{"id":3300,"date":"2026-01-14T17:30:29","date_gmt":"2026-01-14T16:30:29","guid":{"rendered":"https:\/\/zumim.com\/microstrategy-bitcoin-treasury-strategy.html"},"modified":"2026-01-14T17:36:41","modified_gmt":"2026-01-14T16:36:41","slug":"microstrategy-bitcoin-treasury-strategy","status":"publish","type":"post","link":"https:\/\/zumim.com\/fr\/microstrategy-bitcoin-treasury-strategy.html","title":{"rendered":"Du g\u00e9ant du logiciel au standard Bitcoin : d\u00e9cryptage de la r\u00e9volution financi\u00e8re de MicroStrategy"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Acc\u00e9l\u00e9ration de la d\u00e9pr\u00e9ciation mon\u00e9taire : le paysage financier mondial conna\u00eet actuellement un changement structurel qui remet en question la d\u00e9finition m\u00eame de la monnaie. Pendant des d\u00e9cennies, le dollar am\u00e9ricain, l&rsquo;euro et le yen japonais ont servi de base au commerce international. Cependant, un examen attentif des bilans des principales banques centrales r\u00e9v\u00e8le une crise de dilution sans pr\u00e9c\u00e9dent. Afin de financer des dettes souveraines record et de stimuler l&rsquo;activit\u00e9 \u00e9conomique, les autorit\u00e9s mon\u00e9taires augmentent continuellement la masse mon\u00e9taire, en particulier M2. Les historiens et les \u00e9conomistes qualifient cette pratique de \u00ab dilution mon\u00e9taire \u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lorsque la masse mon\u00e9taire augmente plus rapidement que la production de biens et de services, le pouvoir d&rsquo;achat de chaque unit\u00e9 mon\u00e9taire en circulation diminue. Il ne s&rsquo;agit pas d&rsquo;un risque th\u00e9orique, mais d&rsquo;une r\u00e9alit\u00e9 m\u00e9canique. Les r\u00e9serves de tr\u00e9sorerie des entreprises, autrefois consid\u00e9r\u00e9es comme le refuge le plus s\u00fbr pour pr\u00e9server la valeur, sont en train de fondre comme neige au soleil. Le \u00ab mirage de la tr\u00e9sorerie \u00bb d\u00e9crit l&rsquo;illusion de stabilit\u00e9 de la monnaie fiduciaire, dont le montant nominal reste constant, mais dont la valeur r\u00e9elle s&rsquo;\u00e9vapore silencieusement sous la pression de l&rsquo;inflation et de l&rsquo;expansion mon\u00e9taire. Cet environnement oblige les investisseurs avertis \u00e0 chercher refuge au-del\u00e0 des obligations traditionnelles et des \u00e9quivalents de tr\u00e9sorerie.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le Bitcoin comme rempart contre l&rsquo;inflation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Face \u00e0 la vague de billets de banque imprim\u00e9s \u00e0 l&rsquo;infini, Michael Saylor, cofondateur et pr\u00e9sident ex\u00e9cutif de MicroStrategy, a formul\u00e9 une strat\u00e9gie bas\u00e9e sur une observation fondamentale d&rsquo;ing\u00e9nieur : la transition d&rsquo;un r\u00e9seau mon\u00e9taire perm\u00e9able \u00e0 un r\u00e9seau \u00e9tanche. M. Saylor a reconnu que les monnaies fiduciaires sont soumises \u00e0 une dilution infinie, alors que le Bitcoin se caract\u00e9rise par une raret\u00e9 absolue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avec un plafond d&rsquo;approvisionnement fixe de 21 millions de pi\u00e8ces, le Bitcoin offre une garantie math\u00e9matique de raret\u00e9 qu&rsquo;aucune banque centrale ne peut manipuler. En convertissant des dollars d\u00e9valu\u00e9s en un actif qui ne peut pas \u00eatre gonfl\u00e9, MicroStrategy ne se contente pas d&rsquo;investir, elle construit un rempart contre la perte de capital. Cette strat\u00e9gie va au-del\u00e0 de la simple gestion de tr\u00e9sorerie ; elle repr\u00e9sente un pivot philosophique et financier vers une \u00ab norme de raret\u00e9 \u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La th\u00e8se centrale est que, dans une \u00e8re d&rsquo;irresponsabilit\u00e9 mon\u00e9taire, l&rsquo;action la plus prudente pour les entreprises est de d\u00e9tenir l&rsquo;actif le plus solide disponible. Cette id\u00e9e se r\u00e9pand actuellement dans le monde institutionnel, attirant des entit\u00e9s \u00e0 la recherche de sanctuaires politiques o\u00f9 la quantit\u00e9 ne peut \u00eatre manipul\u00e9e par d\u00e9cret.