微軟需要比特幣：Saylor

在2025年公司的比特幣上，Microstrategy執行董事長Michael Saylor將其主題演講變成了技術部門最豐富的巨頭之一的直接挑戰。

MicroStrategy executive chairman Michael Saylor challenged Microsoft to shift tens of billions of dollars from share buybacks and short-dated Treasuries into Bitcoin, presenting the cryptocurrency as "the universal, perpetual, profitable merger partner" in the artificial-intelligence age.

MicroStrate的執行董事長Michael Saylor挑戰了Microsoft，將數十十億美元從股票回購和短期紀念品轉移到比特幣中，並將加密貨幣視為“人工 - 智慧時代”中的“普遍，永久，有利可圖的合併合作夥伴”。

Speaking at the Bitcoin for Corporations 2025, the executive chairman challenged one of the technology sector’s most cash-rich giants to factor in Bitcoin.

執行董事長在2025年公司的比特幣上發表講話，對技術部門最豐富的巨頭之一提出了挑戰，以考慮比特幣。

Comparing the companies’ performance over the past five years, Saylor argued that Microsoft’s stock price has risen at a compound annual rate of 18%, while Bitcoin’s price has risen at a rate of 62%.

比較了公司在過去五年中的業績，塞勒認為，微軟的股價以18％的複合年齡上漲，而比特幣的價格則以62％的速度上漲。

“Normalize everything against that cost of capital and you discover Microsoft’s real out-performance is 4%. Bitcoin’s is 48%. Bonds are negative. Why would you hold the thing that’s destroying capital when the apex asset is compounding almost 50% above the cost of money?” he asked the executives.

“將一切正常於資本成本正常化，您發現微軟的真正表現績效為4％。比特幣為48％。債券是負面的。當Apex資產高於金錢成本近50％時，您為什麼要持有破壞資本的東西？”他問高管。

The executive chairman went on to highlight the implications of this capital allocation strategy for Microsoft.

執行董事長繼續強調了這種資本分配策略對微軟的影響。

“If Microsoft buys bonds, you’re destroying 99.7% of your capital over ten years. Buying your own stock is only marginally less catastrophic—you’re vaporizing 97%. Buying Bitcoin would be ten times better than buying back MSFT,” he said.

他說：“如果微軟購買債券，您將在十年內銷毀99.7％的資本。購買自己的股票的災難只會減少災難性的差異 - 您的蒸發量為97％。購買比特幣要比再購買MSFT好十倍。”

Saylor’s argument rests on his conviction that Bitcoin inaugurates a third monetary epoch.

Saylor的論點基於他的信念，即比特幣為第三個貨幣時代開幕。

“Gold was nineteenth-century money; sovereign debt was twentieth-century money. Bitcoin is twenty-first-century money—the first liquid, fungible capital asset with no counterparty,” he explained.

他解釋說：“黃金是十九世紀的錢；主權債務是二十世紀的錢。比特幣是二十一世紀的錢，這是第一個液體，可及時的資本資產，沒有交易對手。”

He dates the institutional “year zero” for Bitcoin to 2024, “the moment the SEC blessed spot ETFs and FASB signaled fair-value accounting.” By that chronology, 2025 is “year one” and the window for first-mover advantage is already narrowing.

他將比特幣的機構“零年”定為2024年，“ SEC有福的ETF和FASB發出了公平價值會計的那一刻。”按時間順序，2025年是“一年級”，第一步優勢的窗口已經在縮小。

To quantify the upside, Saylor revealed that his team ran Microsoft through the open-source “Bitcoin 24” treasury-modeling tool. Four scenarios were stress-tested: sweeping excess cash into Bitcoin, substituting dividends for coin purchases, replacing buybacks with accumulation, and adding a thin layer of leverage.

為了量化上升空間，Saylor透露，他的團隊通過開源“比特幣24”國庫模型工具跑了Microsoft。有四種情況進行了壓力測試：將多餘的現金掃除到比特幣中，將股息代替硬幣購買，用積累代替回購，並增加了薄薄的槓桿作用。

“Depending on the mix, it adds anywhere from $155 to $584 a share—one to five trillion dollars in enterprise value—while taking less risk,” he said. “I’m asking you to stop surrendering the capital you just spent five years winning.”

他說：“根據組合的不同，它增加了每股155美元至584美元的價格，企業價值佔50萬億美元，而風險則較小。” “我要你停止投降剛剛贏得五年的資本。”

The emotionally charged moments of the keynote came when Saylor linked treasury policy to operational strain.

主題演講的情感時刻是當塞勒將財政部政策與運營壓力聯繫起來時。

“When you divest yourself of $200 billion, you amplify every risk factor in your own prospectus,” he warned.

他警告說：“當您剝離2000億美元時，就會擴大自己招股說明書中的每個風險因素。”

He pressed the point with a thought experiment aimed squarely at Microsoft’s board.

他通過直接針對微軟董事會的思想實驗來按要點。

“If you could buy a hundred-billion-dollar company growing 60% a year at one-times revenue, would you do it? What if you could do it every year, forever?” he asked. “That’s Bitcoin. The irony is that the least risky acquisition imaginable is perceived as risky by consensus finance.”

“如果您可以在一次收入中購買一十億美元的公司每年增長60％的公司，您會這樣做嗎？如果您每年可以永遠做，該怎麼辦？”他問。 “那是比特幣。具有諷刺意味的是，可以想像到的最小風險獲取被認為是由共識金融視為風險的。”

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Saylor reserved his longest uninterrupted passage for a final appeal:

Saylor保留了他最長的不間斷段落的最終上訴：

“Rich people are not rich because of a future expectation of cash flows; they’re rich because they own hard assets. I would rather be invested in a rich company than in a company that gives away its money and promises to work ever harder and raise prices on customers ad infinitum.

“由於未來對現金流的期望，有錢人並不富有；因為他們擁有艱苦的資產，他們富裕。我寧願投資於一家富裕的公司，而不是投資於一家捐出資金並承諾更努力並提高客戶價格的公司。

You can cling to twentieth-century capital—treasury bills, stock buybacks, dividends—or you can embrace the future, capitalize on Bitcoin, and turn a decapitalization spiral into progressive growth. It’s good for your customers, your employees, your shareholders, your country, and your legacy. Adopt Bitcoin.”

您可以堅持二十世紀的資本 - 財務賬單，股票回購，股息 - 或者您可以擁抱未來，利用比特幣，並將脫位的螺旋變成漸進的增長。這對您的客戶，您的員工，您的股東，您的國家和您的遺產都很好。採用比特幣。 ”

The shorthand $75 billion bet circulating in conference corridors reflects Microsoft’s authorized buyback and two years of forward dividends folded into a single digital-asset allocation.

速記在會議走廊中流通的750億美元賭注反映了微軟的授權回購和兩年的前瞻性股利折疊成單個數字資產分配。

Notably, Microsoft shareholders voted against a proposal to add Bitcoin to the company’s balance sheet during the firm’s meeting on December 10.

值得注意的是，微軟股東在12月10日的會議期間投票反對公司資產負債表中添加比特幣的提案。

At press time, BTC traded at $96,521.

發稿時，BTC的交易價格為96,521美元。