Michael Saylor 對微軟董事會的 3 分鐘演講：為什麼應該採用比特幣

微軟計劃在12月10日的年會上對「評估比特幣投資」的提案進行投票。

Original Title: "Microsoft Bitcoin Strategy"

原文標題：《微軟比特幣戰略》

Author: Michael Saylor

作者：麥可‧塞勒

Compiled by: Felix, PANews

編譯：Felix、PANews

On December 10, Microsoft will vote on a proposal to "evaluate investment in Bitcoin" at its annual meeting. If the proposal passes, Microsoft will become the largest publicly traded crypto investment company, surpassing MicroStrategy and Tesla.

12月10日，微軟將在年會上對一項「評估比特幣投資」的提案進行投票。如果該提案獲得通過，微軟將超越 MicroStrategy 和特斯拉，成為最大的公開交易加密貨幣投資公司。

As the voting begins, Michael Saylor, CEO of MicroStrategy, delivered a 3-minute speech to the Microsoft board, explaining why Bitcoin should be adopted. In his speech, Michael Saylor stated that Bitcoin represents "digital capital," is the core opportunity of the next wave of technological innovation, and represents the greatest digital transformation of the 21st century, suggesting that Microsoft adopt Bitcoin as a core corporate strategy. Below are some highlights from the PPT used in the speech:

在投票開始時，MicroStrategy 執行長 Michael Saylor 向微軟董事會發表了 3 分鐘的演講，解釋了為什麼應該採用比特幣。 Michael Saylor在演講中表示，比特幣代表“數位資本”，是下一波技術創新的核心機遇，代表21世紀最偉大的數位轉型，建議微軟採用比特幣作為核心企業策略。以下是演講中使用的 PPT 的一些要點：

There are 7 technological waves that Microsoft cannot miss:

微軟不能錯過的7大科技浪潮：

The greatest digital transformation of the 21st century is the transformation of capital, and Bitcoin is digital capital. Bitcoin is currently the seventh largest asset globally, the fastest-growing, most popular, most interesting, most digital, most useful, and most globalized.

21世紀最偉大的數位化變革是資本的變革，比特幣就是數位資本。比特幣目前是全球第七大資產，是成長最快、最受歡迎、最有趣、最數位化、最有用、最全球化的資產。

Additionally, Microsoft's current ARR (Annual Recurring Revenue) is 18%, while Bitcoin's ARR is 62%.

此外，微軟目前的ARR（年度經常性收入）為18%，而比特幣的ARR為62%。

Currently, global wealth is distributed across various assets. In the current approximately $90 trillion global asset market, Bitcoin's market capitalization is about $2 trillion.

目前，全球財富分佈在各種資產中。在目前約90兆美元的全球資產市場中，比特幣的市值約為2兆美元。

Global wealth is distributed between utility-providing assets and other capital-preserving assets. Of this, $45 trillion belongs to long-term capital (store of value). However, due to risks such as regulation, taxation, competition, obsolescence, economic and political turmoil, and crime, over $100 trillion in assets are lost each year.

全球財富分佈在提供公用事業的資產和其他保本資產之間。其中，45兆美元屬於長期資本（價值儲存）。然而，由於監管、稅收、競爭、過時、經濟和政治動盪以及犯罪等風險，每年損失的資產超過 100 兆美元。

Digital capital is superior to physical capital both economically and technologically, and long-term capital is transitioning to digital capital (Bitcoin). Bitcoin provides advantages similar to owning buildings but without the obvious liabilities of fixed assets. For example: no taxes, no concerns about transportation, tenants, torts, weather factors, building corrosion, and regulatory bodies. In contrast, Bitcoin has characteristics such as being intangible, indestructible, permanently existing, remotely transferable, programmable, divisible, exchangeable, and configurable.

數位資本在經濟和技術上都優於實物資本，長期資本正在向數位資本（比特幣）過渡。比特幣提供了類似於擁有建築物的優勢，但沒有固定資產的明顯負債。例如：沒有稅收，不用擔心交通、租戶、侵權、天氣因素、建築腐蝕和監管機構。相比之下，比特幣具有無形、堅不可摧、永久存在、可遠端轉移、可編程、可分割、可交換、可配置等特點。

It can be said that Bitcoin is a revolutionary advancement in capital preservation.

