微软需要比特币：Saylor

在2025年公司的比特币上，Microstrategy执行董事长Michael Saylor将其主题演讲变成了技术部门最丰富的巨头之一的直接挑战。

MicroStrategy executive chairman Michael Saylor challenged Microsoft to shift tens of billions of dollars from share buybacks and short-dated Treasuries into Bitcoin, presenting the cryptocurrency as "the universal, perpetual, profitable merger partner" in the artificial-intelligence age.

MicroStrate的执行董事长Michael Saylor挑战了Microsoft将数十亿美元从股票的回购和短期纪念品转移到比特币中，将加密货币视为“人工 - 智慧时代”中的“普遍，永久，有利可图的合并合作伙伴”。

Speaking at the Bitcoin for Corporations 2025, the executive chairman challenged one of the technology sector’s most cash-rich giants to factor in Bitcoin.

执行董事长在2025年公司的比特币上发表讲话，对技术部门最丰富的巨头之一提出了挑战，以考虑比特币。

Comparing the companies’ performance over the past five years, Saylor argued that Microsoft’s stock price has risen at a compound annual rate of 18%, while Bitcoin’s price has risen at a rate of 62%.

比较了公司在过去五年中的业绩，塞勒认为，微软的股价以18％的复合年龄上涨，而比特币的价格则以62％的速度上涨。

“Normalize everything against that cost of capital and you discover Microsoft’s real out-performance is 4%. Bitcoin’s is 48%. Bonds are negative. Why would you hold the thing that’s destroying capital when the apex asset is compounding almost 50% above the cost of money?” he asked the executives.

“将一切正常于资本成本正常化，您发现微软的真正表现绩效为4％。比特币为48％。债券是负面的。当Apex资产高于金钱成本近50％时，您为什么要持有破坏资本的东西？”他问高管。

The executive chairman went on to highlight the implications of this capital allocation strategy for Microsoft.

执行董事长继续强调了这种资本分配策略对微软的影响。

“If Microsoft buys bonds, you’re destroying 99.7% of your capital over ten years. Buying your own stock is only marginally less catastrophic—you’re vaporizing 97%. Buying Bitcoin would be ten times better than buying back MSFT,” he said.

他说：“如果微软购买债券，您将在十年内销毁99.7％的资本。购买自己的股票的灾难只会减少灾难性的差异 - 您的蒸发量为97％。购买比特币要比再购买MSFT好十倍。”

Saylor’s argument rests on his conviction that Bitcoin inaugurates a third monetary epoch.

Saylor的论点基于他的信念，即比特币为第三个货币时代开幕。

“Gold was nineteenth-century money; sovereign debt was twentieth-century money. Bitcoin is twenty-first-century money—the first liquid, fungible capital asset with no counterparty,” he explained.

他解释说：“黄金是十九世纪的钱；主权债务是二十世纪的钱。比特币是二十一世纪的钱，这是第一个液体，可及时的资本资产，没有交易对手。”

He dates the institutional “year zero” for Bitcoin to 2024, “the moment the SEC blessed spot ETFs and FASB signaled fair-value accounting.” By that chronology, 2025 is “year one” and the window for first-mover advantage is already narrowing.

他将比特币的机构“零年”定为2024年，“ SEC有福的ETF和FASB发出了公平价值会计的那一刻。”按时间顺序，2025年是“一年级”，第一步优势的窗口已经在缩小。

To quantify the upside, Saylor revealed that his team ran Microsoft through the open-source “Bitcoin 24” treasury-modeling tool. Four scenarios were stress-tested: sweeping excess cash into Bitcoin, substituting dividends for coin purchases, replacing buybacks with accumulation, and adding a thin layer of leverage.

为了量化上升空间，Saylor透露，他的团队通过开源“比特币24”国库模型工具跑了Microsoft。有四种情况进行了压力测试：将多余的现金扫除到比特币中，将股息代替硬币购买，用积累代替回购，并增加了薄薄的杠杆作用。

“Depending on the mix, it adds anywhere from $155 to $584 a share—one to five trillion dollars in enterprise value—while taking less risk,” he said. “I’m asking you to stop surrendering the capital you just spent five years winning.”

他说：“根据组合的不同，它增加了每股155美元至584美元的价格，企业价值占50万亿美元，而风险则较小。” “我要你停止投降刚刚赢得五年的资本。”

The emotionally charged moments of the keynote came when Saylor linked treasury policy to operational strain.

主题演讲的情感时刻是当塞勒将财政部政策与运营压力联系起来时。

“When you divest yourself of $200 billion, you amplify every risk factor in your own prospectus,” he warned.

他警告说：“当您剥离2000亿美元时，就会扩大自己招股说明书中的每个风险因素。”

He pressed the point with a thought experiment aimed squarely at Microsoft’s board.

他通过直接针对微软董事会的思想实验来按要点。

“If you could buy a hundred-billion-dollar company growing 60% a year at one-times revenue, would you do it? What if you could do it every year, forever?” he asked. “That’s Bitcoin. The irony is that the least risky acquisition imaginable is perceived as risky by consensus finance.”

“如果您可以在一次收入中购买一十亿美元的公司每年增长60％的公司，您会这样做吗？如果您每年可以永远做，该怎么办？”他问。 “那是比特币。具有讽刺意味的是，可以想象到的最小风险获取被认为是由共识金融视为风险的。”

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Saylor reserved his longest uninterrupted passage for a final appeal:

Saylor保留了他最长的不间断段落的最终上诉：

“Rich people are not rich because of a future expectation of cash flows; they’re rich because they own hard assets. I would rather be invested in a rich company than in a company that gives away its money and promises to work ever harder and raise prices on customers ad infinitum.

“由于未来对现金流的期望，富人并不富裕；他们是因为他们拥有艰苦的资产而富裕。我宁愿投资于一家富裕的公司，而不是投资于一家捐出资金并承诺更努力并提高客户价格的公司。

You can cling to twentieth-century capital—treasury bills, stock buybacks, dividends—or you can embrace the future, capitalize on Bitcoin, and turn a decapitalization spiral into progressive growth. It’s good for your customers, your employees, your shareholders, your country, and your legacy. Adopt Bitcoin.”

您可以坚持二十世纪的资本 - 财务账单，股票回购，股息 - 或者您可以拥抱未来，利用比特币，并将脱位的螺旋变成渐进的增长。这对您的客户，您的员工，您的股东，您的国家和您的遗产都很好。采用比特币。”

The shorthand $75 billion bet circulating in conference corridors reflects Microsoft’s authorized buyback and two years of forward dividends folded into a single digital-asset allocation.

速记在会议走廊中流通的750亿美元赌注反映了微软的授权回购和两年的前瞻性股利折叠成单个数字资产分配。

Notably, Microsoft shareholders voted against a proposal to add Bitcoin to the company’s balance sheet during the firm’s meeting on December 10.

值得注意的是，微软股东在12月10日的会议期间投票反对公司资产负债表中添加比特币的提案。

At press time, BTC traded at $96,521.

发稿时，BTC的交易价格为96,521美元。