邁克爾·賽勒（Michael Saylor）說，為什麼沃倫·巴菲特（Warren Buffett）對比特幣錯了

在最近與瑞安·拉斯穆森（Ryan Rasmussen）的一次對話中，邁克爾·塞勒（Michael Saylor）談到了像沃倫·巴菲特（Warren Buffett）這樣的傳奇投資者發表的共同批評 - 比特幣沒有內在價值的想法，因為它沒有產生現金流量。

Legendary investor Michael Saylor, known for his strong advocacy for Bitcoin (BTC), has addressed a critique commonly raised by Old Guard investors like Warren Buffett.

傳奇的投資者邁克爾·塞勒（Michael Saylor）以其對比特幣（BTC）的強烈倡導而聞名，他談到了像沃倫·巴菲特（Warren Buffett）這樣的老後衛投資者通常提出的批評。

In a recent conversation with Ryan Rasmussen, Saylor delved into a point of contention that has sparked ongoing debate within the crypto space.

在最近與瑞安·拉斯穆森（Ryan Rasmussen）的對話中，塞勒（Saylor）深入研究了一個爭論，這引發了加密貨幣空間中正在進行的辯論。

As inflation began surging in the 1970s, paving the way for a new bull market in crypto assets eight decades later, a common critique of Bitcoin focused on its lack of intrinsic value and cash flows. This view, often attributed to Buffett, stands in contrast to the perspective on traditional capital assets like stocks, bonds, or real estate, which generate cash flows that can be discounted to present value to determine their worth.

隨著1970年代的通貨膨脹開始激增，八十年後的加密貨幣資產的新牛市為新的牛市鋪平了道路，對比特幣的普遍批評著重於其缺乏內在價值和現金流量。這種觀點通常歸因於巴菲特，與傳統資本資產（如股票，債券或房地產）等傳統資本資產的看法形成鮮明對比，後者產生的現金流量可以打折以確定其價值。

However, Saylor believes this view misses the fundamental point. According to Saylor, Bitcoin represents a new form of digital capital and marks a true paradigm shift.

但是，塞勒（Saylor）認為，這種觀點錯過了基本觀點。根據Saylor的說法，比特幣代表了一種新的數字資本形式，並標誌著真正的範式轉變。

“The Old Guard investors, having made their fortunes in the 20th century with traditional capital, are naturally inclined to view the new in terms of the old. They look at Bitcoin and see an asset that doesn’t generate cash flows in the traditional sense, leading them to conclude that it must have no value,” Saylor said.

塞勒說：“老後衛投資者在20世紀用傳統資本賺錢，自然傾向於從舊的角度看新的東西。他們看比特幣，看到一項不會從傳統意義上產生現金流量的資產，導致他們得出結論，它一定沒有價值。”

“But this perspective fails to recognize that Bitcoin is not a stock, bond, or piece of real estate—it’s an entirely new asset class, much like electricity was a new form of energy that no one had encountered before.”

“但是，這種觀點未能認識到比特幣不是股票，債券或房地產，這是一個全新的資產類別，就像電力是一種新的能源形式一樣，以前沒人遇到過。”

Transformative technologies throughout history have often been met with initial resistance due to their unfamiliarity. From electricity, radioactivity, and radio waves to antibiotics, lasers, and computers, each of these breakthroughs was initially viewed with skepticism.

由於其不熟悉，整個歷史上的變革性技術經常受到最初的阻力。從電力，放射性和無線電波到抗生素，激光器和計算機，這些突破最初都懷疑。

As an example, Saylor notes that in 1890, with the nascent stages of the electrical age, it would have been nearly impossible to expect everyone to immediately grasp the vast potential of electricity, which would later illuminate New York City and revolutionize society.

例如，塞勒指出，在1890年，隨著電時代的新生階段，幾乎不可能期望每個人都立即掌握電力的巨大潛力，後來，這將闡明紐約市並徹底改變社會。

Moreover, the language we use reflects the human instinct to fear the unknown. We get “shocked” by electricity and “burned” by fire. Traditionalists naturally avoid what they don’t understand, preferring safety over risk.

此外，我們使用的語言反映了人類的本能，以恐懼未知的人。我們被電力感到“震驚”，並被大火“燃燒”。傳統主義者自然會避免他們不了解的東西，而是寧願安全而不是風險。

But modern civilization is built on mastering these very forces. New York City thrives because of the energy that flows through its electrical grid, and our planes, trains, and automobiles are powered by the very flames traditionalists warn against.

但是現代文明是基於掌握這些力量的。紐約市由於流經其電網的能量而蓬勃發展，我們的飛機，火車和汽車都由傳統主義者警告的烈火供電。

Engineers didn’t shy away from these volatile forces; they harnessed them and built the engines of modern society. In the same vein, those who engage with Bitcoin will discover its potential to become an engine of growth for corporations and individuals.

工程師並沒有迴避這些揮發性力量。他們利用他們並建造了現代社會的引擎。同樣，那些與比特幣互動的人會發現其成為公司和個人增長引擎的潛力。

Bitcoin carries ten times the energy content of traditional capital assets due to its volatility, which should be understood rather than feared. And for those who do engage with it, they will discover its potential to become an engine of growth.output: Bitcoin offers a new form of energy, much like electricity and combustion did for previous generations.

比特幣由於其波動性而載有傳統資本資產的能源含量的十倍，這應該被理解而不是恐懼。對於那些確實與之互動的人，他們將發現其成為增長引擎的潛力。外賣：比特幣提供了一種新的能源形式，就像電力和燃燒一樣，對前幾代人也是如此。