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$BTC 12 月 5 日,儘管比特幣近期大幅下跌,摩根大通仍堅持其「按波動率調整後的比特幣 vs. 黃金模型」,該模型顯示未來 6 到 12 個月比特幣的理論目標價約為 17 萬美元。摩根大通在週三報告中指出,Strategy 仍是比特幣的關鍵驅動因素,市場正密切關注其企業價值與持有比特幣價值比(mNAV)。該比例目前約為 1.13,若跌破 1.0,將被視為存在「被迫賣幣」的風險信號。目前 mNAV 仍高於 1.0,這一點令人安心。分析師指出,公司擁有 14 億美元的儲備資金,這可作為不必賣出比特幣的緩衝。他們還強調,MSCI 將於 1 月 15 日作出的指數決定具有「不對稱催化劑」作用:若被剔除,大