跳過股票回購，然後購買比特幣

在2025年策略世界中，邁克爾·塞勒（Michael Saylor）向像Microsoft這樣的科技巨頭髮出了大膽的信息：跳過股票回購併購買比特幣。

At Strategy World 2025, Michael Saylor delivered a message to tech giants like Microsoft: skip the stock buybacks and buy Bitcoin instead.

在《策略世界》 2025年，邁克爾·塞勒（Michael Saylor）向像Microsoft這樣的科技巨頭傳達了一條信息：跳過股票回購併購買比特幣。

“Microsoft is going to do a buyback,” Saylor said. “Buying Bitcoin would be 10x better than buying their own stock.” Backed by data, he made the case that corporate treasuries are leaving massive upside on the table by sticking with legacy capital strategies.

塞勒說：“微軟將要回購。” “購買比特幣比購買自己的股票要好10倍。”在數據的支持下，他認為公司國庫通過堅持傳統資本策略，在桌面上留下了巨大的上漲空間。

Over the last five years, Microsoft stock has returned an impressive 18% annually. But Bitcoin? It’s up 62% annually over that same stretch. “If the cost of capital is the S&P 500 at 14%, Microsoft is outperforming by 4%. Bitcoin is outperforming by 48%,” Saylor emphasized. “Bonds, by the way, are down 5%—underperforming by 19%.”According to Saylor, Bitcoin is not just a better-performing asset—it’s a fundamentally different type of asset. “It’s digital capital,” he said. “Everything digital is better. Digital pictures are better. Digital relationships, digital messages, digital videos. Don’t believe me? Ask Kodak. Ask Polaroid.”

在過去的五年中，微軟股票每年返回18％。但是比特幣？每年在同一伸展運動中增長62％。 Saylor強調：“如果資本成本是標準普爾500指數，即14％，那麼微軟的表現要優於4％。比特幣的表現要優於48％。” “順便說一句，債券下跌了5％，不足19％。”據Saylor說，比特幣不僅是一種表現更好的資產，而且是一種根本不同的資產。他說：“這是數字資本。” “數字都更好。數字圖片更好。數字關係，數字消息，數字視頻。不相信我？問柯達。問寶麗來。”

He compared Bitcoin to a digital building—one that’s invisible, untouchable, and immortal. “Everything you hate about a physical building, that it’s visible and the mayor can rent control it and weather can strike it—everything you hate about it goes away,” he said. “Instead, the building becomes invisible, indestructible, immortal, and teleportable.”

他將比特幣與數字建築物進行了比較，該建築是無形的，不可觸及的和不朽的。他說：“您討厭物理建築，可見的一切，市長可以租用它的控制權，天氣可以擊中它 - 您討厭的一切都消失了。” “取而代之的是，建築物變得無形，堅不可摧，不朽和可傳送。”

Saylor argued that a company like Microsoft—which built its dominance on digital infrastructure—should now be powered by digital capital. “Microsoft should be powered by digital capital,” he said plainly.

塞勒（Saylor）認為，像微軟這樣的公司（在數字基礎架構上建立了統治地位）現在應該由數字資本提供支持。他清楚地說：“微軟應該由數字資本提供動力。”

He also pointed to Bitcoin’s unique advantage as an uncorrelated asset. “You’re going to hold something on your balance sheet that’s not correlated to everything else,” he said. “You can do stock buybacks, dividend out your cash flow, or you can embrace the future.”

他還指出，比特幣作為不相關的資產的獨特優勢。他說：“您將在資產負債表上持有與其他所有事物無關的東西。” “您可以進行股票回購，股息消除現金流，也可以擁抱未來。”

For Saylor, that future is clear. A company sitting on billions in cash should consider the upside of Bitcoin—a decentralized, borderless, censorship-resistant asset with the best performance record of the past decade.

對於Saylor來說，未來是明顯的。一家現金數十億美元的公司應考慮比特幣的上漲空間，這是一家分散的，無邊界的，耐心的資產，並具有過去十年的最佳績效記錄。

“You’ve got to find something that’s not exposed to competitors, countries, corporations, creditors, currencies, or cultures,” he said. “And that’s Bitcoin.”

他說：“您必須找到與競爭對手，國家，公司，債權人，貨幣或文化相關的東西。” “那是比特幣。”

Watch the full live stream here.

在這裡觀看完整的直播。