<p>Strategy (tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy) d&#7921; ki&#7871;n s&#7869; c&ocirc;ng b&#7889; b&aacute;o c&aacute;o t&agrave;i ch&iacute;nh qu&yacute; 4 n&#259;m 2025 sau khi th&#7883; tr&#432;&#7901;ng &#273;&oacute;ng c&#7917;a v&agrave;o ng&agrave;y 05/02/2025, bi&#7871;n cu&#7897;c chi&#7871;n gi&#7919;a gi&aacute; Bitcoin gi&#7919; ng&#432;&#7905;ng 76,000 USD kh&ocirc;ng ch&#7881; c&ograve;n l&agrave; v&#7845;n &#273;&#7873; k&#7929; thu&#7853;t &#273;&#417;n thu&#7847;n.</p>
<p>Gi&aacute; Bitcoin hi&#7879;n kh&ocirc;ng ch&#7881; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n k&#7871;t qu&#7843; kinh doanh c&#7911;a c&ocirc;ng ty m&agrave; c&ograve;n t&aacute;c &#273;&#7897;ng tr&#7921;c ti&#7871;p &#273;&#7871;n t&acirc;m l&yacute; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&ugrave;ng &#273;&#7897; tin c&#7853;y c&#7911;a m&ocirc; h&igrave;nh gi&#7919; Bitcoin c&oacute; &#273;&ograve;n b&#7849;y trong kho b&#7841;c c&#7911;a doanh nghi&#7879;p.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitcoin-s-76-000-technical-support-bears-balance-sheet-consequences-for-strategy">H&#7895; tr&#7907; k&#7929; thu&#7853;t 76,000 USD c&#7911;a Bitcoin: h&#7879; qu&#7843; l&ecirc;n chi&#7871;n l&#432;&#7907;c v&agrave; b&#7843;ng c&acirc;n &#273;&#7889;i c&#7911;a phe g&#7845;u</h2>

<p>T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i ng&agrave;y 04/02/2025, Bitcoin &#273;ang &#273;&#432;&#7907;c giao d&#7883;ch &#7903; m&#7913;c 76,645 USD, sau khi c&oacute; l&uacute;c gi&#7843;m xu&#7889;ng m&#7913;c th&#7845;p nh&#7845;t trong ng&agrave;y l&agrave; 72,945 USD &#7903; phi&ecirc;n tr&#432;&#7899;c &#273;&oacute;.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/oEZOt0Wl8aCQlxiomsUhVFhHPSA=/smart/801614539cf148bea44a55a498bafbdb" alt="Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (BTC)" class="wp-image-798948">Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (BTC). Ngu&#7891;n: <a href="https://www.tradingview.com/x/fCR8Esif/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

<p>Di&#7877;n bi&#7871;n n&agrave;y &#273;&atilde; &#273;&#7849;y gi&aacute; Bitcoin xu&#7889;ng s&aacute;t m&#7913;c <a href="https://vn.beincrypto.com/bitcoin-76k-strategy-average-cost/" target="_blank" rel="noreferrer noopener">gi&aacute; v&#7889;n trung b&igrave;nh 76,052 USD c&#7911;a Strategy</a> cho t&#7893;ng s&#7889; 713,502 BTC m&agrave; c&ocirc;ng ty hi&#7879;n n&#7855;m gi&#7919;. &#272;i&#7873;u n&agrave;y khi&#7871;n 76,000 USD tr&#7903; th&agrave;nh &#273;i&#7875;m c&acirc;n b&#7857;ng quan tr&#7885;ng tr&ecirc;n s&#7893; s&aacute;ch, ch&#7913; kh&ocirc;ng &#273;&#417;n thu&#7847;n ch&#7881; l&agrave; m&#7897;t ng&#432;&#7905;ng k&#7929; thu&#7853;t tr&ecirc;n bi&#7875;u &#273;&#7891;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-breakeven-line-with-earnings-implications">M&#7897;t ng&#432;&#7905;ng h&ograve;a v&#7889;n v&#7899;i &yacute; ngh&#297;a v&#7873; l&#7907;i nhu&#7853;n</h2>

<p>Theo quy chu&#7849;n k&#7871; to&aacute;n gi&aacute; tr&#7883; h&#7907;p l&yacute; &#273;&#432;&#7907;c &aacute;p d&#7909;ng t&#7915; n&#259;m 2025, Strategy ph&#7843;i &#273;&aacute;nh gi&aacute; l&#7841;i gi&aacute; tr&#7883; n&#7855;m gi&#7919; Bitcoin theo gi&aacute; th&#7883; tr&#432;&#7901;ng m&#7895;i qu&yacute;, l&agrave;m cho c&aacute;c kho&#7843;n l&atilde;i hay l&#7895; ch&#432;a th&#7921;c hi&#7879;n s&#7869; tr&#7921;c ti&#7871;p t&aacute;c &#273;&#7897;ng v&agrave;o thu nh&#7853;p b&aacute;o c&aacute;o.</p>
<p>D&ugrave; k&#7871;t qu&#7843; qu&yacute; 4 s&#7869; ph&#7843;n &aacute;nh m&#7913;c gi&aacute; Bitcoin cao trong th&aacute;ng 12&mdash;khi BTC t&#7915;ng giao d&#7883;ch tr&ecirc;n 80,000 USD ph&#7847;n l&#7899;n th&#7901;i gian&mdash;nh&#432;ng n&#7871;u gi&aacute; v&#7851;n y&#7871;u khi c&ocirc;ng b&#7889; b&aacute;o c&aacute;o, &#273;&acirc;y c&oacute; th&#7875; gi&#7843;m &#273;i&#7875;m ch&iacute;nh trong c&aacute;c cu&#7897;c th&#7843;o lu&#7853;n.</p>
<p>V&#7899;i m&#7913;c gi&aacute; hi&#7879;n t&#7841;i, v&#7883; th&#7871; Bitcoin c&#7911;a Strategy g&#7847;n nh&#432; h&ograve;a v&#7889;n. Tuy nhi&ecirc;n, n&#7871;u gi&aacute; ti&#7871;p t&#7909;c gi&#7843;m d&#432;&#7899;i 76,000 USD, c&ocirc;ng ty s&#7869; r&#417;i v&agrave;o kho&#7843;n l&#7895; ch&#432;a th&#7921;c hi&#7879;n kh&aacute; r&otilde; r&agrave;ng. Khi Bitcoin t&#7915;ng v&#7873; g&#7847;n 74,500 USD th&#7901;i gian g&#7847;n &#273;&acirc;y, <a href="https://vn.beincrypto.com/bitcoin-price-drop-microstrategy-unrealized-losses/" target="_blank" rel="noreferrer noopener">Strategy &#273;&atilde; &#273;&#7889;i di&#7879;n kho&#7843;n l&#7895; tr&ecirc;n gi&#7845;y t&#7901; g&#7847;n 1 t&#7927; USD</a>.</p>
<p>Nh&#7919;ng kho&#7843;n l&#7895; n&agrave;y ch&#432;a &#7843;nh h&#432;&#7903;ng tr&#7921;c ti&#7871;p &#273;&#7871;n s&#7889; li&#7879;u qu&yacute; 4, nh&#432;ng l&#7841;i t&#7841;o &aacute;p l&#7921;c t&acirc;m l&yacute; l&#7899;n tr&#432;&#7899;c th&#7873;m bu&#7893;i h&#7885;p c&ocirc;ng b&#7889; k&#7871;t qu&#7843; v&agrave; nh&#7919;ng ph&aacute;t bi&#7875;u t&#7915; Michael Saylor.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-buying-high-again-and-the-optics-problem">L&#7841;i ti&#7871;p t&#7909;c mua &#7903; gi&aacute; cao&mdash;v&agrave; v&#7845;n &#273;&#7873; v&#7873; h&igrave;nh &#7843;nh</h2>

