富達數字資產副總裁克里斯·庫珀（Chris Kuiper）向公司展示了“比特幣的投資案例”

Fidelity Digital Assets研究副總裁Chris Kuiper在《戰略世界》 2025年，挑戰公司對風險，資本分配和長期財務健康的看法進行重新審查。

Fidelity Digital Assets' vice president of research, Chris Kuiper, took to the stage at Strategy World 2025 today to urge corporations to reconsider their conventional wisdom regarding risk, capital allocation, and long-term financial health.

富達數字資產研究副總裁克里斯·庫珀（Chris Kuiper）今天登上2025年戰略世界的舞台，敦促公司重新考慮其關於風險，資本分配和長期財務健康的傳統智慧。

During his presentation, titled "The Investment Case for Bitcoin," Kuiper highlighted the staggering performance of Bitcoin compared to major asset classes over the past ten years.

在他的演講中，庫珀（Kuiper）的題為“比特幣投資案例”（The Investment Case for Bitcoin）強調了比特幣在過去十年中的驚人表現。

"Bitcoin has outperformed every major asset class over the last ten years," Kuiper said. "If you’re a company sitting on cash or low-yield bonds, you’re falling behind."

庫珀說：“在過去的十年中，比特幣表現優於每個主要資產類別。” “如果您是一家坐著現金或低收益債券的公司，那您就會落後。”

With over a decade of data available, Kuiper's aim was to persuade executives that Bitcoin isn't just a speculative asset; it's a superior strategic reserve.

有十多年的數據可用，Kuiper的目的是說服高管認為比特幣不僅是投機性資產。這是一個卓越的戰略儲備。

His presentation focused on the numbers, showing that Bitcoin has delivered a 79% compound annual growth rate (CAGR) over the last ten years and 65% over the past five years. In contrast, investment-grade bonds returned just 1.3% nominally over the same period.

他的演講集中在數字上，表明比特幣在過去十年中提供了79％的複合年增長率（CAGR），在過去五年中提供了65％。相比之下，投資級債券在同一時期名義上僅返回1.3％。

"Corporations often focus on volatility. But volatility isn’t risk—permanent capital loss is," Kuiper explained. He went on to present the real threats to balance sheets today, such as inflation and currency debasement, showing how even traditional safe havens like U.S. Treasury bonds have suffered negative real returns over time.

Kuiper解釋說：“公司通常專注於波動性。但是波動不是風險，而永久性的資本損失是。”他繼續提出了今天對資產負債表的真正威脅，例如通貨膨脹和貨幣貶低，表明即使是像美國國債這樣的傳統避風港，隨著時間的推移，如何遭受負面的真實回報。

To address concerns about Bitcoin's volatility, Kuiper offered two practical strategies: position sizing and long-term thinking.

為了解決對比特幣波動性的擔憂，庫珀提供了兩種實用策略：位置大小和長期思維。

"Bitcoin doesn't have to be all or nothing," he said. "It's not a switch—it's a dial."

他說：“比特幣不必全部或全無。” “這不是開關，而是撥號。”

Even a 1–5% allocation, Kuiper argued, can significantly improve a corporation's risk-adjusted return while limiting drawdown exposure.

Kuiper認為，即使是1–5％的分配，也可以顯著改善公司的風險調整回報，同時限制下降趨勢。

The presentation then shifted towards corporate fundamentals, where Kuiper emphasized the importance of return on invested capital (ROIC) over headline earnings. He also pointed out the inefficiencies of corporations sitting on cash.

演講隨後轉向了公司的基本面，庫珀強調了投資資本回報率（ROIC）比頭條收益的重要性。他還指出了坐在現金的公司的效率低下。

As an example, Kuiper showed how Microsoft's ROIC drops from 49% to 29% when excess cash is included, highlighting the drag that idle capital can create.

例如，庫珀（Kuiper）展示了微軟的ROIC如何從49％下降到29％，當包括過量的現金時，突出了Idle Capital可以產生的阻力。

"Corporations are laser-focused on income statements, but it’s the balance sheet that tells the real story," Kuiper said. "Cash is part of that story—and Bitcoin can turn it from dead weight into a productive asset."

Kuiper說：“公司專注於損益表，但這是講述真實故事的資產負債表。” “現金是這個故事的一部分 - 比特幣可以將其從減肥變成生產資產。”

He concluded by posing a direct question to executives in the audience: "What’s your opportunity set—and do you believe those opportunities can outperform Bitcoin?"

他結束時向觀眾的高管提出了一個直接的問題：“您的機會是什麼？您相信這些機會可以超越比特幣嗎？”

In Kuiper's view, the answer is increasingly clear.

在Kuiper看來，答案越來越清楚。