迈克尔·塞勒（Michael Saylor）在2020年面临问题。比特币是解决方案。

当政府通过锁定和金钱印刷对19日的危机做出回应时，MicroStrategy创始人看到了比公共卫生紧急情况更深入的：对金钱本身的价值进行了全面的攻击。

In the annals of corporate strategy, few moves in recent times have generated as much discussion and debate as MicroStrategy's large-scale Bitcoin purchases, beginning in August 2020. As the world grappled with the COVID-19 pandemic, governments responded with lockdowns, stimulus packages, and bailouts, introducing a new variable into the equation: government overreach.

在《企业战略》中，最近几乎没有采取任何行动和辩论，而不是微型策略的大规模比特币购买，从2020年8月开始。随着世界与Covid-19的大流行作出，政府对锁定，刺激套餐，刺激套餐和释放，释放了新的多样性，将新的变量介绍到了公平上：政府介绍了一个新的政府。

This point of view is crucial to understanding Saylor's thinking. Coming from the classical economics background, and having founded a successful software company, Saylor possessed a deep understanding of macroeconomic principles and the role of capital in generating wealth.

这种观点对于理解塞勒的思想至关重要。 Saylor来自古典经济学背景，并成立了一家成功的软件公司，对宏观经济原理和资本在产生财富中的作用有了深刻的了解。

To Saylor, the government response to the pandemic was pushing the global financial system to new extremes. With interest rates at record lows and inflation on the rise, traditional investment vehicles were becoming less attractive. Real estate was in a bubble, stocks were overvalued, and safe-haven assets like U.S. Treasury bonds were yielding next to no return. Even the art market, usually a good hedge against inflation, wasn't offering a realistic opportunity.

对于Saylor来说，政府对大流行的反应正在将全球金融体系推向新的极端。随着创纪录的低点利率和上升的通货膨胀，传统的投资工具的吸引力降低了。房地产处于泡沫状态，股票被高估了，像美国财政部债券这样的安全资产几乎没有回报。即使是艺术市场，通常是对通货膨胀的良好对冲，也没有提供现实的机会。

In this economic landscape, Saylor was faced with a dilemma. MicroStrategy had around $500 million in cash, which was slowly becoming less valuable as the purchasing power of the dollar declined. He needed an investment that was liquid, easily transportable across borders, and couldn't be easily seized or controlled by governments.

在这种经济格局中，塞勒面临困境。 MicroStrategy的现金约为5亿美元，随着美元的购买力下降，这一现金逐渐变得不那么有价值。他需要一项流动性的投资，易于在边界上运输，并且不容易被政府抓住或控制。

As he delved deeper into the world of cryptocurrency, Saylor discovered Bitcoin. Having previously dismissed it as a speculative "fad," he began to listen to podcasts, read books, and engage in conversations with crypto enthusiasts.

当他深入研究加密货币世界时，Saylor发现了比特币。他以前将其视为投机性的“时尚”，因此他开始听播客，阅读书籍并与加密爱好者进行对话。

The more Saylor learned, the more he realized that Bitcoin possessed unique properties that made it stand out in a rapidly changing financial landscape. It was the digital equivalent of gold, known for its scarcity and durability, but Bitcoin was even more portable, easily storable in a digital wallet, and couldn't be easily seized or frozen by governments.

塞勒（Saylor）学到的越多，他就越意识到比特币具有独特的财产，使其在快速变化的金融景观中脱颖而出。它是数字等同的黄金，以其稀缺性和耐用性而闻名，但比特币更便携，容易在数字钱包中存放，并且不容易被政府抓住或冻结。

Moreover, Bitcoin's price movements were largely uncorrelated with traditional asset classes, offering an additional layer of diversification to MicroStrategy's investment portfolio. In August 2020, after months of research and deliberation, Saylor and his team made the bold decision to invest a portion of MicroStrategy's cash in Bitcoin.