<p>M&#7897;t y&#7871;u t&#7889; kh&aacute;c l&agrave;m m&#7885;i chuy&#7879;n ph&#7913;c t&#7841;p l&agrave; ho&#7841;t &#273;&#7897;ng mua v&agrave;o Bitcoin g&#7847;n &#273;&acirc;y c&#7911;a Strategy. Cu&#7889;i th&aacute;ng 01 v&agrave; &#273;&#7847;u th&aacute;ng 02, c&ocirc;ng ty &#273;&atilde; mua BTC &#7903; m&#7913;c gi&aacute; cao h&#417;n so v&#7899;i th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i kh&aacute; nhi&#7873;u.</p>
<p>L&#7847;n mua m&#7899;i nh&#7845;t l&agrave; 855 BTC, gi&aacute; trung b&igrave;nh kho&#7843;ng 87,974 USD, ngay sau &#273;&oacute; l&agrave; &#273;&#7907;t <a href="https://vn.beincrypto.com/bitcoin-crash-below-80k-market-liquidation/" target="_blank" rel="noreferrer noopener">b&aacute;n th&aacute;o cu&#7889;i tu&#7847;n khi&#7871;n Bitcoin t&#7909;t xu&#7889;ng d&#432;&#7899;i 75,000 USD</a>.</p>
<p>Nh&#7919;ng l&#7847;n mua trong th&aacute;ng 01 c&ograve;n c&oacute; m&#7913;c gi&aacute; trung b&igrave;nh cao h&#417;n n&#7919;a, g&#7891;m c&#7843; m&#7897;t &#273;&#7907;t mua &#7903; g&#7847;n 90,000 USD v&agrave; m&#7897;t &#273;&#7907;t v&#432;&#7907;t 95,000 USD.</p>
<p>M&ocirc; h&igrave;nh n&agrave;y kh&ocirc;ng m&#7899;i. Strategy th&#432;&#7901;ng xuy&ecirc;n t&#259;ng t&#7889;c gom h&agrave;ng m&#7895;i khi th&#7883; tr&#432;&#7901;ng t&#259;ng m&#7841;nh, ch&#7911; y&#7871;u nh&#7901; ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u v&agrave; n&#7907; chuy&#7875;n &#273;&#7893;i zero-coupon &#273;&#7875; c&oacute; v&#7889;n mua v&agrave;o th&ecirc;m.</p>
<p>D&ugrave; chi&#7871;n l&#432;&#7907;c n&agrave;y th&#432;&#7901;ng hi&#7879;u qu&#7843; khi chu k&#7923; t&#259;ng gi&aacute; ti&#7871;p di&#7877;n, nh&#432;ng l&#7841;i khi&#7871;n c&ocirc;ng ty lu&ocirc;n d&#7877; b&#7883; t&#7893;n th&#432;&#417;ng b&#7903;i nh&#7919;ng c&uacute; gi&#7843;m m&#7841;nh ng&#7855;n h&#7841;n, v&agrave; c&#361;ng l&agrave; l&yacute; do nh&#7919;ng ng&#432;&#7901;i ch&#7881; tr&iacute;ch cho r&#7857;ng Strategy hay &ldquo;mua &#273;&#7881;nh&rdquo; ngay tr&#432;&#7899;c nh&#7919;ng &#273;&#7907;t &#273;i&#7873;u ch&#7881;nh l&#7899;n.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-echoes-of-2021-2022">D&#432; &acirc;m c&#7911;a n&#259;m 2021&ndash;2022</h2>

