Al压抑。”输出

悲伤：比特币标准

financial repression.”

经济镇压。”

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的目标是让世界上最大的公司遵循Microstrategy的领先优势，并将其至少一部分现金放入比特币中。 “如果伯克希尔将现金的1％投入比特币，那就是32亿美元。以今天的价格，那是30,000个比特币。”他说。 “如果有100家公司这样做，您正在谈论公司在一年内购买一百万个比特币。”

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.

输出：MicroStrategy是一家公开交易的公司，已成为其独特的财务战略的头条新闻，其中涉及在其资产负债表上持有大量比特币。近年来，随着比特币价格上涨，该公司的股价飙升，导致一些人质疑MicroStrategy是否是一项不错的投资，还是仅仅是对比特币的冒险下注。

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的财务策略，仔细研究公司的历史以及背后的人Michael Saylor是有帮助的。现年59岁的塞勒（Saylor）于1989年从麻省理工学院（MIT）出发，在1989年与MicroStrategy共同努力，在那里他学习了航空和宇航员，然后以最高荣誉毕业，并在空军中获得了第二任中尉的委员会。 （他成为一名战斗机飞行员的梦想被一种心脏杂音挫败，这被证明是一个误诊。）

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.”

从科罗拉多斯普林斯的空军学院毕业后，塞勒在贝恩公司（Bain＆Company）短暂工作，然后与他的麻省理工学院兄弟会兄弟桑朱·班萨尔（Sanju Bansal）推出了MicroStrategy。该公司最初专注于数据分析，于1998年公开，到2000年，其市值飙升了240亿美元。塞勒（Saylor）在互联网浪潮（Dot-Com Wave）上骑行，成为一名技术传教士，预示着一个世界将“像水”流动的世界。

“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年底对Forbes表示：“我们将利用我们的技术消除整个供应链。我们正在为所有大理石效力，实质上永远赢得全球整个行业。”

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.

但是随后发生了坠机。 2000年3月10日，Microstrategy的股票达到每股313美元的高峰，其IPO价格的60倍。在该公司宣布需要重新重申其财务业绩之后，在两周内，它跌至72美元。 SEC后来指控Saylor和其他人会计欺诈，指控MicroStrategy以1100万美元的价格定居。在两年内，其股价下跌低于1美元。塞勒的130亿美元财富蒸发了。

“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.”

他说：“那是我一生中最黑暗的部分。” “当人们因为相信您而亏钱而亏损时，这几乎是最糟糕的。”

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，该公司在整个2000年代和2010年代继续成功地经营成功的数据分析业务。但是直到2020年，在政府经过多年的量化宽松之后，与19次相关的刺激有数万亿美元，Saylor坚信，剩下的5.3亿美元现金和对Microstrategy's的短期投资的最佳用途是资产负债表正在投资比特币。

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.

美国政府可以打印出想要的多数美元，而且很难做到这一点，但是根据设计，比特币带有硬上限：永远不会有超过2100万。

“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说：“我发明了20件事，试图使它们成功，并且实际上并没有与其中任何一个改变世界。” “ Satoshi创造了一件事，把它交给了世界并消失了。这使我比每个想法都更成功。”

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对比特币的热情在他所做的一切中都显而易见。 Saylor在Villa Vecchia Villa Vecchia，曾经欢迎包括玛格丽特·撒切尔，亨利·基辛格和米哈伊尔·戈尔巴乔夫在内的名人，Saylor举办了豪华的除夕派对。狂欢发生在庄园的修剪整齐的草坪和以凡尔赛风格的宴会厅进行，其中包括服务器在银托盘上滑行，在银色托盘上滑行，开胃小菜，无处不在的舞者，舞者在金色的bodysuits上盖上无所不在的舞者，金紧身胸衣上的糖果，以发光的橙色球体向比特币的发光橙色的球蛋白发出刺激性。签名色调。

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

在花园的中心隐约可见一张巨大的扑克牌，国王的脸被Brazen B b。在水面上取代，派对继续乘坐Usher，这是一场154英尺高的超级游艇，在2015年的电影《随行人员》中展出，对迈阿密的闪光天际线。不断的班车流脱离了一场无休止的比特币高管，有影响力者，最重要的是机构投资者的游行