邁克爾·塞勒（Michael Saylor）在2020年面臨問題。比特幣是解決方案。

當政府通過鎖定和金錢印刷對19日的危機做出回應時，MicroStrategy創始人看到了比公共衛生緊急情況更深入的：對金錢本身的價值進行了全面的攻擊。

In the annals of corporate strategy, few moves in recent times have generated as much discussion and debate as MicroStrategy's large-scale Bitcoin purchases, beginning in August 2020. As the world grappled with the COVID-19 pandemic, governments responded with lockdowns, stimulus packages, and bailouts, introducing a new variable into the equation: government overreach.

在《企業戰略》中，最近幾乎沒有採取任何行動和辯論，而不是微型策略的大規模比特幣購買，從2020年8月開始。隨著世界與Covid-19的大流行作出，政府對鎖定，刺激套餐，刺激套餐和釋放，釋放了新的多樣性，將新的變量介紹到了公平上：政府介紹了一個新的政府。

This point of view is crucial to understanding Saylor's thinking. Coming from the classical economics background, and having founded a successful software company, Saylor possessed a deep understanding of macroeconomic principles and the role of capital in generating wealth.

這種觀點對於理解塞勒的思想至關重要。 Saylor來自古典經濟學背景，並成立了一家成功的軟件公司，對宏觀經濟原理和資本在產生財富中的作用有了深刻的了解。

To Saylor, the government response to the pandemic was pushing the global financial system to new extremes. With interest rates at record lows and inflation on the rise, traditional investment vehicles were becoming less attractive. Real estate was in a bubble, stocks were overvalued, and safe-haven assets like U.S. Treasury bonds were yielding next to no return. Even the art market, usually a good hedge against inflation, wasn't offering a realistic opportunity.

對於Saylor來說，政府對大流行的反應正在將全球金融體系推向新的極端。隨著創紀錄的低點利率和上升的通貨膨脹，傳統的投資工具的吸引力降低了。房地產處於泡沫狀態，股票被高估了，像美國財政部債券這樣的安全資產幾乎沒有回報。即使是藝術市場，通常是對通貨膨脹的良好對沖，也沒有提供現實的機會。

In this economic landscape, Saylor was faced with a dilemma. MicroStrategy had around $500 million in cash, which was slowly becoming less valuable as the purchasing power of the dollar declined. He needed an investment that was liquid, easily transportable across borders, and couldn't be easily seized or controlled by governments.

在這種經濟格局中，塞勒面臨困境。 MicroStrategy的現金約為5億美元，隨著美元的購買力下降，這一現金逐漸變得不那麼有價值。他需要一項流動性的投資，易於在邊界上運輸，並且不容易被政府抓住或控制。

As he delved deeper into the world of cryptocurrency, Saylor discovered Bitcoin. Having previously dismissed it as a speculative "fad," he began to listen to podcasts, read books, and engage in conversations with crypto enthusiasts.

當他深入研究加密貨幣世界時，Saylor發現了比特幣。他以前將其視為投機性的“時尚”，因此他開始聽播客，閱讀書籍並與加密愛好者進行對話。

The more Saylor learned, the more he realized that Bitcoin possessed unique properties that made it stand out in a rapidly changing financial landscape. It was the digital equivalent of gold, known for its scarcity and durability, but Bitcoin was even more portable, easily storable in a digital wallet, and couldn't be easily seized or frozen by governments.

塞勒（Saylor）學到的越多，他就越意識到比特幣具有獨特的財產，使其在快速變化的金融景觀中脫穎而出。它是數字等同的黃金，以其稀缺性和耐用性而聞名，但比特幣更便攜，容易在數字錢包中存放，並且不容易被政府抓住或凍結。

Moreover, Bitcoin's price movements were largely uncorrelated with traditional asset classes, offering an additional layer of diversification to MicroStrategy's investment portfolio. In August 2020, after months of research and deliberation, Saylor and his team made the bold decision to invest a portion of MicroStrategy's cash in Bitcoin.

