Saylor的Microsoft案例：債券比特幣

在企業融資的快速發展世界中，很少有想法像邁克爾·賽勒（Michael Saylor）向微軟的大膽建議一樣引發辯論：將其保守的債券投資換成比特幣。

In the rapidly evolving landscape of corporate finance, few propositions have generated as much discussion as Michael Saylor's bold suggestion to Microsoft: swap its conservative bond investments for Bitcoin.

在迅速發展的公司融資環境中，很少有人提出與邁克爾·賽勒（Michael Saylor）向微軟的大膽建議進行的討論：將其保守的債券投資換成比特幣。

As the CEO of MicroStrategy (NASDAQ:MCRL) and a fervent Bitcoin proponent, Saylor is on a mission to persuade major corporations to embrace the world’s leading cryptocurrency.

作為MicroStrategy（NASDAQ：MCRL）的首席執行官和熱心的比特幣支持者，Saylor的使命是說服大型公司接受世界領先的加密貨幣。

At Strategy World 2025, Saylor, known for his contrarian takes, continued his argument for Bitcoin over bonds.

在2025年戰略世界上，塞勒（Saylor）以他的逆勢群體而聞名，他繼續對比特幣關於債券的論點。

“Microsoft should be powered by digital capital,” Saylor stated, highlighting Bitcoin as the “highest-performing uncorrelated asset.”

塞勒說：“微軟應該由數字資本提供動力。”他重點介紹了比特幣是“最佳的不相關資產”。

He challenged the conventional corporate strategy of focusing on low-yield bonds and stock buybacks, asserting that these leave equity weaker and shareholders vulnerable to volatility.

他對專注於低收益債券和股票回購的常規公司戰略提出了挑戰，並斷言，這些股權較弱，股東容易遭受波動。

In contrast, Bitcoin's fixed supply and autonomous monetary policy provide a superior hedge against inflation and bear markets, in an age where macroeconomic stability is increasingly crucial.

相比之下，在宏觀經濟穩定越來越重要的時代，比特幣的固定供應和自治貨幣政策為抵制通貨膨脹和熊市提供了優越的對沖。

Bitcoin News: Saylor’s Case for Microsoft: Bitcoin Over Bonds

比特幣新聞：Saylor的Microsoft案例：債券的比特幣

Saylor's argument at Strategy World 2025 is based on Bitcoin's superior performance. According to TradingView data, Bitcoin achieved a five-year average annual return of 53%, significantly outperforming Microsoft's 6% average (148% total) over the same period.

Saylor在《戰略世界2025》中的論點是基於比特幣的出色表現。根據TradingView數據，比特幣達到的五年平均年收益率為53％，在同一時期，比特幣的表現明顯優於微軟的平均6％（148％）。

Further analysis reveals even greater disparities: 62% annual gains for Bitcoin versus 18% for Microsoft—and bonds encountered a 5% yearly loss, lagging behind by 19%. Such stark contrasts highlight the potential of reallocating corporate reserves.

進一步的分析表明，比特幣的年收益為62％，而微軟為18％，債券每年遭受5％的損失，落後19％。這種鮮明的對比彰顯了重新分配公司儲量的潛力。

Saylor refers to Bitcoin as “digital capital”—a revolutionary asset that could transform how companies manage their treasuries.

塞勒將比特幣稱為“數字資本”，這是一種革命性的資產，可以改變公司管理國庫的方式。

On the other hand, Saylor in January described bonds as "toxic," highlighting their negative real yields and potential to destroy capital over time.

另一方面，塞勒（Saylor）在一月份將債券描述為“有毒”，強調了它們的負面收益率和隨著時間的推移而銷毀資本的潛力。

He noted that corporate reliance on low-yield sovereign debt fails to keep pace with inflation and market returns, making bonds a drag on balance sheets. For companies with substantial cash holdings, parking funds in U.S. Treasuries or corporate debt can erode value.

他指出，公司對低收益主權債務的依賴未能跟上通貨膨脹和市場回報的步伐，從而使債券拖累了資產負債表。對於擁有大量現金持有的公司，美國國債或公司債務中的停車資金可能會侵蝕價值。

Saylor has been practicing what he preaches. MicroStrategy last week added 1,895 BTC to its treasury holdings.

塞勒一直在練習他的講道。上週MicroStrategy在其財政部持有的股票中增加了1,895 BTC。

The company now holds 555,450 BTC, acquired for over $38 billion in cash at an average price of $68,550.