<p>Di&#7877;n bi&#7871;n hi&#7879;n t&#7841;i khi&#7871;n nhi&#7873;u ng&#432;&#7901;i nh&#7899; l&#7841;i giai &#273;o&#7841;n mua &ldquo;r&aacute;t&rdquo; c&#7911;a Strategy h&#7891;i n&#259;m 2021, khi c&ocirc;ng ty li&ecirc;n t&#7909;c gom h&agrave;ng ch&#7909;c ngh&igrave;n Bitcoin ngay v&ugrave;ng &#273;&#7881;nh c&#7911;a chu k&#7923;. Sau &#273;&oacute;, khi Bitcoin s&#7909;p &#273;&#7893; h&#417;n 70% trong n&#259;m 2022, Strategy ch&#7883;u kho&#7843;n l&#7895; tr&ecirc;n gi&#7845;y t&#7901; h&agrave;ng t&#7927; USD v&agrave; gi&aacute; c&#7893; phi&#7871;u gi&#7843;m h&#417;n 80%.</p>
<p>D&ugrave; c&ocirc;ng ty kh&ocirc;ng b&#7883; bu&#7897;c b&aacute;n th&aacute;o v&agrave; &#273;&atilde; h&#432;&#7903;ng l&#7907;i l&#7899;n khi th&#7883; tr&#432;&#7901;ng t&#259;ng m&#7841;nh trong giai &#273;o&#7841;n 2024&ndash;2025, s&#7921; ki&#7879;n &#273;&oacute; t&#7915;ng cho th&#7845;y r&otilde; r&#7911;i ro bi&#7871;n &#273;&#7897;ng m&#7841;nh v&agrave; nguy c&#417; pha lo&atilde;ng c&#7893; phi&#7871;u trong chi&#7871;n l&#432;&#7907;c n&agrave;y.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;MicroStrategy l&agrave; doanh nghi&#7879;p n&#7855;m gi&#7919; nhi&#7873;u Bitcoin nh&#7845;t trong s&#7889; c&aacute;c c&ocirc;ng ty ni&ecirc;m y&#7871;t. C&ocirc;ng ty v&#7915;a ghi nh&#7853;n kho&#7843;n l&#7895; 299 tri&#7879;u USD v&igrave; <a href="https://x.com/hashtag/cryptocrash?src=hashtag_click">gi&aacute; crypto lao d&#7889;c</a>. &#272;&acirc;y l&agrave; h&igrave;nh &#7843;nh th&#7921;c t&#7871; khi &#273;&#7847;u t&#432; v&agrave;o nh&#7919;ng t&agrave;i s&#7843;n bi&#7871;n &#273;&#7897;ng cao v&agrave; thi&#7871;u gi&aacute; tr&#7883; n&#7897;i t&#7841;i. M&#7897;t tin t&#7913;c nh&#7887; c&#361;ng c&oacute; th&#7875; khi&#7871;n l&#7895; r&#7845;t l&#7899;n,&rdquo; gi&aacute;o s&#432; kinh t&#7871; Steve Hanke <a href="https://x.com/steve_hanke/status/1420890085940027392" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>.</p>
</blockquote>

<p>L&#7883;ch s&#7917; &#273;&oacute; l&#7841;i hi&#7879;n v&#7873; khi gi&aacute; Bitcoin hi&#7879;n th&#7845;p h&#417;n &#273;&#7881;nh th&aacute;ng 10/2025 kho&#7843;ng 42%, khi&#7871;n v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng b&#7889;c h&#417;i h&#417;n 1,000 t&#7927; USD ch&#7881; trong b&#7889;n th&aacute;ng g&#7847;n nh&#7845;t.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-cramer-turns-up-the-heat">Cramer l&agrave;m t&#259;ng s&#7913;c n&oacute;ng</h2>

<p>Tranh lu&#7853;n c&agrave;ng th&ecirc;m n&oacute;ng khi <a href="https://vn.beincrypto.com/jim-cramer-bitcoin-80000-macros-profits/" target="_blank" rel="noreferrer noopener">Jim Cramer</a> c&ocirc;ng khai k&ecirc;u g&#7885;i Saylor c&#7847;n h&agrave;nh &#273;&#7897;ng th&ecirc;m n&#7919;a, g&#7885;i m&#7913;c gi&aacute; 73,802 USD ch&iacute;nh l&agrave; &ldquo;ranh gi&#7899;i s&#7889;ng c&ograve;n&rdquo; c&#7911;a Bitcoin. Cramer cho r&#7857;ng Strategy n&ecirc;n ti&#7871;p t&#7909;c ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u zero-coupon ho&#7863;c b&aacute;n th&ecirc;m c&#7893; phi&#7871;u &#273;&#7875; h&#7895; tr&#7907; gi&aacute; Bitcoin tr&#432;&#7899;c khi c&ocirc;ng b&#7889; b&aacute;o c&aacute;o t&agrave;i ch&iacute;nh.</p>
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<p>&ldquo;K&#7871;t qu&#7843; kinh doanh c&#7911;a Strategy ph&#7909; thu&#7897;c v&agrave;o &#273;i&#7873;u &#273;&oacute;,&rdquo; Cramer <a href="https://x.com/jimcramer/status/2018741632959762440" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>, v&agrave; &#273;&#7863;t nghi v&#7845;n n&#7871;u Bitcoin kh&ocirc;ng h&#7891;i ph&#7909;c th&igrave; Saylor s&#7869; n&oacute;i g&igrave; trong bu&#7893;i h&#7885;p c&ocirc;ng b&#7889; k&#7871;t qu&#7843; t&agrave;i ch&iacute;nh &#273;&acirc;y.</p>
</blockquote>

<p>V&agrave;i gi&#7901; sau, Cramer ti&#7871;p t&#7909;c nh&#7845;n m&#7841;nh h&#417;n n&#7919;a khi <a href="https://x.com/jimcramer/status/2018756589780390183" target="_blank" rel="noreferrer noopener nofollow">d&#7851;n d&#7855;t</a> Strategy tr&#7903; th&agrave;nh &ldquo;l&aacute; ch&#7855;n&rdquo; quan tr&#7885;ng &#273;&#7875; gi&#7919; gi&aacute; Bitcoin, &#273;i&#7873;u ho&agrave;n to&agrave;n tr&aacute;i ng&#432;&#7907;c v&#7899;i quan &#273;i&#7875;m l&acirc;u nay c&#7911;a Saylor l&agrave; kh&ocirc;ng can thi&#7879;p v&agrave;o bi&#7871;n &#273;&#7897;ng ng&#7855;n h&#7841;n c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-rising-criticism-and-systemic-concerns">Ch&#7881; tr&iacute;ch ng&agrave;y c&agrave;ng t&#259;ng v&agrave; nh&#7919;ng lo ng&#7841;i v&#7873; h&#7879; th&#7889;ng</h2>

