亞馬遜會採用比特幣來對沖通貨膨脹嗎？

像亞馬遜這樣的大型科技公司手頭上有大量現金——去年為 870 億美元——隨著貨幣升值，這些現金會失去購買力。

Major Tech companies like Amazon had a large amount of cash on hand last year — $87 billion — which loses purchasing power as the currency evaluates. Now, a Washington D.C.-based think tank has submitted shareholder proposals to adopt Bitcoin BTC as a solution.

去年，像亞馬遜這樣的大型科技公司手頭上有大量現金——870 億美元——隨著貨幣升值，這些現金會失去購買力。現在，華盛頓特區的一家智庫已提交股東提案，採用比特幣 BTC 作為解決方案。

The National Center for Public Policy Research (NCPPR) has been pushing the strategy at Microsoft and Amazon. In both cases, the think tank believes adopting Bitcoin into their treasury will protect the cash assets and shareholders’ value from inflation.

國家公共政策研究中心（NCPPR）一直在微軟和亞馬遜推動這項策略。在這兩種情況下，該智庫都認為，將比特幣納入其金庫將保護現金資產和股東價值免受通貨膨脹的影響。

The proposal argues that the Consumer Price Index (CPI), which pegs inflation at 4.95%, is a “remarkably poor measure” of true currency debasement and suggests that real inflation may be twice as high.

該提案認為，將通膨率定為 4.95% 的消費者物價指數 (CPI) 是衡量真實貨幣貶值的“非常糟糕的指標”，並表明實際通膨率可能是其兩倍。

Both Microsoft and Amazon have shown support for Web3 initiatives in recent years. Amazon recently announced plans to integrate nonfungible tokens (NFT) into its platform, while Microsoft has filed several patents related to blockchain technology.

近年來，微軟和亞馬遜都展現了對 Web3 計畫的支援。亞馬遜最近宣布計劃將不可取代代幣（NFT）整合到其平台中，而微軟則申請了許多與區塊鏈技術相關的專利。

However, the companies' approaches to digital assets differ significantly. Microsoft has taken a more cautious approach, focusing on exploring the potential applications of blockchain technology within its existing businesses. In contrast, Amazon has been more open to integrating new technologies and exploring novel investments.

然而，兩家公司對待數位資產的方式卻截然不同。微軟採取了更為謹慎的態度，專注於探索區塊鏈技術在其現有業務中的潛在應用。相較之下，亞馬遜對整合新技術和探索新投資持更開放的態度。

Despite the support of orange pill specialist and chairman of business intelligence firm MicroStrategy Michael Saylor, Microsoft shareholders voted ‘no’ overwhelmingly to the Bitcoin reserve proposal from NCPPR, indicating its purported volatility as a negative factor.

儘管得到了橙丸專家、商業情報公司 MicroStrategy 董事長 Michael Saylor 的支持，微軟股東還是以壓倒性多數對 NCPPR 的比特幣儲備提案投了反對票，表明其所謂的波動性是一個負面因素。

Amazon is next to decide. Will this vote be different?

亞馬遜接下來將做出決定。這次投票會有所不同嗎？

Microsoft and Amazon may have similarities as tech giants, but their styles differ significantly, said Nick Cowan, CEO of fintech firm Valereum, in an interview with Cointelegraph. While Microsoft is historically conservative in its fiscal and strategic approach, Amazon has a track record of adopting emerging technologies and exploring novel investments.

金融科技公司 Valereum 執行長 Nick Cowan 在接受 Cointelegraph 採訪時表示，作為科技巨頭，微軟和亞馬遜可能有相似之處，但他們的風格卻截然不同。雖然微軟在財務和策略方針上歷來保守，但亞馬遜在採用新興技術和探索新穎投資方面有著良好的記錄。

“Unlike Microsoft, Amazon’s higher willingness to innovate might align with Bitcoin’s potential for diversification,” said Cowan, adding:

「與微軟不同，亞馬遜更高的創新意願可能與比特幣的多元化潛力相符，」考恩補充道：

“Amazon may vote on the NCPPR proposal at its annual shareholder meeting in May 2025. The proposal urges the company to exceed the typical 1-2% allocation to risky assets in corporate portfolios.”

“亞馬遜可能會在 2025 年 5 月的年度股東大會上對 NCPPR 提案進行投票。該提案敦促該公司在企業投資組合中的風險資產配置比例超過典型的 1-2%。”

Cowan thinks this percentage is very unlikely. “A 5% allocation to Bitcoin is ambitious and likely unrealistic for a company of Amazon’s scale,” he said. “While Bitcoin offers diversification, its volatility and lack of tangible yield make it challenging to justify at such a level.” He believes “a smaller experimental allocation, akin to Tesla’s approach, might gain more shareholder support.”

