如今，似乎每个人都在尝试购买比特币（BTC 0.81％） - 个人，华尔街银行，机构投资者，甚至是美国政府。但是直到最近，公司还没有进入该法案。

目前，只有相对较少的上市公司在其资产负债表上持有比特币。但这可能正在改变。

These days, it seems like everybody is trying to buy Bitcoin (BTC 0.81%) -- individuals, Wall Street banks, institutional investors, and even the U.S. government. But until recently, corporations were not getting into the act.

如今，似乎每个人都在尝试购买比特币（BTC 0.81％） - 个人，华尔街银行，机构投资者，甚至是美国政府。但是直到最近，公司还没有进入该法案。

Only a relatively small number of publicly traded companies currently hold Bitcoin on their balance sheets. But that could be changing. Billionaire Silicon Valley venture capitalist Tim Draper says that corporations need to start buying Bitcoin. If America's publicly traded corporations decide to go on a Bitcoin buying spree, that could send the world's most popular cryptocurrency soaring to new all-time highs.

目前，只有相对较少的上市公司在其资产负债表上持有比特币。但这可能正在改变。亿万富翁硅谷风险投资家蒂姆·德雷珀（Tim Draper）表示，公司需要开始购买比特币。如果美国的公开交易公司决定进行比特币购买狂潮，那可能会使世界上最受欢迎的加密货币飙升至新历史最高点。

The strategy to buy Bitcoin

购买比特币的策略

Corporations are starting to follow the playbook created by MicroStrategy (MSTR 0.74%), the company now doing business as Strategy. That playbook primarily consists of one play: buying Bitcoin. Strategy now owns a staggering amount of Bitcoin -- 568,840 coins and counting. It seems that nearly every week, Strategy reports a major buy of more Bitcoin. Its current Bitcoin stockpile is valued at nearly $60 billion.

公司开始遵循Microstrategy创建的剧本（MSTR 0.74％），该公司现在从事策略。该剧本主要包括一个戏剧：购买比特币。战略现在拥有大量的比特币-568,840硬币和计数。策略似乎几乎每周都会报告更多的比特币。目前的比特币库存价值将近600亿美元。

In 2024, a number of publicly traded companies started to dip their toes into the Bitcoin waters. In some cases, they were not even tangentially related to blockchain or crypto, so it raised a few eyebrows. But those were relatively small companies, and it was possible to ignore all the chatter about American companies buying Bitcoin.

2024年，许多公开交易的公司开始将其脚趾浸入比特币水域。在某些情况下，它们甚至与区块链或加密货币没有切线相关，因此引起了一些眉毛。但是这些是相对较小的公司，并且有可能忽略有关美国公司购买比特币的所有chat不休。

Image source: Getty Images.

图像来源：盖蒂图像。

But then came December 2024 and a first-of-its-kind shareholder proposal voted on at tech titan Microsoft (MSFT 0.17%). Simply put, the proposal called on Microsoft to start adding Bitcoin to the balance sheet, all in the name of building shareholder value. Michael Saylor, the founder and executive chairman of Strategy, even gave a brief three-minute presentation to Microsoft shareholders, showing them how much money they were leaving on the table by not buying Bitcoin.

但是随后是2024年12月，在Tech Titan Microsoft（MSFT 0.17％）中投票通过了首个股东提案。简而言之，提案要求微软开始向资产负债表添加比特币，这都是以建筑股东价值的名义。策略的创始人兼执行董事长迈克尔·塞勒（Michael Saylor）甚至向微软股东做了短暂的三分钟演讲，向他们展示了他们不购买比特币而在餐桌上留下了多少钱。

Is it "irresponsible" not to buy Bitcoin?

不购买比特币是“不负责任的”吗？

The Microsoft Bitcoin proposal eventually failed, but it should have been a big wake-up call for corporate America. The proposal combined a wildly bullish outlook for Bitcoin with the rather staid concept of shareholder value. The proposal essentially made the case that buying Bitcoin was the responsible thing to do. If corporations aren't buying Bitcoin, the thinking goes, they aren't maximizing the value of a business.

微软比特币提案最终失败了，但对于美国公司来说，这应该是一个很大的警钟。该提案将比特币的看法与股东价值相当稳定的概念结合在一起。该提案实质上是为了做一个负责任的事情。如果公司不购买比特币，那么思考就可以了，它们不会最大化企业的价值。

Flash forward to today, and Draper is now arguing that it is "irresponsible" for corporations not to buy Bitcoin. Speaking at the Financial Times Digital Assets Summit, he outlined the case for buying Bitcoin and specifically noted that businesses without Bitcoin are not serving shareholders' interests.

