跳过股票回购，然后购买比特币

在2025年策略世界中，迈克尔·塞勒（Michael Saylor）向像Microsoft这样的科技巨头发出了大胆的信息：跳过股票回购并购买比特币。

At Strategy World 2025, Michael Saylor delivered a message to tech giants like Microsoft: skip the stock buybacks and buy Bitcoin instead.

在《策略世界》 2025年，迈克尔·塞勒（Michael Saylor）向像Microsoft这样的科技巨头传达了一条信息：跳过股票回购并购买比特币。

“Microsoft is going to do a buyback,” Saylor said. “Buying Bitcoin would be 10x better than buying their own stock.” Backed by data, he made the case that corporate treasuries are leaving massive upside on the table by sticking with legacy capital strategies.

塞勒说：“微软将要回购。” “购买比特币比购买自己的股票要好10倍。”在数据的支持下，他认为公司国库通过坚持传统资本策略，在桌面上留下了巨大的上涨空间。

Over the last five years, Microsoft stock has returned an impressive 18% annually. But Bitcoin? It’s up 62% annually over that same stretch. “If the cost of capital is the S&P 500 at 14%, Microsoft is outperforming by 4%. Bitcoin is outperforming by 48%,” Saylor emphasized. “Bonds, by the way, are down 5%—underperforming by 19%.”According to Saylor, Bitcoin is not just a better-performing asset—it’s a fundamentally different type of asset. “It’s digital capital,” he said. “Everything digital is better. Digital pictures are better. Digital relationships, digital messages, digital videos. Don’t believe me? Ask Kodak. Ask Polaroid.”

在过去的五年中，微软股票每年返回18％。但是比特币？每年在同一伸展运动中增长62％。 Saylor强调：“如果资本成本是标准普尔500指数，即14％，那么微软的表现要优于4％。比特币的表现要优于48％。” “顺便说一句，债券下跌了5％，不足19％。”据Saylor说，比特币不仅是一种表现更好的资产，而且是一种根本不同的资产。他说：“这是数字资本。” “数字都更好。数字图片更好。数字关系，数字消息，数字视频。不相信我？问柯达。问宝丽来。”

He compared Bitcoin to a digital building—one that’s invisible, untouchable, and immortal. “Everything you hate about a physical building, that it’s visible and the mayor can rent control it and weather can strike it—everything you hate about it goes away,” he said. “Instead, the building becomes invisible, indestructible, immortal, and teleportable.”

他将比特币与数字建筑物进行了比较，该建筑是无形的，不可触及的和不朽的。他说：“您讨厌物理建筑，可见的一切，市长可以租用它的控制权，天气可以击中它 - 您讨厌的一切都消失了。” “取而代之的是，建筑物变得无形，坚不可摧，不朽和可传送。”

Saylor argued that a company like Microsoft—which built its dominance on digital infrastructure—should now be powered by digital capital. “Microsoft should be powered by digital capital,” he said plainly.

塞勒（Saylor）认为，像微软这样的公司（在数字基础架构上建立了统治地位）现在应该由数字资本提供支持。他清楚地说：“微软应该由数字资本提供动力。”

He also pointed to Bitcoin’s unique advantage as an uncorrelated asset. “You’re going to hold something on your balance sheet that’s not correlated to everything else,” he said. “You can do stock buybacks, dividend out your cash flow, or you can embrace the future.”

他还指出，比特币作为不相关的资产的独特优势。他说：“您将在资产负债表上持有与其他所有事物无关的东西。” “您可以进行股票回购，股息消除现金流，也可以拥抱未来。”

For Saylor, that future is clear. A company sitting on billions in cash should consider the upside of Bitcoin—a decentralized, borderless, censorship-resistant asset with the best performance record of the past decade.

对于Saylor来说，未来是明显的。一家现金数十亿美元的公司应考虑比特币的上涨空间，这是一家分散的，无边界的，耐心的资产，并具有过去十年的最佳绩效记录。

“You’ve got to find something that’s not exposed to competitors, countries, corporations, creditors, currencies, or cultures,” he said. “And that’s Bitcoin.”

他说：“您必须找到与竞争对手，国家，公司，债权人，货币或文化相关的东西。” “那是比特币。”

Watch the full live stream here.

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