如今，似乎每個人都在嘗試購買比特幣（BTC 0.81％） - 個人，華爾街銀行，機構投資者，甚至是美國政府。但是直到最近，公司還沒有進入該法案。

目前，只有相對較少的上市公司在其資產負債表上持有比特幣。但這可能正在改變。

These days, it seems like everybody is trying to buy Bitcoin (BTC 0.81%) -- individuals, Wall Street banks, institutional investors, and even the U.S. government. But until recently, corporations were not getting into the act.

如今，似乎每個人都在嘗試購買比特幣（BTC 0.81％） - 個人，華爾街銀行，機構投資者，甚至是美國政府。但是直到最近，公司還沒有進入該法案。

Only a relatively small number of publicly traded companies currently hold Bitcoin on their balance sheets. But that could be changing. Billionaire Silicon Valley venture capitalist Tim Draper says that corporations need to start buying Bitcoin. If America's publicly traded corporations decide to go on a Bitcoin buying spree, that could send the world's most popular cryptocurrency soaring to new all-time highs.

目前，只有相對較少的上市公司在其資產負債表上持有比特幣。但這可能正在改變。億萬富翁矽谷風險投資家蒂姆·德雷珀（Tim Draper）表示，公司需要開始購買比特幣。如果美國的公開交易公司決定進行比特幣購買狂潮，那可能會使世界上最受歡迎的加密貨幣飆升至新歷史最高點。

The strategy to buy Bitcoin

購買比特幣的策略

Corporations are starting to follow the playbook created by MicroStrategy (MSTR 0.74%), the company now doing business as Strategy. That playbook primarily consists of one play: buying Bitcoin. Strategy now owns a staggering amount of Bitcoin -- 568,840 coins and counting. It seems that nearly every week, Strategy reports a major buy of more Bitcoin. Its current Bitcoin stockpile is valued at nearly $60 billion.

公司開始遵循Microstrategy創建的劇本（MSTR 0.74％），該公司現在從事策略。該劇本主要包括一個戲劇：購買比特幣。戰略現在擁有大量的比特幣-568,840硬幣和計數。策略似乎幾乎每週都會報告更多的比特幣。目前的比特幣庫存價值將近600億美元。

In 2024, a number of publicly traded companies started to dip their toes into the Bitcoin waters. In some cases, they were not even tangentially related to blockchain or crypto, so it raised a few eyebrows. But those were relatively small companies, and it was possible to ignore all the chatter about American companies buying Bitcoin.

2024年，許多公開交易的公司開始將其腳趾浸入比特幣水域。在某些情況下，它們甚至與區塊鍊或加密貨幣沒有切線相關，因此引起了一些眉毛。但是這些是相對較小的公司，並且有可能忽略有關美國公司購買比特幣的所有chat不休。

Image source: Getty Images.

圖像來源：蓋蒂圖像。

But then came December 2024 and a first-of-its-kind shareholder proposal voted on at tech titan Microsoft (MSFT 0.17%). Simply put, the proposal called on Microsoft to start adding Bitcoin to the balance sheet, all in the name of building shareholder value. Michael Saylor, the founder and executive chairman of Strategy, even gave a brief three-minute presentation to Microsoft shareholders, showing them how much money they were leaving on the table by not buying Bitcoin.

但是隨後是2024年12月，在Tech Titan Microsoft（MSFT 0.17％）中投票通過了首個股東提案。簡而言之，提案要求微軟開始向資產負債表添加比特幣，這都是以建築股東價值的名義。策略的創始人兼執行董事長邁克爾·塞勒（Michael Saylor）甚至向微軟股東做了短暫的三分鐘演講，向他們展示了他們不購買比特幣而在餐桌上留下了多少錢。

Is it "irresponsible" not to buy Bitcoin?

不購買比特幣是“不負責任的”嗎？

The Microsoft Bitcoin proposal eventually failed, but it should have been a big wake-up call for corporate America. The proposal combined a wildly bullish outlook for Bitcoin with the rather staid concept of shareholder value. The proposal essentially made the case that buying Bitcoin was the responsible thing to do. If corporations aren't buying Bitcoin, the thinking goes, they aren't maximizing the value of a business.

微軟比特幣提案最終失敗了，但對於美國公司來說，這應該是一個很大的警鐘。該提案將比特幣的看法與股東價值相當穩定的概念結合在一起。該提案實質上是為了做一個負責任的事情。如果公司不購買比特幣，那麼思考就可以了，它們不會最大化企業的價值。

Flash forward to today, and Draper is now arguing that it is "irresponsible" for corporations not to buy Bitcoin. Speaking at the Financial Times Digital Assets Summit, he outlined the case for buying Bitcoin and specifically noted that businesses without Bitcoin are not serving shareholders' interests.

