微軟拒絕比特幣，將穩定置於投機之上

這家科技巨頭的股東否決了一項將其 780 億美元現金儲備中的 1% 投入比特幣的提案。

Microsoft’s shareholders shot down a proposal to add Bitcoin to the company’s balance sheet at a meeting on December 10.

微軟股東在 12 月 10 日的會議上否決了將比特幣添加到公司資產負債表中的提案。

The proposal, submitted by the National Center for Public Policy Research, would have seen Microsoft allocate 1% of its $78 billion cash reserves to Bitcoin. The proposal argued that Bitcoin would serve as a hedge against inflation, which has been rising in the U.S.

該提案由國家公共政策研究中心提交，微軟將其 780 億美元現金儲備中的 1% 分配給比特幣。該提案認為，比特幣將作為對沖美國通膨的對沖工具

However, Microsoft’s board rejected the proposal, arguing that Bitcoin is too volatile and that corporate cash should be used for more stable investments.

然而，微軟董事會拒絕了這項提議，認為比特幣波動性太大，企業現金應該用於更穩定的投資。

The proposal faced resistance from the start. Bitcoin’s price swings are legendary. It can double your investment or cut it in half within weeks. That’s not a risk Microsoft wants to take with its treasury. The company needs liquidity, predictable returns, and cash reserves ready to fuel operations — not gamble.

該提案從一開始就面臨阻力。比特幣的價格波動具有傳奇色彩。它可以在幾週內將您的投資增加一倍或減少一半。微軟不想用其財務承擔這樣的風險。公司需要流動性、可預測的回報和現金儲備來推動營運——而不是賭博。

Microsoft’s leadership, from the boardroom to the shareholders, didn’t buy into the hype of Bitcoin as “digital gold.” Sure, Bitcoin delivered jaw-dropping returns—nearly doubling in value over the past year and up over 400% in five years—but that’s not enough to sway a company whose DNA is built on calculated growth and risk management.

微軟的領導階層，從董事會到股東，都不相信比特幣是「數位黃金」的炒作。當然，比特幣帶來了令人瞠目結舌的回報——過去一年價值幾乎翻倍，五年內增長超過 400%——但這還不足以動搖一家以計算增長和風險管理為 DNA 的公司。

And let’s not forget the context. The corporate world has been watching Bitcoin skeptically. Even as some companies like MicroStrategy and Tesla jumped on the Bitcoin bandwagon, others stayed back, wary of regulatory pitfalls and unpredictable market swings.

我們不要忘記背景。企業界一直對比特幣持懷疑態度。儘管 MicroStrategy 和 Tesla 等一些公司紛紛加入比特幣潮流，但其他公司仍保持警惕，對監管陷阱和不可預測的市場波動保持警惕。

For Microsoft, the choice was less about being revolutionary and more about protecting shareholder interests.

對微軟來說，這個選擇並不是為了革命，而是為了保護股東利益。

The fallout: Bitcoin dips, Microsoft stays steady

後果：比特幣下跌，微軟維持穩定

When the rejection hit the news, the market reacted. Microsoft’s stock barely moved, staying firm at $446 per share. Bitcoin, however, wasn’t so lucky. It dropped over 4%, sliding to around $95,000. That’s the market speaking loud and clear: Bitcoin’s value still leans heavily on how corporations perceive it.

當拒絕的消息傳出時，市場做出了反應。微軟的股價幾乎沒有變動，穩定在每股 446 美元。然而，比特幣就沒那麼幸運了。跌幅超過 4%，跌至 95,000 美元左右。市場大聲而明確地表達了這一點：比特幣的價值仍然在很大程度上取決於企業如何看待它。

If Microsoft had said yes, it would’ve joined a small but loud group of Bitcoin enthusiasts in the corporate world. MicroStrategy, for example, has hoarded over 402,000 Bitcoins, currently worth about $40 billion.

如果微軟答應了，它就會加入企業界一小群但聲音很大的比特幣愛好者群體。例如，MicroStrategy 已囤積了超過 402,000 個比特幣，目前價值約 400 億美元。

CEO Michael Saylor has repeatedly criticized conservative companies like Microsoft, claiming they’ve missed out on billions in gains by sticking to traditional assets. Saylor estimates Microsoft could have raked in $200 billion in five years by betting on Bitcoin instead of stock buybacks and dividends.

執行長邁克爾·塞勒(Michael Saylor)多次批評微軟等保守派公司，聲稱他們因堅持傳統資產而錯失了數十億美元的收益。 Saylor 估計，透過押注比特幣而不是股票回購和股息，微軟可以在五年內賺取 2000 億美元。

Tesla, another Bitcoin heavyweight, holds close to $947 million in the cryptocurrency. Elon Musk’s flirtation with Bitcoin has been more erratic, but it’s still a firm part of Tesla’s financial arsenal.

另一位比特幣重量級人物特斯拉則持有價值近 9.47 億美元的加密貨幣。伊隆馬斯克對比特幣的興趣更加不穩定，但它仍然是特斯拉金融武器庫的重要組成部分。

But Bill Gates, Microsoft’s co-founder, has never been a fan of Bitcoin. He’s called it speculative and lacking intrinsic value. Yet ditching Bitcoin will realistically hurt the company’s innovative edge, especially as competitors explore blockchain and crypto integrations.

但微軟聯合創始人比爾蓋茲從來都不是比特幣的粉絲。他稱之為投機性且缺乏內在價值。然而，放棄比特幣實際上會損害該公司的創新優勢，特別是當競爭對手探索區塊鏈和加密貨幣整合時。

What this means for Bitcoin

這對比特幣意味著什麼

Bitcoin purists might actually appreciate Microsoft’s rejection. Bitcoin, after all, wasn’t built to rely on corporate validation. It was designed to disrupt traditional finance, not merge with it. Microsoft’s decision to keep Bitcoin at arm’s length reinforces its status as an independent, decentralized asset.

比特幣純粹主義者實際上可能會欣賞微軟的拒絕。畢竟，比特幣並不是為了依賴公司驗證而建構的。它的目的是顛覆傳統金融，而不是與之融合。微軟決定與比特幣保持一定距離，強化了其作為獨立、去中心化資產的地位。

The rejection also highlights Bitcoin’s identity crisis. On one hand, it’s a revolutionary currency designed to bypass institutions. On the other, it craves mainstream adoption to push its value higher.

這次拒絕也凸顯了比特幣的身份危機。一方面，它是一種革命性的貨幣，旨在繞過機構。另一方面，它渴望主流採用以推高其價值。

Without corporate strings attached, Bitcoin would’ve continued to grow organically. Its future would’ve depended on decentralized adoption and grassroots support, not the whims of boardrooms; just as Satoshi Nakamoto intended.

如果沒有附加的公司條件，比特幣將繼續自然成長。它的未來將取決於去中心化的採用和基層的支持，而不是董事會的突發奇想；正如中本聰所想的。