Michael Saylor 对微软董事会的 3 分钟演讲：为什么应该采用比特币

微软计划在12月10日的年会上对“评估比特币投资”的提案进行投票。如果该提案通过，微软将成为最大的公开交易的加密投资公司，超越MicroStrategy和特斯拉。

Original Title: "Microsoft Bitcoin Strategy"

原标题：《微软比特币战略》

Author: Michael Saylor

作者：迈克尔·塞勒

Compiled by: Felix, PANews

编译：Felix、PANews

On December 10, Microsoft will vote on a proposal to "evaluate investment in Bitcoin" at its annual meeting. If the proposal passes, Microsoft will become the largest publicly traded crypto investment company, surpassing MicroStrategy and Tesla.

12月10日，微软将在年会上对一项“评估比特币投资”的提案进行投票。如果该提案获得通过，微软将超越 MicroStrategy 和特斯拉，成为最大的公开交易加密货币投资公司。

As the voting begins, Michael Saylor, CEO of MicroStrategy, delivered a 3-minute speech to the Microsoft board, explaining why Bitcoin should be adopted. In his speech, Michael Saylor stated that Bitcoin represents "digital capital," is the core opportunity of the next wave of technological innovation, and represents the greatest digital transformation of the 21st century, suggesting that Microsoft adopt Bitcoin as a core corporate strategy. Below are some highlights from the PPT used in the speech:

投票开始时，MicroStrategy 首席执行官 Michael Saylor 向微软董事会发表了 3 分钟的演讲，解释了为什么应该采用比特币。 Michael Saylor在演讲中表示，比特币代表“数字资本”，是下一波技术创新的核心机遇，代表21世纪最伟大的数字化转型，建议微软采用比特币作为核心企业战略。以下是演讲中使用的 PPT 的一些要点：

There are 7 technological waves that Microsoft cannot miss:

微软不能错过的7大技术浪潮：

The greatest digital transformation of the 21st century is the transformation of capital, and Bitcoin is digital capital. Bitcoin is currently the seventh largest asset globally, the fastest-growing, most popular, most interesting, most digital, most useful, and most globalized.

21世纪最伟大的数字化变革是资本的变革，比特币就是数字资本。比特币目前是全球第七大资产，是增长最快、最受欢迎、最有趣、最数字化、最有用和最全球化的资产。

Additionally, Microsoft's current ARR (Annual Recurring Revenue) is 18%, while Bitcoin's ARR is 62%.

此外，微软目前的ARR（年度经常性收入）为18%，而比特币的ARR为62%。

Currently, global wealth is distributed across various assets. In the current approximately $90 trillion global asset market, Bitcoin's market capitalization is about $2 trillion.

目前，全球财富分布在各种资产中。在当前约90万亿美元的全球资产市场中，比特币的市值约为2万亿美元。

Global wealth is distributed between utility-providing assets and other capital-preserving assets. Of this, $45 trillion belongs to long-term capital (store of value). However, due to risks such as regulation, taxation, competition, obsolescence, economic and political turmoil, and crime, over $100 trillion in assets are lost each year.

全球财富分布在提供公用事业的资产和其他保本资产之间。其中，45万亿美元属于长期资本（价值储存）。然而，由于监管、税收、竞争、过时、经济和政治动荡以及犯罪等风险，每年损失的资产超过 100 万亿美元。

Digital capital is superior to physical capital both economically and technologically, and long-term capital is transitioning to digital capital (Bitcoin). Bitcoin provides advantages similar to owning buildings but without the obvious liabilities of fixed assets. For example: no taxes, no concerns about transportation, tenants, torts, weather factors, building corrosion, and regulatory bodies. In contrast, Bitcoin has characteristics such as being intangible, indestructible, permanently existing, remotely transferable, programmable, divisible, exchangeable, and configurable.

数字资本在经济和技术上都优于实物资本，长期资本正在向数字资本（比特币）过渡。比特币提供了类似于拥有建筑物的优势，但没有固定资产的明显负债。例如：没有税收，不用担心交通、租户、侵权、天气因素、建筑腐蚀和监管机构。相比之下，比特币具有无形、坚不可摧、永久存在、可远程转移、可编程、可分割、可交换、可配置等特点。

It can be said that Bitcoin is a revolutionary advancement in capital preservation.