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406904901-1024x585.png\" alt=\"MicroStrategy Bitcoin Treasury Strategy-1\" class=\"wp-image-3294\" srcset=\"https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406904901-1024x585.png 1024w, https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406904901-300x171.png 300w, https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406904901-768x439.png 768w, https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406904901.png 1344w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">La strat\u00e9gie Saylor : concevoir une croissance accrue<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le m\u00e9canisme \u00e0 l&rsquo;origine de la transformation de MicroStrategy est souvent interpr\u00e9t\u00e9 \u00e0 tort comme un simple effet de levier. En r\u00e9alit\u00e9, il s&rsquo;agit d&rsquo;un arbitrage sophistiqu\u00e9 entre volatilit\u00e9 et cr\u00e9dit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La \u00ab strat\u00e9gie Saylor \u00bb consiste \u00e0 \u00e9mettre des titres de cr\u00e9ance, plus pr\u00e9cis\u00e9ment des obligations convertibles, afin d&rsquo;acqu\u00e9rir des bitcoins. Son g\u00e9nie r\u00e9side dans le rapport entre le co\u00fbt du capital et le potentiel d&rsquo;appr\u00e9ciation de l&rsquo;actif. Les obligations convertibles sont une forme de dette d&rsquo;entreprise qui peut \u00eatre convertie en actions \u00e0 une date ult\u00e9rieure. Comme ces obligations sont assorties d&rsquo;une option de conversion en actions, MicroStrategy peut les \u00e9mettre \u00e0 des taux d&rsquo;int\u00e9r\u00eat extr\u00eamement bas, souvent compris entre 0 % et 1,5 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saylor a compris qu&rsquo;il pouvait emprunter de l&rsquo;argent \u00e0 un co\u00fbt nettement inf\u00e9rieur \u00e0 l&rsquo;appr\u00e9ciation attendue \u00e0 long terme du bitcoin.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">La \u00ab boucle infinie \u00bb de l&rsquo;accroissement<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Cette strat\u00e9gie cr\u00e9e ce que l&rsquo;on appelle souvent une \u00ab boucle infinie \u00bb d&rsquo;accroissement pour les actionnaires. Voici comment fonctionne ce cycle :<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u00c9mission :<\/strong> MicroStrategy \u00e9met des obligations convertibles aupr\u00e8s d&rsquo;investisseurs, levant ainsi des fonds \u00e0 un taux d&rsquo;int\u00e9r\u00eat tr\u00e8s bas.<\/li>\n\n\n\n<li><strong>Acquisition :<\/strong> le produit est utilis\u00e9 pour acheter imm\u00e9diatement des bitcoins.<\/li>\n\n\n\n<li><strong>Appr\u00e9ciation :<\/strong> \u00e0 mesure que le bitcoin s&rsquo;appr\u00e9cie, la valeur des actifs de la soci\u00e9t\u00e9 augmente.<\/li>\n\n\n\n<li><strong>Conversion ou remboursement :<\/strong> si le cours de l&rsquo;action augmente, les investisseurs convertissent leur dette en actions, diluant ainsi les actionnaires existants, mais \u00e0 un prix \u00e9lev\u00e9. Si l&rsquo;action n&rsquo;augmente pas, MicroStrategy rembourse la dette en utilisant des liquidit\u00e9s (ou en vendant une partie des bitcoins \u00e0 un prix plus \u00e9lev\u00e9).<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Math\u00e9matiquement, tant que la valeur des bitcoins acquis d\u00e9passe le co\u00fbt de la dette (plus la \u00ab valeur d&rsquo;option \u00bb accord\u00e9e aux d\u00e9tenteurs d&rsquo;obligations), la valeur nette d&rsquo;inventaire (VNI) par action augmente. Il s&rsquo;agit d&rsquo;une croissance \u00ab cr\u00e9atrice de valeur \u00bb. Cela oblige effectivement le march\u00e9 \u00e0 \u00e9valuer la soci\u00e9t\u00e9 en fonction de ses avoirs en bitcoins tout en offrant une exposition \u00e0 effet de levier \u00e0 cet actif.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce m\u00e9canisme a permis \u00e0 MicroStrategy d&rsquo;accumuler plus de 226 000 BTC, transformant une soci\u00e9t\u00e9 de logiciels de taille moyenne en un v\u00e9hicule mondial de tr\u00e9sorerie Bitcoin.