此外，比特币的价格变动与传统资产类别基本上不相关，为MicroStrategy的投资组合提供了额外的多元化层。经过几个月的研究和审议，2020年8月，Saylor和他的团队做出了大胆的决定，将一部分MicroStrategy现金投资于比特币。

The firm's first purchase was for 21,454 BTC at an average price of $24,243 per coin, for a total investment of $250 million. This initial investment was met with mixed reactions, with some praising Saylor's vision and others criticizing what they saw as a risky distraction from MicroStrategy's core business.

该公司的第一次购买是21,454 BTC，平均价格为每枚硬币24,243美元，总投资为2.5亿美元。最初的投资遇到了混杂的反应，一些赞扬Saylor的愿景，而其他人则批评他们认为对Microstrategy的核心业务的风险分散。

However, Saylor remained undeterred. He believed that in a world marked by economic instability and political uncertainty, a decentralized asset like Bitcoin offered the most resilient store of value.output: In 2020, as governments responded to the COVID-19 crisis with lockdowns and money printing, the MicroStrategy (NASDAQ:MSTR) founder saw something deeper than a public health emergency: a full-blown assault on the value of money itself.

但是，赛勒仍然没有避免。他认为，在一个以经济不稳定和政治不确定性为标志的世界中，像比特币这样的分散资产提供了最有弹性的价值存储。出口：在2020年，随着政府对Covid-19危机的回应，并以锁定和金钱印刷，微型造成的危机，微型机构（NASDAQ：MSTR）的创始人（NASDAQ：MSTR）的建筑物更加紧张，而越来越多地构成了一个更加紧张的境地。

With interest rates near zero and inflation quietly accelerating, Saylor watched as his company's $500 million cash reserve slowly became less valuable. Traditional investments felt overvalued. Real estate was inflated, stocks were going up, and safe assets yielded nothing. Even the art market didn't offer a realistic hedge. He needed something liquid, borderless, and immune to political control.

随着利率接近零，通货膨胀悄悄地加速，塞勒看着他公司的5亿美元现金储备逐渐变得越来越降低。传统投资被高估了。房地产被膨胀，股票上涨，安全资产一无所获。甚至艺术市场也没有提供现实的树篱。他需要一些液体，无边界，并且不受政治控制的影响。

But as Saylor questioned everything he knew about finance, he discovered a lifeline: Bitcoin. Having previously dismissed it as a speculative 'fad,' the exec began to listen to podcasts, read books by authors like Vijay Boyapati and Nassim Taleb, and engage in conversations with crypto insiders.

但是，正如赛勒（Saylor）质疑他对金融的所有知识一样，他发现了一个生命线：比特币。此前，Exec以前将其视为投机性的“时尚”，开始听播客，阅读Vijay Boyapati和Nassim Taleb等作者的书籍，并与Crypto Insers进行对话。

The more he learned, the more he saw it as the digital equivalent of gold—only faster, easier to store, and uncorrelated with government policy. It was an asset that couldn't be devalued by inflation, war, or political upheaval.

他学到的越多，他就越将其视为数字等同的黄金，只要更快，更容易存储，并且与政府政策无关。这是一项不能因通货膨胀，战争或政治动荡而贬值的资产。

His conclusion was clear: sitting on dollars meant slowly watching years of corporate effort erode. So in August, MicroStrategy made its first Bitcoin purchase: 21,454 BTC for $250 million.

他的结论很明确：坐美元意味着慢慢观看多年的公司努力侵蚀。因此，在八月，MicroStrategy首次购买了比特币：21,454 BTC，价格为2.5亿美元。

What started as a defensive move became a long-term strategy. Today, the firm holds over 582,000 BTC, which is valued at over $60 billion, making it the largest corporate holder of Bitcoin to date.

最初的防御举动成为了一项长期战略。如今，该公司持有超过582,000 BTC，价值超过600亿美元，使其成为迄今为止比特币的最大公司持有人。

Saylor's BTC accumulation isn't driven by hype, but by a belief that in a world of economic instability, a decentralized asset offers the most resilient store of value.

Saylor的BTC积累不是由炒作驱动的，而是由于在经济不稳定的世界中，分散的资产提供了最有弹性的价值存储。