Saylor的Microsoft案例：债券比特币

在企业融资的快速发展世界中，很少有想法像迈克尔·赛勒（Michael Saylor）向微软的大胆建议一样引发辩论：将其保守的债券投资换成比特币。

In the rapidly evolving landscape of corporate finance, few propositions have generated as much discussion as Michael Saylor's bold suggestion to Microsoft: swap its conservative bond investments for Bitcoin.

在迅速发展的公司融资环境中，很少有人提出与迈克尔·赛勒（Michael Saylor）向微软的大胆建议进行的讨论：将其保守的债券投资换成比特币。

As the CEO of MicroStrategy (NASDAQ:MCRL) and a fervent Bitcoin proponent, Saylor is on a mission to persuade major corporations to embrace the world’s leading cryptocurrency.

作为MicroStrategy（NASDAQ：MCRL）的首席执行官和热心的比特币支持者，Saylor的使命是说服大型公司接受世界领先的加密货币。

At Strategy World 2025, Saylor, known for his contrarian takes, continued his argument for Bitcoin over bonds.

在2025年战略世界上，塞勒（Saylor）以他的逆势群体而闻名，他继续对比特币关于债券的论点。

“Microsoft should be powered by digital capital,” Saylor stated, highlighting Bitcoin as the “highest-performing uncorrelated asset.”

塞勒说：“微软应该由数字资本提供动力。”他重点介绍了比特币是“最佳的不相关资产”。

He challenged the conventional corporate strategy of focusing on low-yield bonds and stock buybacks, asserting that these leave equity weaker and shareholders vulnerable to volatility.

他对专注于低收益债券和股票回购的常规公司战略提出了挑战，并断言，这些股权较弱，股东容易遭受波动。

In contrast, Bitcoin's fixed supply and autonomous monetary policy provide a superior hedge against inflation and bear markets, in an age where macroeconomic stability is increasingly crucial.

相比之下，在宏观经济稳定越来越重要的时代，比特币的固定供应和自治货币政策为抵制通货膨胀和熊市提供了优越的对冲。

Bitcoin News: Saylor’s Case for Microsoft: Bitcoin Over Bonds

比特币新闻：Saylor的Microsoft案例：债券的比特币

Saylor's argument at Strategy World 2025 is based on Bitcoin's superior performance. According to TradingView data, Bitcoin achieved a five-year average annual return of 53%, significantly outperforming Microsoft's 6% average (148% total) over the same period.

Saylor在《战略世界2025》中的论点是基于比特币的出色表现。根据TradingView数据，比特币达到的五年平均年收益率为53％，在同一时期，比特币的表现明显优于微软的平均6％（148％）。

Further analysis reveals even greater disparities: 62% annual gains for Bitcoin versus 18% for Microsoft—and bonds encountered a 5% yearly loss, lagging behind by 19%. Such stark contrasts highlight the potential of reallocating corporate reserves.

进一步的分析表明，比特币的年收益为62％，而微软为18％，债券每年遭受5％的损失，落后19％。这种鲜明的对比彰显了重新分配公司储量的潜力。

Saylor refers to Bitcoin as “digital capital”—a revolutionary asset that could transform how companies manage their treasuries.

塞勒将比特币称为“数字资本”，这是一种革命性的资产，可以改变公司管理国库的方式。

On the other hand, Saylor in January described bonds as "toxic," highlighting their negative real yields and potential to destroy capital over time.

另一方面，塞勒（Saylor）在一月份将债券描述为“有毒”，强调了它们的负面收益率和随着时间的推移而销毁资本的潜力。

He noted that corporate reliance on low-yield sovereign debt fails to keep pace with inflation and market returns, making bonds a drag on balance sheets. For companies with substantial cash holdings, parking funds in U.S. Treasuries or corporate debt can erode value.

他指出，公司对低收益主权债务的依赖未能跟上通货膨胀和市场回报的步伐，从而使债券拖累了资产负债表。对于拥有大量现金持有的公司，美国国债或公司债务中的停车资金可能会侵蚀价值。

Saylor has been practicing what he preaches. MicroStrategy last week added 1,895 BTC to its treasury holdings.

塞勒一直在练习他的讲道。上周MicroStrategy在其财政部持有的股票中增加了1,895 BTC。

The company now holds 555,450 BTC, acquired for over $38 billion in cash at an average price of $68,550.