可以說，比特幣是資本保值的革命性進步。

Furthermore, Bitcoin's market capitalization is expected to grow from the current $2 trillion to $280 trillion by 2045, surpassing traditional assets like bonds and gold.

此外，到 2045 年，比特幣的市值預計將從目前的 2 兆美元增長到 280 兆美元，超過債券和黃金等傳統資產。

At the same time, Bitcoin is backed by digital, political, and economic forces. The current Bitcoin network has a hash rate exceeding 750 Exahash, with 622 million crypto users and 400 million Bitcoin holders.

同時，比特幣得到了數位、政治和經濟力量的支持。目前的比特幣網路哈希率超過 750 Exahash，擁有 6.22 億加密貨幣用戶和 4 億比特幣持有者。

According to a four-year annual asset performance chart, Bitcoin is the best-performing uncorrelated asset on corporate balance sheets.

根據四年年度資產表現圖表，比特幣是企業資產負債表上表現最好的不相關資產。

Bitcoin's annual performance is 10 times higher than Microsoft's, while bonds have performed even worse.

比特幣的年度表現比微軟高出10倍，而債券的表現則更差。

The outstanding performance of corporate stocks is largely due to Bitcoin (digital capital). Since MicroStrategy adopted the Bitcoin strategy on August 10, 2020, MicroStrategy's stock price has increased by 3045%, while Microsoft's (MSFT) stock price has only increased by 103%.

企業股的優異表現很大程度上得益於比特幣（數位資本）。自2020年8月10日MicroStrategy採用比特幣策略以來，MicroStrategy的股價已上漲3,045%，而微軟（MSFT）的股價僅上漲了103%。

Moreover, MSFT (Microsoft) stocks and options are weak and deteriorating (Microsoft is reducing the options market and stocks as a means of value storage through its financial strategy).

此外，MSFT（微軟）股票和選擇權疲軟且惡化（微軟正在透過其財務策略減少選擇權市場和股票作為價值儲存手段）。

Today, Bitcoin has become an institutional asset and is now a viable alternative to corporate bonds. The number of public entities holding Bitcoin has surged:

如今，比特幣已成為一種機構資產，並且是公司債的可行替代品。持有比特幣的公共實體數量激增：

Additionally, a wave of political support for Bitcoin is emerging, with endorsements from governments, Wall Street, and several prominent political figures. This includes the White House, the Senate, the House of Representatives, and Wall Street, with notable figures such as Donald Trump, JD Vance, Robert Kennedy, Howard Lutnick, and Elon Musk. At the same time, support for the U.S. strategic Bitcoin reserve is also surging, with Trump stating, "Never sell your Bitcoin."

此外，在政府、華爾街和幾位著名政治人物的支持下，對比特幣的政治支持浪潮正在興起。其中包括白宮、參議院、眾議院和華爾街，其中包括唐納德·川普、JD·萬斯、羅伯特·甘迺迪、霍華德·盧特尼克和伊隆·馬斯克等著名人物。同時，對美國戰略比特幣儲備的支持也在激增，川普表示，「永遠不要出售你的比特幣」。

2025 will be the first year of a comprehensive revival of cryptocurrencies. It is expected that:

2025年將是加密貨幣全面復興的元年。預計：

In this context, Microsoft must make a choice:

在此背景下，微軟必須做出選擇：

And Microsoft has repurchased $200 billion in capital over the past 5 years.

微軟在過去5年回購了2000億美元的資本。

Buybacks and dividends amplify Microsoft's risk factors, and Bitcoin is the best way to break this vicious cycle. As an asset, Bitcoin has no competitors and there is no counterparty risk from nations, companies, creditors, cultures, or currencies. It is recommended that Microsoft seize this opportunity of the era and take a leading position in global digital financial innovation.

回購和分紅放大了微軟的風險因素，而比特幣是打破這種惡性循環的最佳方法。作為一種資產，比特幣沒有競爭對手，也不存在來自國家、公司、債權人、文化或貨幣的交易對手風險。建議微軟抓住這個時代機遇，在全球數位金融創新中佔據領先地位。