直到今天，Draper現在認為公司不購買比特幣是“不負責任的”。他在《金融時報》數字資產峰會上發表講話，概述了購買比特幣的案例，並特別指出，沒有比特幣的企業並不是為股東的利益服務。

As Draper sees it, Bitcoin can help to build shareholder value. Just as corporations hold cash and cash equivalents, they should also hold Bitcoin. This notion of irresponsibility is very important. It has led to corporations divesting from certain regions of the world or refusing to invest in certain types of businesses. It has led to corporations embracing ESG (environmental, social, and governance) initiatives and fully detailing them in the presentation materials to shareholders. What if corporations now decide to address Bitcoin in the same way?

正如Draper所看到的那樣，比特幣可以幫助建立股東價值。正如公司持有現金和現金同等價值一樣，他們也應持有比特幣。這種不負責任的概念非常重要。它導致公司從世界某些地區剝離或拒絕投資某些類型的企業。它導致公司擁抱ESG（環境，社會和治理）計劃，並在演講材料中將其完全詳細介紹給股東。如果公司現在決定以相同的方式解決比特幣怎麼辦？

Price impact on Bitcoin

價格對比特幣的影響

Things get very interesting when you start to consider the potential impact on the future price of Bitcoin. Investment firm Bernstein recently ran the numbers and calculated that publicly traded corporations could add as much as $330 billion in Bitcoin to their combined balance sheets within the next five years.

當您開始考慮對比特幣未來價格的潛在影響時，事情變得非常有趣。投資公司Bernstein最近經營了這些數字，併計算出公開交易的公司可能在未來五年內將其比特幣增加到比特幣的總和。

Given Bitcoin's total market cap of $2 trillion, that's a lot of buying and would almost certainly send the price of Bitcoin skyrockheating. According to Draper, Bitcoin is going to $250,000 by the end of 2025, and one catalyst will be corporations buying Bitcoin in size.

鑑於比特幣的總市值為2萬億美元，這是很多購買的，幾乎可以肯定會派發比特幣Skyrockheating的價格。根據德雷珀（Draper）的說法，到2025年底，比特幣將達到25萬美元，一位催化劑將是公司購買比特幣的公司。

What could possibly go wrong?

可能出了什麼問題？

The problem is that a strategy of adding Bitcoin to the balance sheet only works if the price of Bitcoin continues to go up. If the price of Bitcoin goes down, corporations will actually be reducing, not maximizing, shareholder value by buying Bitcoin. Every quarter, they will need to write down the value of their Bitcoin holdings, which will lead to losses that will come out of shareholder equity.

問題在於，僅當比特幣的價格繼續上漲時，將比特幣添加到資產負債表中的策略有效。如果比特幣的價格下跌，公司實際上將通過購買比特幣來降低而不是最大化股東價值。每個季度，他們都需要寫下比特幣持有的價值，這將導致股東權益造成的損失。

Unfortunately, we've seen this story before. In early 2021, Elon Musk and Tesla (NASDAQ:TSLA) made headlines worldwide with the decision to buy $1.5 billion in Bitcoin. It looked like a genius move, and the price of Bitcoin soared to a record high.

不幸的是，我們以前看過這個故事。 2021年初，埃隆·馬斯克（Elon Musk）和特斯拉（TSLA）（納斯達克（Nasdaq：TSLA））在全球範圍內成為頭條新聞，決定購買比特幣15億美元。它看起來像是一個天才的舉動，比特幣的價格飆升至創紀錄的高度。

However, just months later, Tesla started to walk back the idea of customers paying for their cars in Bitcoin. Then, after the price of Bitcoin cratered in 2022, Tesla was no longer talking about buying Bitcoin. In fact, in July 2022, it sold 75% of its Bitcoin holdings.

但是，僅幾個月後，特斯拉開始回顧客戶用比特幣購買汽車的想法。然後，在2022年比特幣的價格浮出水面之後，特斯拉不再談論購買比特幣。實際上，在2022年7月，它出售了比特幣持有的75％。

The lesson was clear: Bitcoin is simply too volatile to hold a lot of it on a balance sheet. I'

該課程很明確：比特幣簡直太波動了，無法將其中的很多放在資產負債表上。我'