那些卖飞的比特币：为何国家、公司、个人都拿不住比特币？

Core Insights - The article discusses the phenomenon of "selling too early" in the context of Bitcoin ownership, highlighting various cases of individuals, companies, and countries that have sold their Bitcoin holdings prematurely, resulting in significant missed opportunities for wealth accumulation [1]. Group 1: National Cases of Selling Bitcoin - Bulgaria's government seized 213,519 BTC in 2017, worth approximately $500 million at the time, but sold them in 2018 for about $2 billion, missing out on a potential value of over $25 billion by 2025, which is nearly one-third of Bulgaria's GDP [2][3]. - Germany began selling over 50,000 BTC in 2024, generating more than $2 billion at an average price of around $58,000 per BTC, but the current value of these assets has exceeded $5.8 billion, indicating a significant loss of potential future gains [4][5][6]. - The UK plans to liquidate 60,000 BTC, valued at approximately $3.6 billion, which were seized during criminal investigations. This decision raises questions about the UK's strategy in the context of Bitcoin becoming a sovereign reserve option for more countries [7]. Group 2: Corporate and Individual Cases - Tesla purchased 46,000 BTC for $1.5 billion in 2021 but sold 75% of its holdings in 2022 to enhance cash flow stability. If Tesla had retained its Bitcoin, the current value would exceed $5 billion, showcasing a missed opportunity [11]. - Many early Bitcoin miners sold their holdings when prices reached $10 or $100, reflecting a common trend of short-term thinking among individual investors [12]. - The article emphasizes that the real challenge in the Bitcoin market is not buying but holding, as entities often sell due to risk concerns, regulatory pressures, or market volatility, ultimately missing out on long-term value [12].