富达数字资产副总裁克里斯·库珀（Chris Kuiper）向公司展示了“比特币的投资案例”

Fidelity Digital Assets研究副总裁Chris Kuiper在《战略世界》 2025年，挑战公司对风险，资本分配和长期财务健康的看法进行重新审查。

Fidelity Digital Assets' vice president of research, Chris Kuiper, took to the stage at Strategy World 2025 today to urge corporations to reconsider their conventional wisdom regarding risk, capital allocation, and long-term financial health.

富达数字资产研究副总裁克里斯·库珀（Chris Kuiper）今天登上2025年战略世界的舞台，敦促公司重新考虑其关于风险，资本分配和长期财务健康的传统智慧。

During his presentation, titled "The Investment Case for Bitcoin," Kuiper highlighted the staggering performance of Bitcoin compared to major asset classes over the past ten years.

在他的演讲中，库珀（Kuiper）的题为“比特币投资案例”（The Investment Case for Bitcoin）强调了比特币在过去十年中的惊人表现。

"Bitcoin has outperformed every major asset class over the last ten years," Kuiper said. "If you’re a company sitting on cash or low-yield bonds, you’re falling behind."

库珀说：“在过去的十年中，比特币表现优于每个主要资产类别。” “如果您是一家坐着现金或低收益债券的公司，那您就会落后。”

With over a decade of data available, Kuiper's aim was to persuade executives that Bitcoin isn't just a speculative asset; it's a superior strategic reserve.

有十多年的数据可用，Kuiper的目的是说服高管认为比特币不仅是投机性资产。这是一个卓越的战略储备。

His presentation focused on the numbers, showing that Bitcoin has delivered a 79% compound annual growth rate (CAGR) over the last ten years and 65% over the past five years. In contrast, investment-grade bonds returned just 1.3% nominally over the same period.

他的演讲集中在数字上，表明比特币在过去十年中提供了79％的复合年增长率（CAGR），在过去五年中提供了65％。相比之下，投资级债券在同一时期名义上仅返回1.3％。

"Corporations often focus on volatility. But volatility isn’t risk—permanent capital loss is," Kuiper explained. He went on to present the real threats to balance sheets today, such as inflation and currency debasement, showing how even traditional safe havens like U.S. Treasury bonds have suffered negative real returns over time.

Kuiper解释说：“公司通常专注于波动性。但是波动不是风险，而永久性的资本损失是。”他继续提出了今天对资产负债表的真正威胁，例如通货膨胀和货币贬低，表明即使是像美国国债这样的传统避风港，随着时间的推移，如何遭受负面的真实回报。

To address concerns about Bitcoin's volatility, Kuiper offered two practical strategies: position sizing and long-term thinking.

为了解决对比特币波动性的担忧，库珀提供了两种实用策略：位置大小和长期思维。

"Bitcoin doesn't have to be all or nothing," he said. "It's not a switch—it's a dial."

他说：“比特币不必全部或全无。” “这不是开关，而是拨号。”

Even a 1–5% allocation, Kuiper argued, can significantly improve a corporation's risk-adjusted return while limiting drawdown exposure.

Kuiper认为，即使是1–5％的分配，也可以显着改善公司的风险调整回报，同时限制下降趋势。

The presentation then shifted towards corporate fundamentals, where Kuiper emphasized the importance of return on invested capital (ROIC) over headline earnings. He also pointed out the inefficiencies of corporations sitting on cash.

演讲随后转向了公司的基本面，库珀强调了投资资本回报率（ROIC）比头条收益的重要性。他还指出了坐在现金的公司的效率低下。

As an example, Kuiper showed how Microsoft's ROIC drops from 49% to 29% when excess cash is included, highlighting the drag that idle capital can create.

例如，库珀（Kuiper）展示了微软的ROIC如何从49％下降到29％，当包括过量的现金时，突出了Idle Capital可以产生的阻力。

"Corporations are laser-focused on income statements, but it’s the balance sheet that tells the real story," Kuiper said. "Cash is part of that story—and Bitcoin can turn it from dead weight into a productive asset."

Kuiper说：“公司专注于损益表，但这是讲述真实故事的资产负债表。” “现金是这个故事的一部分 - 比特币可以将其从减肥变成生产资产。”

He concluded by posing a direct question to executives in the audience: "What’s your opportunity set—and do you believe those opportunities can outperform Bitcoin?"

他结束时向观众的高管提出了一个直接的问题：“您的机会是什么？您相信这些机会可以超越比特币吗？”

In Kuiper's view, the answer is increasingly clear.

在Kuiper看来，答案越来越清楚。