 
<p>&Aacute;p l&#7921;c kh&ocirc;ng ch&#7881; &#273;&#7871;n t&#7915; ri&ecirc;ng Cramer. Nh&#7919;ng ng&#432;&#7901;i b&igrave;nh lu&#7853;n nh&#432; Bull Theory &#273;&atilde; <a href="https://x.com/BullTheoryio/status/2018761308309729756" target="_blank" rel="noreferrer noopener nofollow">cho r&#7857;ng</a> &#273;&#7907;t gi&#7843;m gi&aacute; n&agrave;y l&agrave; d&#7845;u hi&#7879;u cho th&#7845;y c&oacute; &#273;i&#7873;u g&igrave; &#273;&oacute; c&#417; b&#7843;n &#273;ang g&#7863;p v&#7845;n &#273;&#7873; trong th&#7883; tr&#432;&#7901;ng crypto, trong khi m&#7897;t s&#7889; ng&#432;&#7901;i kh&aacute;c l&#7841;i c&oacute; quan &#273;i&#7875;m ti&ecirc;u c&#7921;c h&#417;n nhi&#7873;u.</p>
<p>Michael Burry, m&#7897;t ng&#432;&#7901;i ho&agrave;i nghi l&acirc;u n&#259;m, <a href="https://vn.beincrypto.com/is-this-a-crypto-winter-burry-says-50k-tiger-says-no/" target="_blank" rel="noreferrer noopener">c&#7843;nh b&aacute;o</a> r&#7857;ng n&#7871;u Bitcoin ti&#7871;p t&#7909;c gi&#7843;m s&acirc;u, c&aacute;c c&ocirc;ng ty &#273;ang s&#7903; h&#7919;u nhi&#7873;u BTC c&oacute; th&#7875; b&#7883; &#7843;nh h&#432;&#7903;ng n&#7863;ng n&#7873;. Theo ph&acirc;n t&iacute;ch c&#7911;a &ocirc;ng, Bitcoin &#273;&atilde; kh&ocirc;ng c&ograve;n gi&#7919; vai tr&ograve; l&agrave; n&#417;i tr&uacute; &#7849;n an to&agrave;n v&agrave; &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; g&acirc;y ra kh&oacute; kh&#259;n r&#7897;ng h&#417;n cho c&aacute;c doanh nghi&#7879;p.</p>
<p>Nhi&#7873;u &yacute; ki&#7871;n ch&#7881; tr&iacute;ch m&#7841;nh m&#7869; h&#417;n c&ograve;n cho r&#7857;ng chi&#7871;n l&#432;&#7907;c n&agrave;y thi&#7871;u &#7893;n &#273;&#7883;nh v&#7873; c&#7845;u tr&uacute;c. H&#7885; lo ng&#7841;i r&#7857;ng n&#7871;u t&igrave;nh tr&#7841;ng y&#7871;u k&eacute;o d&agrave;i, &#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh v&agrave; s&#7921; pha lo&atilde;ng c&#7893; phi&#7871;u c&oacute; th&#7875; l&agrave;m cho m&ocirc; h&igrave;nh n&agrave;y kh&ocirc;ng th&#7875; duy tr&igrave;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-76-000-still-matters">V&igrave; sao m&#7889;c 76,000 USD v&#7851;n quan tr&#7885;ng</h2>

<p>D&ugrave; c&oacute; nhi&#7873;u tranh lu&#7853;n, tr&#7885;ng t&acirc;m hi&#7879;n t&#7841;i v&#7851;n r&#7845;t r&otilde; r&agrave;ng. Vi&#7879;c gi&#7919; gi&aacute; tr&ecirc;n 76,000 USD gi&uacute;p c&ocirc;ng ty Strategy c&oacute; th&#7875; th&#7875; hi&#7879;n k&#7871;t qu&#7843; kinh doanh theo h&#432;&#7899;ng ki&ecirc;n &#273;&#7883;nh, c&oacute; ni&#7873;m tin d&agrave;i h&#7841;n v&agrave; t&iacute;ch l&#361;y c&oacute; k&#7927; lu&#7853;t trong th&#7901;i &#273;i&#7875;m bi&#7871;n &#273;&#7897;ng.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Bi&#7871;n &#273;&#7897;ng l&agrave; m&oacute;n qu&agrave; c&#7911;a Satoshi d&agrave;nh cho nh&#7919;ng ai trung th&agrave;nh,&rdquo; Saylor <a href="https://x.com/saylor/status/2018785006244843916" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>.</p>
</blockquote>

<p>N&#7871;u gi&aacute; gi&#7843;m xu&#7889;ng d&#432;&#7899;i m&#7913;c &#273;&oacute;, c&acirc;u chuy&#7879;n s&#7869; xoay chuy&#7875;n ho&agrave;n to&agrave;n theo h&#432;&#7899;ng:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Thua l&#7895; ch&#432;a th&#7921;c hi&#7879;n</li>

<li>S&#7921; pha lo&atilde;ng do c&aacute;c l&#7847;n g&#7885;i v&#7889;n tr&#432;&#7899;c &#273;&acirc;y, v&agrave;</li>

<li>Nghi ng&#7841;i li&#7879;u Strategy c&ograve;n &#273;&#7911; linh ho&#7841;t v&#7873; t&agrave;i ch&iacute;nh &#273;&#7875; ti&#7871;p t&#7909;c t&iacute;ch l&#361;y m&agrave; kh&ocirc;ng l&agrave;m &#7843;nh h&#432;&#7903;ng &#273;&#7871;n gi&aacute; tr&#7883; c&#7893; &#273;&ocirc;ng.</li>
</ul>

<p>V&#7899;i MSTR &#273;ang &#273;&#432;&#7907;c xem l&agrave; proxy c&oacute; bi&#7871;n &#273;&#7897;ng m&#7841;nh theo Bitcoin v&agrave; b&aacute;o c&aacute;o l&#7907;i nhu&#7853;n ch&#7881; c&ograve;n t&iacute;nh b&#7857;ng gi&#7901;, th&#7883; tr&#432;&#7901;ng &#273;ang theo d&otilde;i r&#7845;t s&aacute;t.</p>
<p>D&ugrave; Bitcoin gi&#7919; gi&aacute; hay ti&#7871;p t&#7909;c gi&#7843;m, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; kh&ocirc;ng l&agrave;m thay &#273;&#7893;i chi&#7871;n l&#432;&#7907;c d&agrave;i h&#7841;n c&#7911;a Strategy, nh&#432;ng ch&#7855;c ch&#7855;n s&#7869; t&aacute;c &#273;&#7897;ng l&#7899;n t&#7899;i c&aacute;ch nh&igrave;n nh&#7853;n v&#7873; chi&#7871;n l&#432;&#7907;c n&agrave;y trong tu&#7847;n n&agrave;y.</p>
<p></p>
<p></p>


Tại sao việc Bitcoin giữ vững mốc 76,000 USD lại quan trọng đối với câu chuyện lợi nhuận quý 4 của MicroStrategy

