亚马逊会采用比特币来对冲通胀吗？

像亚马逊这样的大型科技公司手头有大量现金——去年为 870 亿美元——随着货币升值，这些现金会失去购买力。

Major Tech companies like Amazon had a large amount of cash on hand last year — $87 billion — which loses purchasing power as the currency evaluates. Now, a Washington D.C.-based think tank has submitted shareholder proposals to adopt Bitcoin BTC as a solution.

去年，像亚马逊这样的大型科技公司手头有大量现金——870 亿美元——随着货币升值，这些现金会失去购买力。现在，华盛顿特区的一家智囊团已提交股东提案，采用比特币 BTC 作为解决方案。

The National Center for Public Policy Research (NCPPR) has been pushing the strategy at Microsoft and Amazon. In both cases, the think tank believes adopting Bitcoin into their treasury will protect the cash assets and shareholders’ value from inflation.

国家公共政策研究中心（NCPPR）一直在微软和亚马逊推动这一战略。在这两种情况下，该智囊团都认为，将比特币纳入其金库将保护现金资产和股东价值免受通货膨胀的影响。

The proposal argues that the Consumer Price Index (CPI), which pegs inflation at 4.95%, is a “remarkably poor measure” of true currency debasement and suggests that real inflation may be twice as high.

该提案认为，将通胀率定为 4.95% 的消费者价格指数 (CPI) 是衡量真实货币贬值的“非常糟糕的指标”，并表明实际通胀率可能是其两倍。

Both Microsoft and Amazon have shown support for Web3 initiatives in recent years. Amazon recently announced plans to integrate nonfungible tokens (NFT) into its platform, while Microsoft has filed several patents related to blockchain technology.

近年来，微软和亚马逊都表现出了对 Web3 计划的支持。亚马逊最近宣布计划将不可替代代币（NFT）整合到其平台中，而微软则已申请了多项与区块链技术相关的专利。

However, the companies' approaches to digital assets differ significantly. Microsoft has taken a more cautious approach, focusing on exploring the potential applications of blockchain technology within its existing businesses. In contrast, Amazon has been more open to integrating new technologies and exploring novel investments.

然而，两家公司处理数字资产的方法却截然不同。微软采取了更为谨慎的态度，专注于探索区块链技术在其现有业务中的潜在应用。相比之下，亚马逊对整合新技术和探索新投资持更加开放的态度。

Despite the support of orange pill specialist and chairman of business intelligence firm MicroStrategy Michael Saylor, Microsoft shareholders voted ‘no’ overwhelmingly to the Bitcoin reserve proposal from NCPPR, indicating its purported volatility as a negative factor.

尽管得到了橙丸专家、商业情报公司 MicroStrategy 董事长 Michael Saylor 的支持，微软股东还是以压倒性多数对 NCPPR 的比特币储备提案投了反对票，表明其所谓的波动性是一个负面因素。

Amazon is next to decide. Will this vote be different?

亚马逊接下来将做出决定。这次投票会有所不同吗？

Microsoft and Amazon may have similarities as tech giants, but their styles differ significantly, said Nick Cowan, CEO of fintech firm Valereum, in an interview with Cointelegraph. While Microsoft is historically conservative in its fiscal and strategic approach, Amazon has a track record of adopting emerging technologies and exploring novel investments.

金融科技公司 Valereum 首席执行官尼克·考恩 (Nick Cowan) 在接受 Cointelegraph 采访时表示，作为科技巨头，微软和亚马逊可能有相似之处，但他们的风格却截然不同。虽然微软在财务和战略方针上历来保守，但亚马逊在采用新兴技术和探索新颖投资方面有着良好的记录。

“Unlike Microsoft, Amazon’s higher willingness to innovate might align with Bitcoin’s potential for diversification,” said Cowan, adding:

“与微软不同，亚马逊更高的创新意愿可能与比特币的多元化潜力相符，”考恩补充道：

“Amazon may vote on the NCPPR proposal at its annual shareholder meeting in May 2025. The proposal urges the company to exceed the typical 1-2% allocation to risky assets in corporate portfolios.”

“亚马逊可能会在 2025 年 5 月的年度股东大会上对 NCPPR 提案进行投票。该提案敦促该公司在企业投资组合中的风险资产配置比例超过典型的 1-2%。”

Cowan thinks this percentage is very unlikely. “A 5% allocation to Bitcoin is ambitious and likely unrealistic for a company of Amazon’s scale,” he said. “While Bitcoin offers diversification, its volatility and lack of tangible yield make it challenging to justify at such a level.” He believes “a smaller experimental allocation, akin to Tesla’s approach, might gain more shareholder support.”