考恩認為這個比例的可能性很低。 「對於亞馬遜這樣規模的公司來說，分配 5% 的比特幣是雄心勃勃的，而且可能不現實，」他說。 “雖然比特幣提供了多元化，但其波動性和缺乏有形收益使得在這樣的水平上證明其合理性具有挑戰性。”他認為“類似於特斯拉方法的較小規模的實驗分配可能會獲得更多股東的支持。”

Tesla’s purchase of Bitcoin in 2021 has been notably profitable for the company. Initially, Tesla bought $1.5 billion worth of Bitcoin but sold 70% of its initial position in 2021.

特斯拉在 2021 年購買比特幣，為該公司帶來了顯著的利潤。最初，特斯拉購買了價值 15 億美元的比特幣，但在 2021 年出售了初始部位的 70%。

Nevertheless, Tesla has held its Bitcoin stash (9,720 BTC), its value exceeding $1.3 billion, according to data from BitcoinTreasuries.NET.

儘管如此，根據 BitcoinTreasuries.NET 的數據，特斯拉仍持有其比特幣儲備（9,720 BTC），價值超過 13 億美元。

Amazon has billions available in cash, so it could easily allocate a similar amount to Tesla.

亞馬遜擁有數十億美元的可用現金，因此它可以輕鬆地向特斯拉分配類似數量的現金。

While the NCPPR may be sincere in its wish for Amazon and Microsoft to adopt Bitcoin, Cowan suggests the wider strategy is to amplify the message that Bitcoin can be seen as a hedge against inflation to “create potential momentum for Bitcoin’s institutional acceptance.”

雖然 NCPPR 可能真誠地希望亞馬遜和微軟採用比特幣，但 Cowan 表示，更廣泛的策略是放大比特幣可以被視為通膨對沖工具的訊息，以「為比特幣的機構接受創造潛在動力」。

The NCPPR did not respond immediately to Cointelegraph’s request for comment.

NCPPR 沒有立即回應 Cointelegraph 的置評請求。

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Do tech giants need Bitcoin for their treasury?

科技巨頭需要比特幣作為他們的金庫嗎？

MicroStrategy has shown remarkable results following the path of adopting Bitcoin into its core strategy for its treasury.

MicroStrategy 在將比特幣納入其財務核心策略的道路上取得了顯著的成果。

The firm began purchasing Bitcoin on Aug. 11, 2020, acquiring 21,454 BTC for $250 million. Since then, its stock price has surged from $14 to $411, with its market cap rising from $1.3 billion to nearly $100 billion.

該公司於 2020 年 8 月 11 日開始購買比特幣，以 2.5 億美元收購了 21,454 BTC。此後，其股價從14美元飆升至411美元，市值從13億美元升至近1,000億美元。

MicroStrategy’s approach is markedly different, however, and uses a large amount of leverage, making its strategy much riskier than Tesla’s buy-and-hold strategy.

然而，MicroStrategy 的方法明顯不同，它使用大量槓桿，使其策略比特斯拉的買入並持有策略風險更大。

In addition, the ratio of Bitcoin to its total market cap transformed its stock into a leveraged Bitcoin proxy.

此外，比特幣與其總市值的比率將其股票轉變為槓桿比特幣代理。

As per the writing, Amazon’s market cap is $2.4 trillion, and Microsoft’s is $3.3 trillion, so its Bitcoin adoption effects would not resemble those of MicroStrategy.

根據文章所述，亞馬遜的市值為 2.4 兆美元，微軟的市值為 3.3 兆美元，因此其比特幣採用效果與 MicroStrategy 不同。

Cowan believes there’s no urgency for Amazon to adopt Bitcoin, as its “core business is strong.” While reallocating part or the total of its cash reserves into Bitcoin could hedge against inflation, there is risk in deviating from its current treasury strategy, which some shareholders may perceive as a potential liability for its profitable business model.

考恩認為亞馬遜並不急於採用比特幣，因為其「核心業務很強大」。雖然將部分或全部現金儲備重新分配到比特幣可以對沖通貨膨脹，但偏離當前的財務策略存在風險，一些股東可能認為這是其盈利商業模式的潛在責任。

“Dedicating a large portion to Bitcoin could impact Amazon’s ability to fund key growth areas like AWS, AI advancements, and logistics infrastructure,” he said. The shareholder’s vote decision would need to “balance speculative asset acquisition against

他表示：“將大部分資金投入比特幣可能會影響亞馬遜為 AWS、人工智慧進步和物流基礎設施等關鍵成長領域提供資金的能力。”股東的投票決定需要“平衡投機性資產收購與資產收購”