可以说，比特币是资本保值方面的革命性进步。

Furthermore, Bitcoin's market capitalization is expected to grow from the current $2 trillion to $280 trillion by 2045, surpassing traditional assets like bonds and gold.

此外，到 2045 年，比特币的市值预计将从目前的 2 万亿美元增长到 280 万亿美元，超过债券和黄金等传统资产。

At the same time, Bitcoin is backed by digital, political, and economic forces. The current Bitcoin network has a hash rate exceeding 750 Exahash, with 622 million crypto users and 400 million Bitcoin holders.

与此同时，比特币得到了数字、政治和经济力量的支持。目前的比特币网络哈希率超过 750 Exahash，拥有 6.22 亿加密货币用户和 4 亿比特币持有者。

According to a four-year annual asset performance chart, Bitcoin is the best-performing uncorrelated asset on corporate balance sheets.

根据四年年度资产表现图表，比特币是企业资产负债表上表现最好的不相关资产。

Bitcoin's annual performance is 10 times higher than Microsoft's, while bonds have performed even worse.

比特币的年度表现比微软高出10倍，而债券的表现则更差。

The outstanding performance of corporate stocks is largely due to Bitcoin (digital capital). Since MicroStrategy adopted the Bitcoin strategy on August 10, 2020, MicroStrategy's stock price has increased by 3045%, while Microsoft's (MSFT) stock price has only increased by 103%.

企业股的出色表现很大程度上得益于比特币（数字资本）。自2020年8月10日MicroStrategy采用比特币策略以来，MicroStrategy的股价已上涨3045%，而微软（MSFT）的股价仅上涨了103%。

Moreover, MSFT (Microsoft) stocks and options are weak and deteriorating (Microsoft is reducing the options market and stocks as a means of value storage through its financial strategy).

此外，MSFT（微软）股票和期权疲软且恶化（微软正在通过其财务战略减少期权市场和股票作为价值存储手段）。

Today, Bitcoin has become an institutional asset and is now a viable alternative to corporate bonds. The number of public entities holding Bitcoin has surged:

如今，比特币已成为一种机构资产，并且是公司债券的可行替代品。持有比特币的公共实体数量激增：

Additionally, a wave of political support for Bitcoin is emerging, with endorsements from governments, Wall Street, and several prominent political figures. This includes the White House, the Senate, the House of Representatives, and Wall Street, with notable figures such as Donald Trump, JD Vance, Robert Kennedy, Howard Lutnick, and Elon Musk. At the same time, support for the U.S. strategic Bitcoin reserve is also surging, with Trump stating, "Never sell your Bitcoin."

此外，在政府、华尔街和几位著名政治人物的支持下，对比特币的政治支持浪潮正在兴起。其中包括白宫、参议院、众议院和华尔街，其中包括唐纳德·特朗普、JD·万斯、罗伯特·肯尼迪、霍华德·卢特尼克和埃隆·马斯克等著名人物。与此同时，对美国战略比特币储备的支持也在激增，特朗普表示，“永远不要出售你的比特币”。

2025 will be the first year of a comprehensive revival of cryptocurrencies. It is expected that:

2025年将是加密货币全面复兴的元年。预计：

In this context, Microsoft must make a choice:

在此背景下，微软必须做出选择：

And Microsoft has repurchased $200 billion in capital over the past 5 years.

微软在过去5年里回购了2000亿美元的资本。

Buybacks and dividends amplify Microsoft's risk factors, and Bitcoin is the best way to break this vicious cycle. As an asset, Bitcoin has no competitors and there is no counterparty risk from nations, companies, creditors, cultures, or currencies. It is recommended that Microsoft seize this opportunity of the era and take a leading position in global digital financial innovation.

回购和分红放大了微软的风险因素，而比特币是打破这种恶性循环的最佳途径。作为一种资产，比特币没有竞争对手，也不存在来自国家、公司、债权人、文化或货币的交易对手风险。建议微软抓住这个时代机遇，在全球数字金融创新中占据领先地位。