考恩认为这个比例的可能性很小。 “对于亚马逊这样规模的公司来说，分配 5% 的比特币是雄心勃勃的，而且可能不现实，”他说。 “虽然比特币提供了多元化，但其波动性和缺乏有形收益使得在这样的水平上证明其合理性具有挑战性。”他认为“类似于特斯拉方法的较小规模的实验分配可能会获得更多股东的支持。”

Tesla’s purchase of Bitcoin in 2021 has been notably profitable for the company. Initially, Tesla bought $1.5 billion worth of Bitcoin but sold 70% of its initial position in 2021.

特斯拉在 2021 年购买比特币，为该公司带来了显着的盈利。最初，特斯拉购买了价值 15 亿美元的比特币，但在 2021 年出售了初始头寸的 70%。

Nevertheless, Tesla has held its Bitcoin stash (9,720 BTC), its value exceeding $1.3 billion, according to data from BitcoinTreasuries.NET.

尽管如此，根据 BitcoinTreasuries.NET 的数据，特斯拉仍持有其比特币储备（9,720 BTC），其价值超过 13 亿美元。

Amazon has billions available in cash, so it could easily allocate a similar amount to Tesla.

亚马逊拥有数十亿美元的可用现金，因此它可以轻松地向特斯拉分配类似数量的现金。

While the NCPPR may be sincere in its wish for Amazon and Microsoft to adopt Bitcoin, Cowan suggests the wider strategy is to amplify the message that Bitcoin can be seen as a hedge against inflation to “create potential momentum for Bitcoin’s institutional acceptance.”

虽然 NCPPR 可能真诚地希望亚马逊和微软采用比特币，但 Cowan 表示，更广泛的策略是放大比特币可以被视为通胀对冲工具的信息，以“为比特币的机构接受创造潜在动力”。

The NCPPR did not respond immediately to Cointelegraph’s request for comment.

NCPPR 没有立即回应 Cointelegraph 的置评请求。

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Do tech giants need Bitcoin for their treasury?

科技巨头需要比特币作为他们的金库吗？

MicroStrategy has shown remarkable results following the path of adopting Bitcoin into its core strategy for its treasury.

MicroStrategy 在将比特币纳入其财务核心战略的道路上取得了显着的成果。

The firm began purchasing Bitcoin on Aug. 11, 2020, acquiring 21,454 BTC for $250 million. Since then, its stock price has surged from $14 to $411, with its market cap rising from $1.3 billion to nearly $100 billion.

该公司于 2020 年 8 月 11 日开始购买比特币，以 2.5 亿美元收购了 21,454 BTC。此后，其股价从14美元飙升至411美元，市值从13亿美元升至近1000亿美元。

MicroStrategy’s approach is markedly different, however, and uses a large amount of leverage, making its strategy much riskier than Tesla’s buy-and-hold strategy.

然而，MicroStrategy 的方法明显不同，它使用大量杠杆，使其策略比特斯拉的买入并持有策略风险更大。

In addition, the ratio of Bitcoin to its total market cap transformed its stock into a leveraged Bitcoin proxy.

此外，比特币与其总市值的比率将其股票转变为杠杆比特币代理。

As per the writing, Amazon’s market cap is $2.4 trillion, and Microsoft’s is $3.3 trillion, so its Bitcoin adoption effects would not resemble those of MicroStrategy.

根据文章所述，亚马逊的市值为 2.4 万亿美元，微软的市值为 3.3 万亿美元，因此其比特币采用效果与 MicroStrategy 不同。

Cowan believes there’s no urgency for Amazon to adopt Bitcoin, as its “core business is strong.” While reallocating part or the total of its cash reserves into Bitcoin could hedge against inflation, there is risk in deviating from its current treasury strategy, which some shareholders may perceive as a potential liability for its profitable business model.

考恩认为亚马逊并不急于采用比特币，因为其“核心业务很强大”。虽然将部分或全部现金储备重新分配到比特币可以对冲通货膨胀，但偏离当前的财务策略存在风险，一些股东可能认为这是其盈利商业模式的潜在责任。

“Dedicating a large portion to Bitcoin could impact Amazon’s ability to fund key growth areas like AWS, AI advancements, and logistics infrastructure,” he said. The shareholder’s vote decision would need to “balance speculative asset acquisition against

他表示：“将大部分资金投入比特币可能会影响亚马逊为 AWS、人工智能进步和物流基础设施等关键增长领域提供资金的能力。”股东的投票决定需要“平衡投机性资产收购与资产收购”