i: n\u1ebfu Bitcoin y\u1ebfu, c\u00f4ng ty ph\u1ea3i ti\u1ebfp t\u1ee5c tr\u1ea3 ti\u1ec1n, ti\u1ebfp t\u1ee5c t\u00e1i c\u01a1 c\u1ea5u v\u00e0 ti\u1ebfp t\u1ee5c thuy\u1ebft ph\u1ee5c th\u1ecb tr\u01b0\u1eddng r\u1eb1ng n\u00f3 c\u00f3 th\u1ec3 g\u00e1nh \u0111\u01b0\u1ee3c g\u00e1nh n\u1eb7ng. N\u1ebfu Bitcoin ph\u1ee5c h\u1ed3i, c\u00f9ng m\u1ed9t \u0111\u00f2n b\u1ea9y c\u00f3 th\u1ec3 l\u1ea1i tr\u00f4ng th\u00f4ng minh.<\/p>","protected":false},"excerpt":{"rendered":"
Michael Saylor n\u00f3i r\u1eb1ng \u00f4ng kh\u00f4ng lo ng\u1ea1i v\u1ec1 r\u1ee7i ro t\u00edn d\u1ee5ng c\u1ee7a Strategy ngay c\u1ea3 khi Bitcoin gi\u1ea3m. \u00d4ng cho bi\u1ebft c\u00f4ng ty \u0111\u00e3 l\u1eadp k\u1ebf ho\u1ea1ch cho…<\/p>\n","protected":false},"author":1,"featured_media":2421,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"_links":{"self":[{"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/posts\/2420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/comments?post=2420"}],"version-history":[{"count":1,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/posts\/2420\/revisions"}],"predecessor-version":[{"id":2422,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/posts\/2420\/revisions\/2422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/media\/2421"}],"wp:attachment":[{"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/media?parent=2420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/categories?post=2420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinnewscrypto.com\/vi\/wp-json\/wp\/v2\/tags?post=2420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}