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">MSTR vs STRC : d\u00e9coder les instruments de suivi et les instruments de capital<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 mesure que MicroStrategy \u00e9voluait vers un fonds Bitcoin de facto, la complexit\u00e9 de sa structure de capital s&rsquo;est accrue. Les investisseurs confondent souvent les actions de base (MSTR) avec divers instruments de suivi ou actions privil\u00e9gi\u00e9es (souvent appel\u00e9s STRC ou v\u00e9hicules de suivi Strategy Bitcoin). Il est essentiel de comprendre cette distinction pour \u00e9valuer les risques et les avantages.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MSTR : actions ordinaires et droits de vote<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">MSTR repr\u00e9sente les actions ordinaires de MicroStrategy. Acheter des actions MSTR, c&rsquo;est acheter une part de l&rsquo;activit\u00e9 logicielle et, plus important encore, une part de la tr\u00e9sorerie Bitcoin. Les d\u00e9tenteurs de MSTR poss\u00e8dent des droits de vote dans la gouvernance de l&rsquo;entreprise. Ils sont les b\u00e9n\u00e9ficiaires ultimes de la strat\u00e9gie \u00ab boucle infinie \u00bb. Si le Bitcoin augmente, la valeur des actions de MSTR augmente g\u00e9n\u00e9ralement de mani\u00e8re disproportionn\u00e9e en raison de l&rsquo;effet de levier int\u00e9gr\u00e9 dans la structure de la dette convertible. Cependant, les d\u00e9tenteurs de MSTR sont \u00e9galement les derniers dans la file lors de la liquidation et sont soumis \u00e0 la volatilit\u00e9 totale de l&rsquo;actif sous-jacent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">STRC : exposition \u00e9conomique sans gouvernance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Le terme STRC (Strategy Bitcoin \/ tracking vehicles) d\u00e9signe g\u00e9n\u00e9ralement des instruments ou des cat\u00e9gories d&rsquo;actions sp\u00e9cifiques con\u00e7us pour le suivi institutionnel de la tr\u00e9sorerie Bitcoin. Il peut s&rsquo;agir d&rsquo;actions privil\u00e9gi\u00e9es ou d&rsquo;ETF sp\u00e9cialis\u00e9s qui d\u00e9tiennent des MSTR. La principale distinction ici est la s\u00e9paration de l&rsquo;exposition \u00e9conomique et des droits de vote.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les investisseurs dans ces v\u00e9hicules de suivi recherchent l&rsquo;appr\u00e9ciation du prix du Bitcoin par le biais de l&rsquo;enveloppe MicroStrategy, mais ne souhaitent pas n\u00e9cessairement participer \u00e0 la gouvernance d&rsquo;entreprise. Ces instruments offrent souvent un point d&rsquo;acc\u00e8s plus clair et mieux r\u00e9glement\u00e9 aux institutions financi\u00e8res traditionnelles. Par exemple, l&rsquo;acquisition r\u00e9cente de MSTR par la Banque nationale suisse a probablement \u00e9t\u00e9 r\u00e9alis\u00e9e afin d&rsquo;obtenir une exposition au Bitcoin dans un cadre r\u00e9glementaire sp\u00e9cifique qui autorise la d\u00e9tention d&rsquo;actions plut\u00f4t que la conservation directe de Bitcoins au comptant. Cette distinction souligne la maturation du mod\u00e8le financier de MicroStrategy en un \u00e9cosyst\u00e8me \u00e0 plusieurs niveaux accessible \u00e0 diff\u00e9rents types de capitaux.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le point de vue de Zumim : infrastructure \u00e9nerg\u00e9tique et semi-conducteurs<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Alors que les march\u00e9s financiers se concentrent sur les structures de dette et les primes de valeur liquidative, une analyse plus approfondie n\u00e9cessite d&rsquo;examiner la \u00ab r\u00e9alit\u00e9 physique \u00bb de la strat\u00e9gie. Le Bitcoin n&rsquo;est pas une monnaie Internet magique ; il est le r\u00e9sultat d&rsquo;un r\u00e9seau informatique massif et d\u00e9centralis\u00e9. Son existence et sa s\u00e9curit\u00e9 n\u00e9cessitent de l&rsquo;\u00e9nergie et du mat\u00e9riel informatique. C&rsquo;est l\u00e0 que l&rsquo;\u00ab angle Zumim \u00bb relie l&rsquo;ing\u00e9nierie financi\u00e8re et les infrastructures physiques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chaque Bitcoin acquis par MicroStrategy repr\u00e9sente un signal de demande pour les infrastructures mondiales d&rsquo;\u00e9nergie et de semi-conducteurs. Le minage de bitcoins est le principal consommateur de puces informatiques haute performance (ASIC) et un \u00e9norme puits pour