Al壓抑。”輸出

悲傷：比特幣標準

financial repression.”

經濟鎮壓。”

Saylor’s goal is to get the world’s largest companies to follow MicroStrategy’s lead and put at least a portion of their cash into bitcoin. “If Berkshire puts 1% of its cash into bitcoin, that’s $3.2 billion. At today’s prices, that’s 30,000 bitcoin,” he says. “If 100 companies did that, you’re talking about a million bitcoin being purchased by corporations in a single year.”

Saylor的目標是讓世界上最大的公司遵循Microstrategy的領先優勢，並將其至少一部分現金放入比特幣中。 “如果伯克希爾將現金的1％投入比特幣，那就是32億美元。以今天的價格，那是30,000個比特幣。”他說。 “如果有100家公司這樣做，您正在談論公司在一年內購買一百萬個比特幣。”

output: MicroStrategy is a publicly traded company that has made headlines for its unique financial strategy, which involves holding a large amount of bitcoin on its balance sheet. The company’s stock price has soared in recent years as bitcoin’s price has risen, leading some to question whether MicroStrategy is a good investment or simply a risky bet on bitcoin.

輸出：MicroStrategy是一家公開交易的公司，已成為其獨特的財務戰略的頭條新聞，其中涉及在其資產負債表上持有大量比特幣。近年來，隨著比特幣價格上漲，該公司的股價飆升，導致一些人質疑MicroStrategy是否是一項不錯的投資，還是僅僅是對比特幣的冒險下注。

To understand MicroStrategy’s financial strategy, it’s helpful to take a closer look at the company’s history and the man behind it, Michael Saylor. Saylor, 59, cofounded MicroStrategy in 1989 fresh out of MIT, where he studied aeronautics and astronautics before graduating with highest honors and earning a commission as a second lieutenant in the Air Force. (His dream of becoming a fighter pilot was thwarted by a heart murmur that turned out to be a misdiagnosis.)

要了解Microstrategy的財務策略，仔細研究公司的歷史以及背後的人Michael Saylor是有幫助的。現年59歲的塞勒（Saylor）於1989年從麻省理工學院（MIT）出發，在1989年與MicroStrategy共同努力，在那裡他學習了航空和宇航員，然後以最高榮譽畢業，並在空軍中獲得了第二任中尉的委員會。 （他成為一名戰鬥機飛行員的夢想被一種心臟雜音挫敗，這被證明是一個誤診。）

After graduating from the Air Force Academy in Colorado Springs, Saylor worked briefly at Bain & Company before launching MicroStrategy with his MIT fraternity brother, Sanju Bansal. The company, which initially focused on data analytics, went public in 1998, and by 2000, its market cap soared past $24 billion. Riding high on the dot-com wave, Saylor became a tech evangelist, heralding a world in which data would flow “like water.”

從科羅拉多斯普林斯的空軍學院畢業後，塞勒在貝恩公司（Bain＆Company）短暫工作，然後與他的麻省理工學院兄弟會兄弟桑朱·班薩爾（Sanju Bansal）推出了MicroStrategy。該公司最初專注於數據分析，於1998年公開，到2000年，其市值飆升了240億美元。塞勒（Saylor）在互聯網浪潮（Dot-Com Wave）上騎行，成為一名技術傳教士，預示著一個世界將“像水”流動的世界。

“We’re going to use our technology to obliterate entire supply chains,” Saylor told Forbes in late 1998. “We’re playing for all the marbles to essentially win the entire industry worldwide, forever.”

Saylor在1998年底對Forbes表示：“我們將利用我們的技術消除整個供應鏈。我們正在為所有大理石效力，實質上永遠贏得全球整個行業。”

But then came the crash. On March 10, 2000, MicroStrategy’s stock hit a peak of $313 per share—more than 60 times its IPO price. Within two weeks it plummeted to $72, following the company’s announcement that it would need to restate its financial results. The SEC later accused Saylor and others of accounting fraud, charges that MicroStrategy settled for $11 million. Within two years its stock price had fallen below $1. Saylor’s $13 billion fortune evaporated.