该公司现在持有555,450 BTC，以超过380亿美元的现金收购，平均价格为68,550美元。

The latest purchase was executed at an average price of $95,167, indicating continued confidence in Bitcoin's long-term prospects despite recent price fluctuations.

最新的购买以95,167美元的平均价格执行，表明尽管价格波动最近，但对比特币的长期前景的信心一直在信心。

MicroStrategy's market capitalization has skyrocketed from approximately $1.2 billion in August 2020 to over $105 billion in May 2025—a rally of more than 8,650%.

MicroStrategy的市值从2020年8月的约12亿美元飙升至2025年5月的1005亿美元，这是8,650％以上的集会。

The company's aggressive Bitcoin acquisition strategy is a key driver of this transformation. As MicroStrategy continues to build its treasury and capitalize on new investment opportunities, we can expect further updates on their Bitcoin holdings and the overall performance of their investment strategy.

该公司积极的比特币采集策略是这种转型的关键动力。随着MicroStrategy继续建立自己的财政部并利用新的投资机会，我们可以期望其比特币持有量和投资策略的整体业绩进一步更新。

Microsoft (NASDAQ:MSFT), with $104.8 billion in cash and equivalents as of FY25, is an ideal candidate for Saylor's vision.

Microsoft（NASDAQ：MSFT），截至25财年，现金和同等价值为1004亿美元，是Saylor愿景的理想候选人。

He claims that redirecting the $200 billion returned to shareholders over five years into Bitcoin could increase Microsoft's enterprise value by as much as $5 trillion.

他声称，将五年内返回给股东的2000亿美元转移到比特币中可能会使微软的企业价值增加多达5万亿美元。

However, Microsoft's board remains skeptical. In December 2024, a shareholder proposal to invest just 1% of its cash in Bitcoin was rejected, receiving minimal support.

但是，微软的董事会仍然持怀疑态度。 2024年12月，股东提议仅将其现金的1％投资于比特币，被拒绝，获得了最少的支持。

The board, backed by proxy advisors, highlighted Bitcoin's volatility and Microsoft's preference for a cautious investment approach.

董事会在代理顾问的支持下，强调了比特币的波动和微软对谨慎投资方法的偏爱。

The Risks: Volatility and Regulation

风险：波动和法规

Bitcoin's potential is closely tied to its volatility. Its price has been notoriously unstable throughout its history, and while it reached highs above $108,000 earlier this year, it has also experienced sharp declines of 70% from all-time highs.

比特币的潜力与其波动性紧密相关。众所周知，它的价格在整个历史上一直不稳定，尽管今年早些时候达到了高于108,000美元的高价，但它的急剧下降了70％。

Regulatory uncertainty adds another layer of complexity, as governments around the world are still grappling with the best way to oversee cryptocurrencies.

监管不确定性增加了另一层复杂性，因为世界各地的政府仍在努力监督加密货币的最佳方法。

Microsoft has already dabbled in crypto, accepting Bitcoin for payments since 2014. However, the tech giant's treasury is still heavily invested in traditional assets.

微软已经涉足加密货币，自2014年以来就接受了比特币进行付款。但是，这家科技巨头的财政部仍投资于传统资产。

With $104.8 billion in cash at its disposal and no immediate need for capital gains realized from Bitcoin to support operations, the company has the flexibility to make changes.

该公司拥有1048亿美元的现金，并且没有立即对比特币实现的资本收益来支持运营，因此该公司具有更改的灵活性。

Ultimately, it comes down to leadership style and risk appetite. Microsoft's leadership prioritizes stability and has shown little interest in venturing into speculative assets.

最终，这取决于领导风格和风险胃口。微软的领导能力优先考虑稳定性，并且对冒险投机资产几乎没有兴趣。

Saylor's pitch at Strategy World 2025 raises a broader question: Is Bitcoin a viable asset class for corporations, or is it too unpredictable for mainstream adoption?

塞勒（Saylor）在《战略世界2025年》中提出了一个更广泛的问题：比特币是公司的可行资产类别，还是对主流采用的不可预测是不可预测的？

MicroStrategy's success in pivoting its entire strategy around Bitcoin seems to support the former, while Microsoft's continued

MicroStrategy在涉及比特币的整个策略方面的成功似乎支持了前者，而微软的持续