l&rsquo;\u00e9nergie perdue ou exc\u00e9dentaire. En accumulant des bitcoins, MicroStrategy fait effectivement un pari \u00e0 long terme sur la robustesse et l&rsquo;expansion du r\u00e9seau de minage. \u00c0 mesure que les banques centrales et les fonds souverains, tels que la Banque nationale suisse, commencent \u00e0 acqu\u00e9rir des MSTR ou leurs v\u00e9hicules de suivi, ils investissent indirectement dans la couche physique du r\u00e9seau Bitcoin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elles parient sur la stabilit\u00e9 de la production \u00e9nerg\u00e9tique mondiale et sur les progr\u00e8s de la technologie des semi-conducteurs (suivis par des indices tels que Zumim). La \u00ab strat\u00e9gie Saylor \u00bb n&rsquo;est pas seulement une abstraction financi\u00e8re ; elle constitue un pont entre la raret\u00e9 num\u00e9rique du Bitcoin et la r\u00e9alit\u00e9 physique du complexe industriel n\u00e9cessaire \u00e0 son fonctionnement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L&rsquo;h\u00e9ritage de Hal Finney : la banque adoss\u00e9e au Bitcoin<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">En 2010, peu apr\u00e8s le lancement du Bitcoin par Satoshi Nakamoto, le l\u00e9gendaire cryptographe Hal Finney a imagin\u00e9 un avenir o\u00f9 le Bitcoin donnerait naissance \u00e0 de nouvelles formes d&rsquo;institutions financi\u00e8res. Il a th\u00e9oris\u00e9 de mani\u00e8re c\u00e9l\u00e8bre une \u00ab banque adoss\u00e9e au Bitcoin \u00bb qui \u00e9mettrait des actions libell\u00e9es en Bitcoin, permettant aux investisseurs d&rsquo;\u00eatre expos\u00e9s \u00e0 l&rsquo;actif sans d\u00e9tenir directement les cl\u00e9s priv\u00e9es. Finney avait pr\u00e9vu qu&rsquo;une telle entit\u00e9 centraliserait la liquidit\u00e9 et servirait de pont pour l&rsquo;adoption par le grand public.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Plus d&rsquo;une d\u00e9cennie plus tard, MicroStrategy a concr\u00e9tis\u00e9 la vision de Finney avec une pr\u00e9cision \u00e9tonnante. Alors que Finney imaginait probablement une entit\u00e9 sp\u00e9cialement cr\u00e9\u00e9e et r\u00e9glement\u00e9e pour le Bitcoin, Michael Saylor a transform\u00e9 une soci\u00e9t\u00e9 cot\u00e9e en bourse existante pour lui faire jouer exactement ce r\u00f4le. MicroStrategy agit comme une banque adoss\u00e9e au Bitcoin o\u00f9 les \u00ab d\u00e9p\u00f4ts \u00bb sont les actions (MSTR) et les \u00ab r\u00e9serves \u00bb sont les Bitcoins d\u00e9tenus en d\u00e9p\u00f4t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cette r\u00e9alisation ajoute une dimension historique \u00e0 la strat\u00e9gie actuelle. Il ne s&rsquo;agit pas simplement d&rsquo;une entreprise qui ach\u00e8te des bitcoins, mais de la naissance d&rsquo;une nouvelle primitive financi\u00e8re : une soci\u00e9t\u00e9 de tr\u00e9sorerie Bitcoin cot\u00e9e en bourse. Les flux entrants provenant des institutions valident le mod\u00e8le, prouvant que l&rsquo;hypoth\u00e8se de Finney en 2010 \u00e9tait non seulement correcte, mais aussi en avance de quinze ans sur son temps. Le \u00ab g\u00e9ant du logiciel \u00bb est effectivement devenu une \u00ab norme de valeur \u00bb, r\u00e9alisant ainsi la proph\u00e9tie de l&rsquo;\u00e8re cypherpunk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Validation institutionnelle : le pr\u00e9c\u00e9dent de la Banque nationale suisse<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le discours autour de MicroStrategy a chang\u00e9 de mani\u00e8re irr\u00e9vocable avec la r\u00e9v\u00e9lation que de grandes entit\u00e9s souveraines se lancent dans le commerce. Des rapports indiquent que la Banque nationale suisse (BNS) a acquis une position dans MSTR. Cette \u00e9volution est importante pour plusieurs raisons.