MicroStrategy 執行長 Michael Saylor 強調比特幣在經濟挑戰中的價值

塞勒將比特幣視為一種優越的資產，其表現優於貨幣通膨和資本成本。

The talk begins with Saylor presenting a grim outlook on the performance of various asset classes in the face of rising monetary inflation. He highlights that few assets have managed to outpace inflation, which has averaged 15.4% annually over the past 14 years. Notably, he points out that traditional treasury strategies, such as holding sovereign debt, have often underperformed the cost of capital by up to 10% per year, leading to a concerning erosion of shareholder value.

演講首先，塞勒對貨幣通膨上升時各種資產類別的表現提出了嚴峻的前景。他強調，很少資產能夠超越通貨膨脹，過去 14 年平均通貨膨脹率為 15.4%。值得注意的是，他指出，傳統的財務策略（例如持有主權債務）的表現往往每年低於資本成本高達 10%，導致股東價值受到令人擔憂的侵蝕。

In contrast to these lackluster performances, Saylor presents Bitcoin as a superior asset class, outperforming both monetary inflation and the cost of capital. He emphasizes Bitcoin's impressive average annual return (ARR) over various periods, showcasing its strong performance: 46% over 6 years, 78% over 8 years, 65% over 10 years, 103% over 12 years, and 168% over 14 years. Additionally, he highlights that Bitcoin has been the strongest performing asset in 11 of the past 14 years.

與這些黯淡的表現相反，塞勒將比特幣視為一種優越的資產類別，其表現優於貨幣通膨和資本成本。他強調了比特幣在各個時期令人印象深刻的平均年回報率（ARR），展示了其強勁的表現：6年46％，8年78％，10年65％，12年103％，14年168％。此外，他還強調，在過去 14 年中的 11 年中，比特幣一直是表現最強勁的資產。

Saylor then proceeds to elaborate on the advantages of Bitcoin over traditional assets, highlighting its key properties:

Saylor 隨後詳細闡述了比特幣相對於傳統資產的優勢，強調了其關鍵屬性：

He concludes the talk by advocating for the adoption of Bitcoin as a strategic asset to address the pressing economic challenges and preserve capital in the face of monetary inflation.

他在演講的最後主張採用比特幣作為戰略資產，以應對緊迫的經濟挑戰並在貨幣通膨的情況下保存資本。