MicroStrategy 的目标是成为一家价值 1 万亿美元的比特币银行

MicroStrategy Inc（纳斯达克股票代码：MSTR）的目标是成为全球顶级的比特币银行，估值达到 1 万亿美元。

MicroStrategy (NASDAQ:MSTR) is aiming for a $1 trillion valuation by becoming the world’s top Bitcoin bank.

MicroStrategy（纳斯达克股票代码：MSTR）的目标是成为全球顶级的比特币银行，估值达到 1 万亿美元。

The company’s founder and executive chairman, Michael Saylor, shared this plan in a recent discussion with analysts at Bernstein, a research firm, as reported by The Block.

据 The Block 报道，该公司创始人兼执行董事长 Michael Saylor 在最近与研究公司 Bernstein 分析师的讨论中分享了这一计划。

Since 2020, MicroStrategy has been acquiring Bitcoin, using both debt and equity to increase returns beyond traditional investments.

自 2020 年以来，MicroStrategy 一直在收购比特币，利用债务和股权来增加传统投资之外的回报。

Last month, the firm added 7,420 BTC, bringing its total holdings to 252,220 BTC, now worth over $15 billion.

上个月，该公司增持了 7,420 BTC，使其总持有量达到 252,220 BTC，目前价值超过 150 亿美元。

With total costs of around $9.9 billion and $4 billion in debt, MicroStrategy is the largest corporate Bitcoin holder, owning 1.2% of Bitcoin’s 21 million supply, according to Bitcoin Treasuries.

根据 Bitcoin Treasuries 的数据，MicroStrategy 的总成本约为 99 亿美元，债务为 40 亿美元，是最大的企业比特币持有者，拥有比特币 2100 万枚供应量中的 1.2%。

MicroStrategy’s $1 Trillion Bitcoin Vision

MicroStrategy 的 1 万亿美元比特币愿景

Under Saylor’s leadership, MicroStrategy has shown a strong belief in Bitcoin’s future.

在 Saylor 的领导下，MicroStrategy 对比特币的未来表现出了坚定的信念。

If his vision proves accurate and the firm manages billions in Bitcoin, the results could be transformative.

如果他的愿景被证明是准确的，并且该公司管理着数十亿美元的比特币，那么结果可能会带来变革。

Saylor explained the goal is for MicroStrategy to evolve into a Bitcoin-focused merchant bank, offering financial products like equity, debt, and convertibles centered around Bitcoin.

Saylor 解释说，MicroStrategy 的目标是发展成为一家专注于比特币的商业银行，提供以比特币为中心的股票、债务和可转换债券等金融产品。

Bernstein’s digital asset expert, Gautam Chhugani, noted that Saylor considers Bitcoin the world’s most valuable asset.

伯恩斯坦的数字资产专家 Gautam Chhugani 指出，Saylor 认为比特币是世界上最有价值的资产。

Saylor aims for MicroStrategy to handle $100-$150 billion in Bitcoin via preferred stock, debt, and other instruments.

Saylor 的目标是让 MicroStrategy 通过优先股、债务和其他工具处理 100-1500 亿美元的比特币。

His plan is to leverage volatility to build a $300-$400 billion enterprise and eventually transform MicroStrategy into a $1 trillion firm.

他的计划是利用波动性建立一家价值 300 至 4000 亿美元的企业，并最终将 MicroStrategy 转变为一家价值 1 万亿美元的公司。

The strategy hinges on Bitcoin’s role as deflationary money.

该策略取决于比特币作为通货紧缩货币的作用。

Currently, Bitcoin represents just 0.1% of global financial capital, but Saylor predicts this could rise to 7% by 2045, pushing Bitcoin’s value to $13 million per coin.

目前，比特币仅占全球金融资本的 0.1%，但 Saylor 预测到 2045 年这一比例可能会升至 7%，从而将比特币的价值推至每枚 1300 万美元。

Rapid expansion is possible if US capital markets continue supporting MicroStrategy’s fundraising through debt and equity.

如果美国资本市场继续支持 MicroStrategy 通过债务和股权融资，则快速扩张是可能的。

In his base case scenario, Saylor expects Bitcoin to grow at 29% annually.

在他的基本情景中，Saylor 预计比特币每年将以 29% 的速度增长。

When asked about scaling their debt strategy, Saylor was confident and said:

当被问及如何扩大债务战略时，塞勒充满信心地说：

“I don’t have any problem seeing how we could raise $100bn more capital and then $200bn after that. It’s a trillion dollar asset class going to $10tn and then going to $100tn. The risk is very simple — it’s bitcoin. You either believe bitcoin is something, or you believe it’s nothing.”

“对于我们如何能够再筹集 1000 亿美元，然后再筹集 2000 亿美元，我没有任何问题。这是一万亿美元的资产类别，将升至 10 万亿美元，然后升至 100 万亿美元。风险很简单——就是比特币。你要么相信比特币是什么，要么相信它什么都不是。”

Saylor Eyes 50% Bitcoin Returns

Saylor 的目标是 50% 的比特币回报

Chhugani outlined Saylor’s view on Bitcoin’s impressive annual growth, which boosts profits through market strategies, avoiding traditional banking.

Chhugani 概述了 Saylor 对比特币令人印象深刻的年度增长的看法，比特币通过市场策略提高利润，避免传统银行业务。

Saylor stated it’s smarter to borrow large sums from fixed-income markets and invest in Bitcoin at a 50% annual return without taking on external risk, rather than searching for someone to pay 12%-14%.

Saylor 表示，从固定收益市场借入大笔资金并以 50% 年回报率投资比特币而不承担外部风险，比寻找支付 12%-14% 回报的人更明智。

The MicroStrategy founder argues that lending to traditional entities, such as individuals or governments, carries greater risks than Bitcoin investments.

这位 MicroStrategy 创始人认为，向个人或政府等传统实体提供贷款比比特币投资面临更大的风险。

He confirmed the company has no plans to lend its Bitcoin. Instead, they aim to borrow large amounts of capital and invest directly in BTC for high returns without counterparty risk.

他证实该公司没有计划出借比特币。相反，他们的目标是借入大量资金并直接投资于比特币，以获得高回报，而无需承担交易对手风险。

Saylor further explained that borrowing $10 billion, offering slightly higher returns to lenders, and investing in Bitcoin at 30%-50% yields is more profitable and secure.

Saylor 进一步解释说，借入 100 亿美元，为贷方提供略高的回报，并以 30%-50% 的收益率投资比特币更有利可图，也更安全。

He predicted that even accounting for volatility, Bitcoin could grow by 22% annually over the next decade, a return difficult to match elsewhere.

他预测，即使考虑到波动性，比特币在未来十年内每年仍可能增长 22%，这是其他地方难以匹敌的回报。