該公司現在持有555,450 BTC，以超過380億美元的現金收購，平均價格為68,550美元。

The latest purchase was executed at an average price of $95,167, indicating continued confidence in Bitcoin's long-term prospects despite recent price fluctuations.

最新的購買以95,167美元的平均價格執行，表明儘管價格波動最近，但對比特幣的長期前景的信心一直在信心。

MicroStrategy's market capitalization has skyrocketed from approximately $1.2 billion in August 2020 to over $105 billion in May 2025—a rally of more than 8,650%.

MicroStrategy的市值從2020年8月的約12億美元飆升至2025年5月的1005億美元，這是8,650％以上的集會。

The company's aggressive Bitcoin acquisition strategy is a key driver of this transformation. As MicroStrategy continues to build its treasury and capitalize on new investment opportunities, we can expect further updates on their Bitcoin holdings and the overall performance of their investment strategy.

該公司積極的比特幣採集策略是這種轉型的關鍵動力。隨著MicroStrategy繼續建立自己的財政部並利用新的投資機會，我們可以期望其比特幣持有量和投資策略的整體業績進一步更新。

Microsoft (NASDAQ:MSFT), with $104.8 billion in cash and equivalents as of FY25, is an ideal candidate for Saylor's vision.

Microsoft（NASDAQ：MSFT），截至25財年，現金和同等價值為1004億美元，是Saylor願景的理想候選人。

He claims that redirecting the $200 billion returned to shareholders over five years into Bitcoin could increase Microsoft's enterprise value by as much as $5 trillion.

他聲稱，將五年內返回給股東的2000億美元轉移到比特幣中可能會使微軟的企業價值增加多達5萬億美元。

However, Microsoft's board remains skeptical. In December 2024, a shareholder proposal to invest just 1% of its cash in Bitcoin was rejected, receiving minimal support.

但是，微軟的董事會仍然持懷疑態度。 2024年12月，股東提議僅將其現金的1％投資於比特幣，被拒絕，獲得了最少的支持。

The board, backed by proxy advisors, highlighted Bitcoin's volatility and Microsoft's preference for a cautious investment approach.

董事會在代理顧問的支持下，強調了比特幣的波動和微軟對謹慎投資方法的偏愛。

The Risks: Volatility and Regulation

風險：波動和法規

Bitcoin's potential is closely tied to its volatility. Its price has been notoriously unstable throughout its history, and while it reached highs above $108,000 earlier this year, it has also experienced sharp declines of 70% from all-time highs.

比特幣的潛力與其波動性緊密相關。眾所周知，它的價格在整個歷史上一直不穩定，儘管今年早些時候達到了高於108,000美元的高價，但它的急劇下降了70％。

Regulatory uncertainty adds another layer of complexity, as governments around the world are still grappling with the best way to oversee cryptocurrencies.

監管不確定性增加了另一層複雜性，因為世界各地的政府仍在努力監督加密貨幣的最佳方法。

Microsoft has already dabbled in crypto, accepting Bitcoin for payments since 2014. However, the tech giant's treasury is still heavily invested in traditional assets.

微軟已經涉足加密貨幣，自2014年以來就接受了比特幣進行付款。但是，這家科技巨頭的財政部仍投資於傳統資產。

With $104.8 billion in cash at its disposal and no immediate need for capital gains realized from Bitcoin to support operations, the company has the flexibility to make changes.

該公司擁有1048億美元的現金，並且沒有立即對比特幣實現的資本收益來支持運營，因此該公司具有更改的靈活性。

Ultimately, it comes down to leadership style and risk appetite. Microsoft's leadership prioritizes stability and has shown little interest in venturing into speculative assets.

最終，這取決於領導風格和風險胃口。微軟的領導能力優先考慮穩定性，並且對冒險投機資產幾乎沒有興趣。

Saylor's pitch at Strategy World 2025 raises a broader question: Is Bitcoin a viable asset class for corporations, or is it too unpredictable for mainstream adoption?

塞勒（Saylor）在《戰略世界2025年》中提出了一個更廣泛的問題：比特幣是公司的可行資產類別，還是對主流採用的不可預測是不可預測的？

MicroStrategy's success in pivoting its entire strategy around Bitcoin seems to support the former, while Microsoft's continued

MicroStrategy在涉及比特幣的整個策略方面的成功似乎支持了前者，而微軟的持續