What is the significance of holding more than the next halving output?
Bitcoin undergoes a halving approximately every four years as per the agreement. The block reward has gradually decreased from an initial 50 bitcoins to 3.125 bitcoins; the next halving will further reduce the block reward to 1.5625 bitcoins. According to estimates, a total of 328,125 bitcoins are expected to be mined during the cycle from 2028 to 2032. Currently, MicroStrategy holds 444,262 bitcoins, which already exceeds the total 'new' coins for this cycle, highlighting the company's significant position in market supply and demand, and indirectly supporting the profound impact of large-scale institutional investment in crypto assets and liquidity.
In addition to the symbolic significance of the quantity itself, MicroStrategy's buying behavior is often seen as 'institutional endorsement' in the market, often leading to a positive response in bitcoin prices in the short term. Although this move has also drawn some criticism, arguing that the company's financial risk is overly concentrated on the volatility of bitcoin, founder Saylor views bitcoin as 'digital gold,' repeatedly emphasizing that it is an important asset for hedging and long-term allocation.