此外，比特幣的價格變動與傳統資產類別基本上不相關，為MicroStrategy的投資組合提供了額外的多元化層。經過幾個月的研究和審議，2020年8月，Saylor和他的團隊做出了大膽的決定，將一部分MicroStrategy現金投資於比特幣。

The firm's first purchase was for 21,454 BTC at an average price of $24,243 per coin, for a total investment of $250 million. This initial investment was met with mixed reactions, with some praising Saylor's vision and others criticizing what they saw as a risky distraction from MicroStrategy's core business.

該公司的第一次購買是21,454 BTC，平均價格為每枚硬幣24,243美元，總投資為2.5億美元。最初的投資遇到了混雜的反應，一些讚揚Saylor的願景，而其他人則批評他們認為對Microstrategy的核心業務的風險分散。

However, Saylor remained undeterred. He believed that in a world marked by economic instability and political uncertainty, a decentralized asset like Bitcoin offered the most resilient store of value.output: In 2020, as governments responded to the COVID-19 crisis with lockdowns and money printing, the MicroStrategy (NASDAQ:MSTR) founder saw something deeper than a public health emergency: a full-blown assault on the value of money itself.

但是，賽勒仍然沒有避免。他認為，在一個以經濟不穩定和政治不確定性為標誌的世界中，像比特幣這樣的分散資產提供了最有彈性的價值存儲。出口：在2020年，隨著政府對Covid-19危機的回應，並以鎖定和金錢印刷，微型造成的危機，微型機構（NASDAQ：MSTR）的創始人（NASDAQ：MSTR）的建築物更加緊張，而越來越多地構成了一個更加緊張的境地。

With interest rates near zero and inflation quietly accelerating, Saylor watched as his company's $500 million cash reserve slowly became less valuable. Traditional investments felt overvalued. Real estate was inflated, stocks were going up, and safe assets yielded nothing. Even the art market didn't offer a realistic hedge. He needed something liquid, borderless, and immune to political control.

隨著利率接近零，通貨膨脹悄悄地加速，塞勒看著他公司的5億美元現金儲備逐漸變得越來越降低。傳統投資被高估了。房地產被膨脹，股票上漲，安全資產一無所獲。甚至藝術市場也沒有提供現實的樹籬。他需要一些液體，無邊界，並且不受政治控制的影響。

But as Saylor questioned everything he knew about finance, he discovered a lifeline: Bitcoin. Having previously dismissed it as a speculative 'fad,' the exec began to listen to podcasts, read books by authors like Vijay Boyapati and Nassim Taleb, and engage in conversations with crypto insiders.

但是，正如賽勒（Saylor）質疑他對金融的所有知識一樣，他發現了一個生命線：比特幣。此前，Exec以前將其視為投機性的“時尚”，開始聽播客，閱讀Vijay Boyapati和Nassim Taleb等作者的書籍，並與Crypto Insers進行對話。

The more he learned, the more he saw it as the digital equivalent of gold—only faster, easier to store, and uncorrelated with government policy. It was an asset that couldn't be devalued by inflation, war, or political upheaval.

他學到的越多，他就越將其視為數字等同的黃金，只要更快，更容易存儲，並且與政府政策無關。這是一項不能因通貨膨脹，戰爭或政治動盪而貶值的資產。

His conclusion was clear: sitting on dollars meant slowly watching years of corporate effort erode. So in August, MicroStrategy made its first Bitcoin purchase: 21,454 BTC for $250 million.

他的結論很明確：坐美元意味著慢慢觀看多年的公司努力侵蝕。因此，在八月，MicroStrategy首次購買了比特幣：21,454 BTC，價格為2.5億美元。

What started as a defensive move became a long-term strategy. Today, the firm holds over 582,000 BTC, which is valued at over $60 billion, making it the largest corporate holder of Bitcoin to date.

最初的防禦舉動成為了一項長期戰略。如今，該公司持有超過582,000 BTC，價值超過600億美元，使其成為迄今為止比特幣的最大公司持有人。

Saylor's BTC accumulation isn't driven by hype, but by a belief that in a world of economic instability, a decentralized asset offers the most resilient store of value.

Saylor的BTC積累不是由炒作驅動的，而是由於在經濟不穩定的世界中，分散的資產提供了最有彈性的價值存儲。