但是隨後發生了墜機。 2000年3月10日，Microstrategy的股票達到每股313美元的高峰，其IPO價格的60倍。在該公司宣布需要重新重申其財務業績之後，在兩週內，它跌至72美元。 SEC後來指控Saylor和其他人會計欺詐，指控MicroStrategy以1100萬美元的價格定居。在兩年內，其股價下跌低於1美元。塞勒的130億美元財富蒸發了。

“It was the darkest part of my life,” he says. “When people lose money because they believe in you, that’s pretty much the worst.”

他說：“那是我一生中最黑暗的部分。” “當人們因為相信您而虧錢而虧損時，這幾乎是最糟糕的。”

Undeterred, Saylor remained at the helm of MicroStrategy, which continued to operate a successful data analytics business throughout the 2000s and 2010s. But it wasn’t until 2020, after the government followed years of quantitative easing with trillions of dollars in Covid-19-related stimulus, that Saylor became convinced that the best use for the remaining $530 million in cash and short-term investments on MicroStrategy’s balance sheet was investing in bitcoin.

塞勒（Saylor）毫不舒服地留在MicroStrategy的掌舵下，該公司在整個2000年代和2010年代繼續成功地經營成功的數據分析業務。但是直到2020年，在政府經過多年的量化寬鬆之後，與19次相關的刺激有數万億美元，Saylor堅信，剩下的5.3億美元現金和對Microstrategy's的短期投資的最佳用途是資產負債表正在投資比特幣。

The U.S. government could print as many dollars as it wanted—and it was hard at work doing just that—but, by design, bitcoin comes with a hard cap: There will never be more than 21 million in existence.

美國政府可以打印出想要的多數美元，而且很難做到這一點，但是根據設計，比特幣帶有硬上限：永遠不會有超過2100萬。

“I invented 20 things, tried to make them successful and really didn’t change the world with any of them,” Saylor says. “Satoshi created one thing, gave it to the world and disappeared. It’s made me more successful than every one of my ideas.”

Saylor說：“我發明了20件事，試圖使它們成功，並且實際上並沒有與其中任何一個改變世界。” “ Satoshi創造了一件事，把它交給了世界並消失了。這使我比每個想法都更成功。”

Saylor’s enthusiasm for bitcoin is evident in everything he does. At Villa Vecchia, a century-old Miami Beach estate that once welcomed luminaries including Margaret Thatcher, Henry Kissinger and Mikhail Gorbachev, Saylor hosts lavish New Year’s Eve parties attended by bitcoin’s biggest names. The bash, which takes place on the estate’s manicured lawns and Versailles-inspired ballroom, features servers gliding around with champagne on silver trays, hors d’oeuvres stamped with the omnipresent B and dancers in golden bodysuits undulating with glowing orange orbs in homage to bitcoin’s signature hue.

Saylor對比特幣的熱情在他所做的一切中都顯而易見。 Saylor在Villa Vecchia Villa Vecchia，曾經歡迎包括瑪格麗特·撒切爾，亨利·基辛格和米哈伊爾·戈爾巴喬夫在內的名人，Saylor舉辦了豪華的除夕派對。狂歡發生在莊園的修剪整齊的草坪和以凡爾賽風格的宴會廳進行，其中包括服務器在銀托盤上滑行，在銀色托盤上滑行，開胃小菜，無處不在的舞者，舞者在金色的bodysuits上蓋上無所不在的舞者，金緊身胸衣上的糖果，以發光的橙色球體向比特幣的發光橙色的球蛋白髮出刺激性。簽名色調。

At the center of the garden looms a massive playing card, the king’s face replaced with a brazen B. On the water, the party continues aboard the Usher, a 154-foot superyacht that was featured in the 2015 film Entourage and glistens against the Miami skyline. A constant stream of shuttles disgorges an unending parade of bitcoin executives, influencers and, most importantly, institutional investors, all decked out

在花園的中心隱約可見一張巨大的撲克牌，國王的臉被Brazen B b。在水面上取代，派對繼續乘坐Usher，這是一場154英尺高的超級遊艇，在2015年的電影《隨行人員》中展出，對邁阿密的閃光天際線。不斷的班車流脫離了一場無休止的比特幣高管，有影響力者，最重要的是機構投資者的遊行