<p>Strategy (tr&#432;&#7899;c &#273;&acirc;y l&agrave; MicroStrategy) d&#7921; ki&#7871;n s&#7869; c&ocirc;ng b&#7889; b&aacute;o c&aacute;o t&agrave;i ch&iacute;nh qu&yacute; 4 n&#259;m 2025 sau khi th&#7883; tr&#432;&#7901;ng &#273;&oacute;ng c&#7917;a v&agrave;o ng&agrave;y 05/02/2025, bi&#7871;n cu&#7897;c chi&#7871;n gi&#7919;a gi&aacute; Bitcoin gi&#7919; ng&#432;&#7905;ng 76,000 USD kh&ocirc;ng ch&#7881; c&ograve;n l&agrave; v&#7845;n &#273;&#7873; k&#7929; thu&#7853;t &#273;&#417;n thu&#7847;n.</p>
<p>Gi&aacute; Bitcoin hi&#7879;n kh&ocirc;ng ch&#7881; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n k&#7871;t qu&#7843; kinh doanh c&#7911;a c&ocirc;ng ty m&agrave; c&ograve;n t&aacute;c &#273;&#7897;ng tr&#7921;c ti&#7871;p &#273;&#7871;n t&acirc;m l&yacute; nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; c&ugrave;ng &#273;&#7897; tin c&#7853;y c&#7911;a m&ocirc; h&igrave;nh gi&#7919; Bitcoin c&oacute; &#273;&ograve;n b&#7849;y trong kho b&#7841;c c&#7911;a doanh nghi&#7879;p.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bitcoin-s-76-000-technical-support-bears-balance-sheet-consequences-for-strategy">H&#7895; tr&#7907; k&#7929; thu&#7853;t 76,000 USD c&#7911;a Bitcoin: h&#7879; qu&#7843; l&ecirc;n chi&#7871;n l&#432;&#7907;c v&agrave; b&#7843;ng c&acirc;n &#273;&#7889;i c&#7911;a phe g&#7845;u</h2>

<p>T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i ng&agrave;y 04/02/2025, Bitcoin &#273;ang &#273;&#432;&#7907;c giao d&#7883;ch &#7903; m&#7913;c 76,645 USD, sau khi c&oacute; l&uacute;c gi&#7843;m xu&#7889;ng m&#7913;c th&#7845;p nh&#7845;t trong ng&agrave;y l&agrave; 72,945 USD &#7903; phi&ecirc;n tr&#432;&#7899;c &#273;&oacute;.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/oEZOt0Wl8aCQlxiomsUhVFhHPSA=/smart/801614539cf148bea44a55a498bafbdb" alt="Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (BTC)" class="wp-image-798948">Hi&#7879;u su&#7845;t gi&aacute; Bitcoin (BTC). Ngu&#7891;n: <a href="https://www.tradingview.com/x/fCR8Esif/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

<p>Di&#7877;n bi&#7871;n n&agrave;y &#273;&atilde; &#273;&#7849;y gi&aacute; Bitcoin xu&#7889;ng s&aacute;t m&#7913;c <a href="https://vn.beincrypto.com/bitcoin-76k-strategy-average-cost/" target="_blank" rel="noreferrer noopener">gi&aacute; v&#7889;n trung b&igrave;nh 76,052 USD c&#7911;a Strategy</a> cho t&#7893;ng s&#7889; 713,502 BTC m&agrave; c&ocirc;ng ty hi&#7879;n n&#7855;m gi&#7919;. &#272;i&#7873;u n&agrave;y khi&#7871;n 76,000 USD tr&#7903; th&agrave;nh &#273;i&#7875;m c&acirc;n b&#7857;ng quan tr&#7885;ng tr&ecirc;n s&#7893; s&aacute;ch, ch&#7913; kh&ocirc;ng &#273;&#417;n thu&#7847;n ch&#7881; l&agrave; m&#7897;t ng&#432;&#7905;ng k&#7929; thu&#7853;t tr&ecirc;n bi&#7875;u &#273;&#7891;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-a-breakeven-line-with-earnings-implications">M&#7897;t ng&#432;&#7905;ng h&ograve;a v&#7889;n v&#7899;i &yacute; ngh&#297;a v&#7873; l&#7907;i nhu&#7853;n</h2>

<p>Theo quy chu&#7849;n k&#7871; to&aacute;n gi&aacute; tr&#7883; h&#7907;p l&yacute; &#273;&#432;&#7907;c &aacute;p d&#7909;ng t&#7915; n&#259;m 2025, Strategy ph&#7843;i &#273;&aacute;nh gi&aacute; l&#7841;i gi&aacute; tr&#7883; n&#7855;m gi&#7919; Bitcoin theo gi&aacute; th&#7883; tr&#432;&#7901;ng m&#7895;i qu&yacute;, l&agrave;m cho c&aacute;c kho&#7843;n l&atilde;i hay l&#7895; ch&#432;a th&#7921;c hi&#7879;n s&#7869; tr&#7921;c ti&#7871;p t&aacute;c &#273;&#7897;ng v&agrave;o thu nh&#7853;p b&aacute;o c&aacute;o.</p>
<p>D&ugrave; k&#7871;t qu&#7843; qu&yacute; 4 s&#7869; ph&#7843;n &aacute;nh m&#7913;c gi&aacute; Bitcoin cao trong th&aacute;ng 12&mdash;khi BTC t&#7915;ng giao d&#7883;ch tr&ecirc;n 80,000 USD ph&#7847;n l&#7899;n th&#7901;i gian&mdash;nh&#432;ng n&#7871;u gi&aacute; v&#7851;n y&#7871;u khi c&ocirc;ng b&#7889; b&aacute;o c&aacute;o, &#273;&acirc;y c&oacute; th&#7875; gi&#7843;m &#273;i&#7875;m ch&iacute;nh trong c&aacute;c cu&#7897;c th&#7843;o lu&#7853;n.</p>
<p>V&#7899;i m&#7913;c gi&aacute; hi&#7879;n t&#7841;i, v&#7883; th&#7871; Bitcoin c&#7911;a Strategy g&#7847;n nh&#432; h&ograve;a v&#7889;n. Tuy nhi&ecirc;n, n&#7871;u gi&aacute; ti&#7871;p t&#7909;c gi&#7843;m d&#432;&#7899;i 76,000 USD, c&ocirc;ng ty s&#7869; r&#417;i v&agrave;o kho&#7843;n l&#7895; ch&#432;a th&#7921;c hi&#7879;n kh&aacute; r&otilde; r&agrave;ng. Khi Bitcoin t&#7915;ng v&#7873; g&#7847;n 74,500 USD th&#7901;i gian g&#7847;n &#273;&acirc;y, <a href="https://vn.beincrypto.com/bitcoin-price-drop-microstrategy-unrealized-losses/" target="_blank" rel="noreferrer noopener">Strategy &#273;&atilde; &#273;&#7889;i di&#7879;n kho&#7843;n l&#7895; tr&ecirc;n gi&#7845;y t&#7901; g&#7847;n 1 t&#7927; USD</a>.</p>
<p>Nh&#7919;ng kho&#7843;n l&#7895; n&agrave;y ch&#432;a &#7843;nh h&#432;&#7903;ng tr&#7921;c ti&#7871;p &#273;&#7871;n s&#7889; li&#7879;u qu&yacute; 4, nh&#432;ng l&#7841;i t&#7841;o &aacute;p l&#7921;c t&acirc;m l&yacute; l&#7899;n tr&#432;&#7899;c th&#7873;m bu&#7893;i h&#7885;p c&ocirc;ng b&#7889; k&#7871;t qu&#7843; v&agrave; nh&#7919;ng ph&aacute;t bi&#7875;u t&#7915; Michael Saylor.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-buying-high-again-and-the-optics-problem">L&#7841;i ti&#7871;p t&#7909;c mua &#7903; gi&aacute; cao&mdash;v&agrave; v&#7845;n &#273;&#7873; v&#7873; h&igrave;nh &#7843;nh</h2>