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tout d&rsquo;abord, il indique que le discours sur la \u00ab d\u00e9pr\u00e9ciation \u00bb a atteint les plus hauts niveaux de la finance traditionnelle. Les banques centrales, qui sont les \u00e9mettrices m\u00eames de la monnaie fiduciaire, couvrent leurs propres risques d&rsquo;inflation en d\u00e9tenant des actifs qui ne peuvent \u00eatre dilu\u00e9s. Deuxi\u00e8mement, la d\u00e9cision de la BNS valide la liquidit\u00e9 et la maturit\u00e9 de l&rsquo;action MicroStrategy en tant que substitut du Bitcoin. Pour une banque centrale, l&rsquo;achat de Bitcoin au comptant implique de surmonter des obstacles complexes en mati\u00e8re de conservation et de r\u00e9glementation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L&rsquo;achat de MSTR, en revanche, est une transaction boursi\u00e8re standard dans le cadre des structures existantes. Cela offre aux institutions conservatrices une \u00ab porte d\u00e9rob\u00e9e \u00bb pour participer au r\u00e9seau Bitcoin. Cela sugg\u00e8re que le \u00ab mirage de la monnaie fiduciaire \u00bb est reconnu \u00e0 l&rsquo;\u00e9chelle mondiale et que le \u00ab rempart \u00bb offert par le Bitcoin, via des v\u00e9hicules tels que MicroStrategy, devient une allocation standard dans les portefeuilles sophistiqu\u00e9s.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406868671-1024x585.png\" alt=\"MicroStrategy Bitcoin Treasury Strategy-3\" class=\"wp-image-3293\" srcset=\"https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406868671-1024x585.png 1024w, https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406868671-300x171.png 300w, https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406868671-768x439.png 768w, https:\/\/zumim.com\/wp-content\/uploads\/2026\/01\/image-1768406868671.png 1344w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion : un nouveau paradigme financier<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le parcours de MicroStrategy, qui est pass\u00e9e d&rsquo;une soci\u00e9t\u00e9 d&rsquo;analyse logicielle \u00e0 un porte-drapeau du Bitcoin, est l&rsquo;histoire financi\u00e8re d\u00e9terminante de cette d\u00e9cennie. Il met en \u00e9vidence la fragilit\u00e9 du syst\u00e8me fiduciaire actuel et offre une solution math\u00e9matique : la raret\u00e9 absolue du Bitcoin. Gr\u00e2ce \u00e0 la \u00ab strat\u00e9gie Saylor \u00bb, la soci\u00e9t\u00e9 a utilis\u00e9 les m\u00e9canismes de la dette et des actions pour cr\u00e9er un cycle de croissance qui profite aux actionnaires tout en construisant une forteresse contre la d\u00e9pr\u00e9ciation mon\u00e9taire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La distinction entre MSTR et STRC met en \u00e9vidence la sophistication croissante de cet \u00e9cosyst\u00e8me, qui s&rsquo;adresse \u00e0 la fois aux acteurs de la gouvernance et \u00e0 ceux qui recherchent une exposition \u00e9conomique. En outre, le lien avec les infrastructures physiques souligne qu&rsquo;il s&rsquo;agit d&rsquo;un pari sur l&rsquo;avenir de l&rsquo;\u00e9nergie et de la technologie. Alors que des institutions telles que la Banque nationale suisse suivent la voie trac\u00e9e par la vision de Hal Finney, il appara\u00eet clairement que l&rsquo;\u00e8re des banques soutenues par le Bitcoin est arriv\u00e9e. Le \u00ab mirage de l&rsquo;argent liquide \u00bb s&rsquo;estompe et la \u00ab norme de raret\u00e9 \u00bb gagne du terrain. Pour les investisseurs comme pour les entreprises, la le\u00e7on est claire : dans un monde o\u00f9 l&rsquo;offre est infinie, la seule strat\u00e9gie rationnelle consiste \u00e0 rechercher ce qui est fini.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Acc\u00e9l\u00e9ration de la d\u00e9pr\u00e9ciation mon\u00e9taire : le paysage financier mondial conna\u00eet actuellement un changement structurel qui remet en question la d\u00e9finition m\u00eame de la monnaie. Pendant des d\u00e9cennies, le dollar am\u00e9ricain, l&rsquo;euro et le yen japonais ont servi de base au commerce international. Cependant, un examen attentif des bilans des principales banques centrales r\u00e9v\u00e8le une [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":3301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[59],"tags":[],"class_list":["post-3300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MicroStrategy &amp; D\u00e9basement mon\u00e9taire, pourquoi les monnaies meurent | Zumim.news<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez pourquoi MicroStrategy cr\u00e9e une alternative au dollar et l&#039;euro avec bitcoin. 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