迈克尔·赛勒（Michael Saylor）说，为什么沃伦·巴菲特（Warren Buffett）对比特币错了

在最近与瑞安·拉斯穆森（Ryan Rasmussen）的一次对话中，迈克尔·塞勒（Michael Saylor）谈到了像沃伦·巴菲特（Warren Buffett）这样的传奇投资者发表的共同批评 - 比特币没有内在价值的想法，因为它没有产生现金流量。

Legendary investor Michael Saylor, known for his strong advocacy for Bitcoin (BTC), has addressed a critique commonly raised by Old Guard investors like Warren Buffett.

传奇的投资者迈克尔·塞勒（Michael Saylor）以其对比特币（BTC）的强烈倡导而闻名，他谈到了像沃伦·巴菲特（Warren Buffett）这样的老后卫投资者通常提出的批评。

In a recent conversation with Ryan Rasmussen, Saylor delved into a point of contention that has sparked ongoing debate within the crypto space.

在最近与瑞安·拉斯穆森（Ryan Rasmussen）的对话中，塞勒（Saylor）深入研究了一个争论，这引发了加密货币空间中正在进行的辩论。

As inflation began surging in the 1970s, paving the way for a new bull market in crypto assets eight decades later, a common critique of Bitcoin focused on its lack of intrinsic value and cash flows. This view, often attributed to Buffett, stands in contrast to the perspective on traditional capital assets like stocks, bonds, or real estate, which generate cash flows that can be discounted to present value to determine their worth.

随着1970年代的通货膨胀开始激增，八十年后的加密货币资产的新牛市为新的牛市铺平了道路，对比特币的普遍批评着重于其缺乏内在价值和现金流量。这种观点通常归因于巴菲特，与传统资本资产（如股票，债券或房地产）等传统资本资产的看法形成鲜明对比，后者产生的现金流量可以打折以确定其价值。

However, Saylor believes this view misses the fundamental point. According to Saylor, Bitcoin represents a new form of digital capital and marks a true paradigm shift.

但是，塞勒（Saylor）认为，这种观点错过了基本观点。根据Saylor的说法，比特币代表了一种新的数字资本形式，并标志着真正的范式转变。

“The Old Guard investors, having made their fortunes in the 20th century with traditional capital, are naturally inclined to view the new in terms of the old. They look at Bitcoin and see an asset that doesn’t generate cash flows in the traditional sense, leading them to conclude that it must have no value,” Saylor said.

塞勒说：“老后卫投资者在20世纪用传统资本赚钱，自然倾向于从旧的角度看新的东西。他们看比特币，看到一项不会从传统意义上产生现金流量的资产，导致他们得出结论，它一定没有价值。”

“But this perspective fails to recognize that Bitcoin is not a stock, bond, or piece of real estate—it’s an entirely new asset class, much like electricity was a new form of energy that no one had encountered before.”

“但是，这种观点未能认识到比特币不是股票，债券或房地产，这是一个全新的资产类别，就像电力是一种新的能源形式一样，以前没人遇到过。”

Transformative technologies throughout history have often been met with initial resistance due to their unfamiliarity. From electricity, radioactivity, and radio waves to antibiotics, lasers, and computers, each of these breakthroughs was initially viewed with skepticism.

由于其不熟悉，整个历史上的变革性技术经常受到最初的阻力。从电力，放射性和无线电波到抗生素，激光器和计算机，这些突破最初都怀疑。

As an example, Saylor notes that in 1890, with the nascent stages of the electrical age, it would have been nearly impossible to expect everyone to immediately grasp the vast potential of electricity, which would later illuminate New York City and revolutionize society.

例如，塞勒指出，在1890年，随着电时代的新生阶段，几乎不可能期望每个人都立即掌握电力的巨大潜力，后来，这将阐明纽约市并彻底改变社会。

Moreover, the language we use reflects the human instinct to fear the unknown. We get “shocked” by electricity and “burned” by fire. Traditionalists naturally avoid what they don’t understand, preferring safety over risk.

此外，我们使用的语言反映了人类的本能，以恐惧未知的人。我们被电力感到“震惊”，并被大火“燃烧”。传统主义者自然会避免他们不了解的东西，而是宁愿安全而不是风险。

But modern civilization is built on mastering these very forces. New York City thrives because of the energy that flows through its electrical grid, and our planes, trains, and automobiles are powered by the very flames traditionalists warn against.

但是现代文明是基于掌握这些力量的。纽约市由于流经其电网的能量而蓬勃发展，我们的飞机，火车和汽车都由传统主义者警告的烈火供电。

Engineers didn’t shy away from these volatile forces; they harnessed them and built the engines of modern society. In the same vein, those who engage with Bitcoin will discover its potential to become an engine of growth for corporations and individuals.

工程师并没有回避这些挥发性力量。他们利用他们并建造了现代社会的引擎。同样，那些与比特币互动的人会发现其成为公司和个人增长引擎的潜力。

Bitcoin carries ten times the energy content of traditional capital assets due to its volatility, which should be understood rather than feared. And for those who do engage with it, they will discover its potential to become an engine of growth.output: Bitcoin offers a new form of energy, much like electricity and combustion did for previous generations.

比特币由于其波动性而载有传统资本资产的能源含量的十倍，这应该被理解而不是恐惧。对于那些确实与之互动的人，他们将发现其成为增长引擎的潜力。外卖：比特币提供了一种新的能源形式，就像电力和燃烧一样，对前几代人也是如此。