直到今天，Draper现在认为公司不购买比特币是“不负责任的”。他在《金融时报》数字资产峰会上发表讲话，概述了购买比特币的案例，并特别指出，没有比特币的企业并不是为股东的利益服务。

As Draper sees it, Bitcoin can help to build shareholder value. Just as corporations hold cash and cash equivalents, they should also hold Bitcoin. This notion of irresponsibility is very important. It has led to corporations divesting from certain regions of the world or refusing to invest in certain types of businesses. It has led to corporations embracing ESG (environmental, social, and governance) initiatives and fully detailing them in the presentation materials to shareholders. What if corporations now decide to address Bitcoin in the same way?

正如Draper所看到的那样，比特币可以帮助建立股东价值。正如公司持有现金和现金同等价值一样，他们也应持有比特币。这种不负责任的概念非常重要。它导致公司从世界某些地区剥离或拒绝投资某些类型的企业。它导致公司拥抱ESG（环境，社会和治理）计划，并在演讲材料中将其完全详细介绍给股东。如果公司现在决定以相同的方式解决比特币怎么办？

Price impact on Bitcoin

价格对比特币的影响

Things get very interesting when you start to consider the potential impact on the future price of Bitcoin. Investment firm Bernstein recently ran the numbers and calculated that publicly traded corporations could add as much as $330 billion in Bitcoin to their combined balance sheets within the next five years.

当您开始考虑对比特币未来价格的潜在影响时，事情变得非常有趣。投资公司Bernstein最近经营了这些数字，并计算出公开交易的公司可能在未来五年内将其比特币增加到比特币的总和。

Given Bitcoin's total market cap of $2 trillion, that's a lot of buying and would almost certainly send the price of Bitcoin skyrockheating. According to Draper, Bitcoin is going to $250,000 by the end of 2025, and one catalyst will be corporations buying Bitcoin in size.

鉴于比特币的总市值为2万亿美元，这是很多购买的，几乎可以肯定会派发比特币Skyrockheating的价格。根据德雷珀（Draper）的说法，到2025年底，比特币将达到25万美元，一位催化剂将是公司购买比特币的公司。

What could possibly go wrong?

可能出了什么问题？

The problem is that a strategy of adding Bitcoin to the balance sheet only works if the price of Bitcoin continues to go up. If the price of Bitcoin goes down, corporations will actually be reducing, not maximizing, shareholder value by buying Bitcoin. Every quarter, they will need to write down the value of their Bitcoin holdings, which will lead to losses that will come out of shareholder equity.

问题在于，仅当比特币的价格继续上涨时，将比特币添加到资产负债表中的策略有效。如果比特币的价格下跌，公司实际上将通过购买比特币来降低而不是最大化股东价值。每个季度，他们都需要写下比特币持有的价值，这将导致股东权益造成的损失。

Unfortunately, we've seen this story before. In early 2021, Elon Musk and Tesla (NASDAQ:TSLA) made headlines worldwide with the decision to buy $1.5 billion in Bitcoin. It looked like a genius move, and the price of Bitcoin soared to a record high.

不幸的是，我们以前看过这个故事。 2021年初，埃隆·马斯克（Elon Musk）和特斯拉（TSLA）（纳斯达克（Nasdaq：TSLA））在全球范围内成为头条新闻，决定购买比特币15亿美元。它看起来像是一个天才的举动，比特币的价格飙升至创纪录的高度。

However, just months later, Tesla started to walk back the idea of customers paying for their cars in Bitcoin. Then, after the price of Bitcoin cratered in 2022, Tesla was no longer talking about buying Bitcoin. In fact, in July 2022, it sold 75% of its Bitcoin holdings.

但是，仅几个月后，特斯拉开始回顾客户用比特币购买汽车的想法。然后，在2022年比特币的价格浮出水面之后，特斯拉不再谈论购买比特币。实际上，在2022年7月，它出售了比特币持有的75％。

The lesson was clear: Bitcoin is simply too volatile to hold a lot of it on a balance sheet. I'

该课程很明确：比特币简直太波动了，无法将其中的很多放在资产负债表上。我'