勢不可擋的邁克爾·塞勒和比特幣的崛起

MicroStrategy 股價在過去一年上漲了約 690%，這位 59 歲的執行主席持有約 10% 的股份，價值約 97 億美元，而他個人還擁有價值約 19 億美元的比特幣。

MicroStrategy Inc. (MSTR) shares are up about 690% in the past year and the 59-year-old executive chairman’s approximately 10% stake is now worth about $9.7 billion, while he personally owns an additional $1.9 billion or so of bitcoin.

MicroStrategy Inc. (MSTR) 的股價在過去一年上漲了約690%，這位59 歲的執行主席所持的約10% 的股份現在價值約97 億美元，而他個人還額外擁有價值約19 億美元的比特幣。

Saylor has emerged as the public face of the recent bitcoin craze, with nearly 4 million followers on X. To celebrate bitcoin topping $100,000, Saylor hosted a New Year’s Eve party for several hundred members of the crypto community at his waterfront, Miami-area estate, near his luxury yacht. A half-dozen dancers dressed in gold performed. Celebrities mingled with investing luminaries, including Bill Miller, the former Legg Mason fund manager; Peter Briger, chairman of Fortress Investment Group; and Mark Casey, a key portfolio manager at Capital Group. The event was livestreamed on YouTube to tens of thousands of bitcoin fanatics as Saylor, in a black blazer and a bitcoin T-shirt, presided.

Saylor 已成為最近比特幣熱潮的公眾形象，在X 上擁有近400 萬粉絲。派對，靠近他的豪華遊艇。六名身著金衣的舞者表演。名人與投資界的傑出人物混在一起，包括前美盛基金經理人比爾米勒 (Bill Miller)； Peter Briger，Fortress投資集團董事長；馬克‧凱西 (Mark Casey)，Capital Group 的主要投資組合經理。這場活動在 YouTube 上向數以萬計的比特幣狂熱分子進行了現場直播，由身穿黑色西裝外套和比特幣 T 恤的 Saylor 主持。

Enthusiasm for Saylor’s company is so rabid it has resulted in a head-scratching situation: MicroStrategy owns about $47 billion of bitcoin, but its shares are worth about $97 billion. It’s as if investors are paying $2 for a $1 bill. Just as surprising: Sophisticated investors have been among the biggest buyers, including mutual-fund power Capital Group, which owned about 8% of the company as of Sept. 30, and Norges Bank Investment Management, Norway’s $1.5 trillion sovereign fund, which owned nearly 1%.

人們對 Saylor 公司的熱情如此狂熱，以至於導致了令人頭痛的情況：MicroStrategy 擁有約 470 億美元的比特幣，但其股票價值約 970 億美元。這就好像投資者花 2 美元買一張 1 美元的鈔票。同樣令人驚訝的是：經驗豐富的投資者一直是最大的買家之一，其中包括共同基金巨頭Capital Group（截至9 月30 日，該公司持有該公司約8% 的股份），以及挪威銀行投資管理公司（挪威價值1.5 兆美元的主權基金，擁有近8% 的股份）。

Fans say the premium reflects confidence that Saylor can continue to produce profits betting on bitcoin. Only 21 million coins will be created, a scarcity that boosts its value, they argue. By issuing equity at lofty levels, and selling debt at friendly terms to the company, Saylor can create value for shareholders as he expands MicroStrategy’s bitcoin horde, says Richard Byworth, a partner at SYZ Capital, who personally owns MicroStrategy stock.

粉絲們表示，溢價反映了塞勒能夠繼續透過押注比特幣產生利潤的信心。他們認為，只會生產 2,100 萬枚硬幣，這種稀缺性會提高其價值。個人持有MicroStrategy 股票的SYZ Capital 合夥人理查德·拜沃斯(Richard Byworth) 表示，透過高額發行股票，並以友好的條件向公司出售債務，塞勒可以在擴大MicroStrategy 的比特幣儲備的同時為股東創造價值。

“The premium is justified and will always be there," says Jordi Visser, a Wall Street veteran who worked at Morgan Stanley and recently purchased MicroStrategy shares. “No company can do what he’s done. They own about 2% of bitcoin—who can own more of it?"

「溢價是合理的，並且將永遠存在，」曾在摩根士丹利工作並最近購買了MicroStrategy 股票的華爾街資深人士Jordi Visser 表示。 % 的比特幣——誰可以擁有更多？

There’s serious risk attached to Saylor’s strategy. He rode past investment waves until they crested and then crashed, losing billions of dollars of personal wealth, sometimes in a single day.

塞勒的策略存在嚴重的風險。他經歷了投資浪潮，直到達到頂峰，然後崩潰，有時在一天之內就損失了數十億美元的個人財富。

Saylor declined to comment for this article.

塞勒拒絕對本文發表評論。

Saylor, a lifelong bachelor who turns 60 next month, has endured a series of career setbacks and run-ins with financial authorities and others. Last year, he agreed to pay Washington, D.C., $40 million to settle an income tax dispute, after Washington officials alleged that he previously lived in the District, not in Florida or Virginia as he claimed, and should have paid D.C. taxes.

塞勒是一位終身單身漢，下個月將年滿 60 歲，他經歷了一系列的職業挫折以及與金融當局和其他人士的衝突。去年，在華盛頓官員聲稱他以前居住在華盛頓特區，而不是他聲稱的佛羅裡達州或維吉尼亞州，並且應該繳納華盛頓稅後，他同意向華盛頓特區支付 4000 萬美元來解決所得稅糾紛。

The son of a career Air Force officer, Saylor studied aeronautics and science at Massachusetts Institute of Technology and was part of the Air Force Reserve Officer Training Corps. A few years after graduation, he launched MicroStrategy in

塞勒是職業空軍軍官的兒子，他在麻省理工學院學習航空和科學，並且是空軍預備役軍官訓練團的一員。畢業幾年後，他在