Low interest rates are positive for MicroStrategy's Bitcoin hoarding business, mainly supporting expansion by lowering financing thresholds. MicroStrategy's strategy is to finance the purchase and hoarding of Bitcoin as a corporate reserve asset by issuing low interest debt (such as convertible senior notes). The company has accumulated a large amount of Bitcoin, and its stock price is highly correlated with Bitcoin prices. If the benchmark interest rate drops to 1%, the following changes may occur: Reduced financing costs are conducive to expansion: low interest rates make debt issuance cheaper, allowing MicroStrategy to more easily raise funds to purchase more Bitcoin. Stock price and valuation increase: Low interest rates may push up Bitcoin prices, thereby enhancing MicroStrategy's asset value and stock price. Risk amplification: If the price of Bitcoin fluctuates and falls under low interest rates, the company's debt burden may increase, leading to stock price fluctuations or potential financial pressure. Intensifying competition: More listed companies (such as mining companies) may follow suit