<p>M&#7897;t y&#7871;u t&#7889; kh&aacute;c l&agrave;m m&#7885;i chuy&#7879;n ph&#7913;c t&#7841;p l&agrave; ho&#7841;t &#273;&#7897;ng mua v&agrave;o Bitcoin g&#7847;n &#273;&acirc;y c&#7911;a Strategy. Cu&#7889;i th&aacute;ng 01 v&agrave; &#273;&#7847;u th&aacute;ng 02, c&ocirc;ng ty &#273;&atilde; mua BTC &#7903; m&#7913;c gi&aacute; cao h&#417;n so v&#7899;i th&#7883; tr&#432;&#7901;ng hi&#7879;n t&#7841;i kh&aacute; nhi&#7873;u.</p>
<p>L&#7847;n mua m&#7899;i nh&#7845;t l&agrave; 855 BTC, gi&aacute; trung b&igrave;nh kho&#7843;ng 87,974 USD, ngay sau &#273;&oacute; l&agrave; &#273;&#7907;t <a href="https://vn.beincrypto.com/bitcoin-crash-below-80k-market-liquidation/" target="_blank" rel="noreferrer noopener">b&aacute;n th&aacute;o cu&#7889;i tu&#7847;n khi&#7871;n Bitcoin t&#7909;t xu&#7889;ng d&#432;&#7899;i 75,000 USD</a>.</p>
<p>Nh&#7919;ng l&#7847;n mua trong th&aacute;ng 01 c&ograve;n c&oacute; m&#7913;c gi&aacute; trung b&igrave;nh cao h&#417;n n&#7919;a, g&#7891;m c&#7843; m&#7897;t &#273;&#7907;t mua &#7903; g&#7847;n 90,000 USD v&agrave; m&#7897;t &#273;&#7907;t v&#432;&#7907;t 95,000 USD.</p>
<p>M&ocirc; h&igrave;nh n&agrave;y kh&ocirc;ng m&#7899;i. Strategy th&#432;&#7901;ng xuy&ecirc;n t&#259;ng t&#7889;c gom h&agrave;ng m&#7895;i khi th&#7883; tr&#432;&#7901;ng t&#259;ng m&#7841;nh, ch&#7911; y&#7871;u nh&#7901; ph&aacute;t h&agrave;nh c&#7893; phi&#7871;u v&agrave; n&#7907; chuy&#7875;n &#273;&#7893;i zero-coupon &#273;&#7875; c&oacute; v&#7889;n mua v&agrave;o th&ecirc;m.</p>
<p>D&ugrave; chi&#7871;n l&#432;&#7907;c n&agrave;y th&#432;&#7901;ng hi&#7879;u qu&#7843; khi chu k&#7923; t&#259;ng gi&aacute; ti&#7871;p di&#7877;n, nh&#432;ng l&#7841;i khi&#7871;n c&ocirc;ng ty lu&ocirc;n d&#7877; b&#7883; t&#7893;n th&#432;&#417;ng b&#7903;i nh&#7919;ng c&uacute; gi&#7843;m m&#7841;nh ng&#7855;n h&#7841;n, v&agrave; c&#361;ng l&agrave; l&yacute; do nh&#7919;ng ng&#432;&#7901;i ch&#7881; tr&iacute;ch cho r&#7857;ng Strategy hay &ldquo;mua &#273;&#7881;nh&rdquo; ngay tr&#432;&#7899;c nh&#7919;ng &#273;&#7907;t &#273;i&#7873;u ch&#7881;nh l&#7899;n.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-echoes-of-2021-2022">D&#432; &acirc;m c&#7911;a n&#259;m 2021&ndash;2022</h2>

