比特币（BTC-USD）：热力学上合理的资本治理记账单位

第四季度美国市场相对平静，标准普尔 500 指数（SP500、SPX）的表现与历史上大多数时期一样——上涨。

Miller Value Partners discusses why the firm is bullish on Bitcoin (BTC-USD) despite it having no dividend, SEC filings or corporate strategy. Among the reasons cited by Miller Value Partners are Bitcoin's role as a unit of account for capital governance, its first-mover advantage and the limited computer science knowledge that is required to understand the source code.

Miller Value Partners 讨论了为什么该公司看好比特币（BTC-USD），尽管它没有股息、SEC 文件或公司战略。 Miller Value Partners 提到的原因包括比特币作为资本治理记账单位的作用、其先发优势以及理解源代码所需的计算机科学知识有限。

Miller Value Partners also highlights the limited transaction scalability of Bitcoin, but notes that there is capital and brainpower that is focused on this issue. Among the potential solutions are Bitcoin that is held in more centralized accessible formats like public equities or exchange traded funds.

米勒价值合伙人还强调了比特币交易可扩展性有限，但指出有资本和人才关注这个问题。潜在的解决方案之一是以更集中的可访问格式（例如公共股票或交易所交易基金）持有比特币。

Finally, Miller Value Partners notes the role of "unknown unknowns" and the "uncanny ability of markets to surprise us." The firm adds that the burden of proof on calling for a reversal in Bitcoin over the next ten years appears higher than betting that adoption will continue at a rate outpacing the growth in outstanding fiat currencies.

最后，米勒价值合伙人指出了“未知的未知因素”的作用以及“市场给我们带来惊喜的不可思议的能力”。该公司补充说，要求比特币在未来十年内发生逆转的举证责任似乎比押注比特币的采用将继续以超过流通法定货币的增长速度要高。