<p>Di&#7877;n bi&#7871;n hi&#7879;n t&#7841;i khi&#7871;n nhi&#7873;u ng&#432;&#7901;i nh&#7899; l&#7841;i giai &#273;o&#7841;n mua &ldquo;r&aacute;t&rdquo; c&#7911;a Strategy h&#7891;i n&#259;m 2021, khi c&ocirc;ng ty li&ecirc;n t&#7909;c gom h&agrave;ng ch&#7909;c ngh&igrave;n Bitcoin ngay v&ugrave;ng &#273;&#7881;nh c&#7911;a chu k&#7923;. Sau &#273;&oacute;, khi Bitcoin s&#7909;p &#273;&#7893; h&#417;n 70% trong n&#259;m 2022, Strategy ch&#7883;u kho&#7843;n l&#7895; tr&ecirc;n gi&#7845;y t&#7901; h&agrave;ng t&#7927; USD v&agrave; gi&aacute; c&#7893; phi&#7871;u gi&#7843;m h&#417;n 80%.</p>
<p>D&ugrave; c&ocirc;ng ty kh&ocirc;ng b&#7883; bu&#7897;c b&aacute;n th&aacute;o v&agrave; &#273;&atilde; h&#432;&#7903;ng l&#7907;i l&#7899;n khi th&#7883; tr&#432;&#7901;ng t&#259;ng m&#7841;nh trong giai &#273;o&#7841;n 2024&ndash;2025, s&#7921; ki&#7879;n &#273;&oacute; t&#7915;ng cho th&#7845;y r&otilde; r&#7911;i ro bi&#7871;n &#273;&#7897;ng m&#7841;nh v&agrave; nguy c&#417; pha lo&atilde;ng c&#7893; phi&#7871;u trong chi&#7871;n l&#432;&#7907;c n&agrave;y.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;MicroStrategy l&agrave; doanh nghi&#7879;p n&#7855;m gi&#7919; nhi&#7873;u Bitcoin nh&#7845;t trong s&#7889; c&aacute;c c&ocirc;ng ty ni&ecirc;m y&#7871;t. C&ocirc;ng ty v&#7915;a ghi nh&#7853;n kho&#7843;n l&#7895; 299 tri&#7879;u USD v&igrave; <a href="https://x.com/hashtag/cryptocrash?src=hashtag_click">gi&aacute; crypto lao d&#7889;c</a>. &#272;&acirc;y l&agrave; h&igrave;nh &#7843;nh th&#7921;c t&#7871; khi &#273;&#7847;u t&#432; v&agrave;o nh&#7919;ng t&agrave;i s&#7843;n bi&#7871;n &#273;&#7897;ng cao v&agrave; thi&#7871;u gi&aacute; tr&#7883; n&#7897;i t&#7841;i. M&#7897;t tin t&#7913;c nh&#7887; c&#361;ng c&oacute; th&#7875; khi&#7871;n l&#7895; r&#7845;t l&#7899;n,&rdquo; gi&aacute;o s&#432; kinh t&#7871; Steve Hanke <a href="https://x.com/steve_hanke/status/1420890085940027392" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>.</p>
</blockquote>

<p>L&#7883;ch s&#7917; &#273;&oacute; l&#7841;i hi&#7879;n v&#7873; khi gi&aacute; Bitcoin hi&#7879;n th&#7845;p h&#417;n &#273;&#7881;nh th&aacute;ng 10/2025 kho&#7843;ng 42%, khi&#7871;n v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng b&#7889;c h&#417;i h&#417;n 1,000 t&#7927; USD ch&#7881; trong b&#7889;n th&aacute;ng g&#7847;n nh&#7845;t.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-cramer-turns-up-the-heat">Cramer l&agrave;m t&#259;ng s&#7913;c n&oacute;ng</h2>

<p>Tranh lu&#7853;n c&agrave;ng th&ecirc;m n&oacute;ng khi <a href="https://vn.beincrypto.com/jim-cramer-bitcoin-80000-macros-profits/" target="_blank" rel="noreferrer noopener">Jim Cramer</a> c&ocirc;ng khai k&ecirc;u g&#7885;i Saylor c&#7847;n h&agrave;nh &#273;&#7897;ng th&ecirc;m n&#7919;a, g&#7885;i m&#7913;c gi&aacute; 73,802 USD ch&iacute;nh l&agrave; &ldquo;ranh gi&#7899;i s&#7889;ng c&ograve;n&rdquo; c&#7911;a Bitcoin. Cramer cho r&#7857;ng Strategy n&ecirc;n ti&#7871;p t&#7909;c ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u zero-coupon ho&#7863;c b&aacute;n th&ecirc;m c&#7893; phi&#7871;u &#273;&#7875; h&#7895; tr&#7907; gi&aacute; Bitcoin tr&#432;&#7899;c khi c&ocirc;ng b&#7889; b&aacute;o c&aacute;o t&agrave;i ch&iacute;nh.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;K&#7871;t qu&#7843; kinh doanh c&#7911;a Strategy ph&#7909; thu&#7897;c v&agrave;o &#273;i&#7873;u &#273;&oacute;,&rdquo; Cramer <a href="https://x.com/jimcramer/status/2018741632959762440" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>, v&agrave; &#273;&#7863;t nghi v&#7845;n n&#7871;u Bitcoin kh&ocirc;ng h&#7891;i ph&#7909;c th&igrave; Saylor s&#7869; n&oacute;i g&igrave; trong bu&#7893;i h&#7885;p c&ocirc;ng b&#7889; k&#7871;t qu&#7843; t&agrave;i ch&iacute;nh &#273;&acirc;y.</p>
</blockquote>

<p>V&agrave;i gi&#7901; sau, Cramer ti&#7871;p t&#7909;c nh&#7845;n m&#7841;nh h&#417;n n&#7919;a khi <a href="https://x.com/jimcramer/status/2018756589780390183" target="_blank" rel="noreferrer noopener nofollow">d&#7851;n d&#7855;t</a> Strategy tr&#7903; th&agrave;nh &ldquo;l&aacute; ch&#7855;n&rdquo; quan tr&#7885;ng &#273;&#7875; gi&#7919; gi&aacute; Bitcoin, &#273;i&#7873;u ho&agrave;n to&agrave;n tr&aacute;i ng&#432;&#7907;c v&#7899;i quan &#273;i&#7875;m l&acirc;u nay c&#7911;a Saylor l&agrave; kh&ocirc;ng can thi&#7879;p v&agrave;o bi&#7871;n &#273;&#7897;ng ng&#7855;n h&#7841;n c&#7911;a th&#7883; tr&#432;&#7901;ng.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-rising-criticism-and-systemic-concerns">Ch&#7881; tr&iacute;ch ng&agrave;y c&agrave;ng t&#259;ng v&agrave; nh&#7919;ng lo ng&#7841;i v&#7873; h&#7879; th&#7889;ng</h2>

 
<p>&Aacute;p l&#7921;c kh&ocirc;ng ch&#7881; &#273;&#7871;n t&#7915; ri&ecirc;ng Cramer. Nh&#7919;ng ng&#432;&#7901;i b&igrave;nh lu&#7853;n nh&#432; Bull Theory &#273;&atilde; <a href="https://x.com/BullTheoryio/status/2018761308309729756" target="_blank" rel="noreferrer noopener nofollow">cho r&#7857;ng</a> &#273;&#7907;t gi&#7843;m gi&aacute; n&agrave;y l&agrave; d&#7845;u hi&#7879;u cho th&#7845;y c&oacute; &#273;i&#7873;u g&igrave; &#273;&oacute; c&#417; b&#7843;n &#273;ang g&#7863;p v&#7845;n &#273;&#7873; trong th&#7883; tr&#432;&#7901;ng crypto, trong khi m&#7897;t s&#7889; ng&#432;&#7901;i kh&aacute;c l&#7841;i c&oacute; quan &#273;i&#7875;m ti&ecirc;u c&#7921;c h&#417;n nhi&#7873;u.</p>
<p>Michael Burry, m&#7897;t ng&#432;&#7901;i ho&agrave;i nghi l&acirc;u n&#259;m, <a href="https://vn.beincrypto.com/is-this-a-crypto-winter-burry-says-50k-tiger-says-no/" target="_blank" rel="noreferrer noopener">c&#7843;nh b&aacute;o</a> r&#7857;ng n&#7871;u Bitcoin ti&#7871;p t&#7909;c gi&#7843;m s&acirc;u, c&aacute;c c&ocirc;ng ty &#273;ang s&#7903; h&#7919;u nhi&#7873;u BTC c&oacute; th&#7875; b&#7883; &#7843;nh h&#432;&#7903;ng n&#7863;ng n&#7873;. Theo ph&acirc;n t&iacute;ch c&#7911;a &ocirc;ng, Bitcoin &#273;&atilde; kh&ocirc;ng c&ograve;n gi&#7919; vai tr&ograve; l&agrave; n&#417;i tr&uacute; &#7849;n an to&agrave;n v&agrave; &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; g&acirc;y ra kh&oacute; kh&#259;n r&#7897;ng h&#417;n cho c&aacute;c doanh nghi&#7879;p.</p>
<p>Nhi&#7873;u &yacute; ki&#7871;n ch&#7881; tr&iacute;ch m&#7841;nh m&#7869; h&#417;n c&ograve;n cho r&#7857;ng chi&#7871;n l&#432;&#7907;c n&agrave;y thi&#7871;u &#7893;n &#273;&#7883;nh v&#7873; c&#7845;u tr&uacute;c. H&#7885; lo ng&#7841;i r&#7857;ng n&#7871;u t&igrave;nh tr&#7841;ng y&#7871;u k&eacute;o d&agrave;i, &#273;&ograve;n b&#7849;y t&agrave;i ch&iacute;nh v&agrave; s&#7921; pha lo&atilde;ng c&#7893; phi&#7871;u c&oacute; th&#7875; l&agrave;m cho m&ocirc; h&igrave;nh n&agrave;y kh&ocirc;ng th&#7875; duy tr&igrave;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-76-000-still-matters">V&igrave; sao m&#7889;c 76,000 USD v&#7851;n quan tr&#7885;ng</h2>

<p>D&ugrave; c&oacute; nhi&#7873;u tranh lu&#7853;n, tr&#7885;ng t&acirc;m hi&#7879;n t&#7841;i v&#7851;n r&#7845;t r&otilde; r&agrave;ng. Vi&#7879;c gi&#7919; gi&aacute; tr&ecirc;n 76,000 USD gi&uacute;p c&ocirc;ng ty Strategy c&oacute; th&#7875; th&#7875; hi&#7879;n k&#7871;t qu&#7843; kinh doanh theo h&#432;&#7899;ng ki&ecirc;n &#273;&#7883;nh, c&oacute; ni&#7873;m tin d&agrave;i h&#7841;n v&agrave; t&iacute;ch l&#361;y c&oacute; k&#7927; lu&#7853;t trong th&#7901;i &#273;i&#7875;m bi&#7871;n &#273;&#7897;ng.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Bi&#7871;n &#273;&#7897;ng l&agrave; m&oacute;n qu&agrave; c&#7911;a Satoshi d&agrave;nh cho nh&#7919;ng ai trung th&agrave;nh,&rdquo; Saylor <a href="https://x.com/saylor/status/2018785006244843916" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>.</p>
</blockquote>

<p>N&#7871;u gi&aacute; gi&#7843;m xu&#7889;ng d&#432;&#7899;i m&#7913;c &#273;&oacute;, c&acirc;u chuy&#7879;n s&#7869; xoay chuy&#7875;n ho&agrave;n to&agrave;n theo h&#432;&#7899;ng:</p>
<ul class="bic-gutenberg-list wp-list list-disc ">
<li>Thua l&#7895; ch&#432;a th&#7921;c hi&#7879;n</li>

<li>S&#7921; pha lo&atilde;ng do c&aacute;c l&#7847;n g&#7885;i v&#7889;n tr&#432;&#7899;c &#273;&acirc;y, v&agrave;</li>

<li>Nghi ng&#7841;i li&#7879;u Strategy c&ograve;n &#273;&#7911; linh ho&#7841;t v&#7873; t&agrave;i ch&iacute;nh &#273;&#7875; ti&#7871;p t&#7909;c t&iacute;ch l&#361;y m&agrave; kh&ocirc;ng l&agrave;m &#7843;nh h&#432;&#7903;ng &#273;&#7871;n gi&aacute; tr&#7883; c&#7893; &#273;&ocirc;ng.</li>
</ul>

<p>V&#7899;i MSTR &#273;ang &#273;&#432;&#7907;c xem l&agrave; proxy c&oacute; bi&#7871;n &#273;&#7897;ng m&#7841;nh theo Bitcoin v&agrave; b&aacute;o c&aacute;o l&#7907;i nhu&#7853;n ch&#7881; c&ograve;n t&iacute;nh b&#7857;ng gi&#7901;, th&#7883; tr&#432;&#7901;ng &#273;ang theo d&otilde;i r&#7845;t s&aacute;t.</p>
<p>D&ugrave; Bitcoin gi&#7919; gi&aacute; hay ti&#7871;p t&#7909;c gi&#7843;m, &#273;i&#7873;u n&agrave;y c&oacute; th&#7875; kh&ocirc;ng l&agrave;m thay &#273;&#7893;i chi&#7871;n l&#432;&#7907;c d&agrave;i h&#7841;n c&#7911;a Strategy, nh&#432;ng ch&#7855;c ch&#7855;n s&#7869; t&aacute;c &#273;&#7897;ng l&#7899;n t&#7899;i c&aacute;ch nh&igrave;n nh&#7853;n v&#7873; chi&#7871;n l&#432;&#7907;c n&agrave;y trong tu&#7847;n n&agrave;y.</p>
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