微软拒绝比特币，将稳定置于投机之上

这家科技巨头的股东否决了一项将其 780 亿美元现金储备中的 1% 投入比特币的提议。

Microsoft’s shareholders shot down a proposal to add Bitcoin to the company’s balance sheet at a meeting on December 10.

微软股东在 12 月 10 日的会议上否决了将比特币添加到公司资产负债表中的提议。

The proposal, submitted by the National Center for Public Policy Research, would have seen Microsoft allocate 1% of its $78 billion cash reserves to Bitcoin. The proposal argued that Bitcoin would serve as a hedge against inflation, which has been rising in the U.S.

该提案由国家公共政策研究中心提交，微软将其 780 亿美元现金储备中的 1% 分配给比特币。该提案认为，比特币将作为对冲美国通胀的对冲工具

However, Microsoft’s board rejected the proposal, arguing that Bitcoin is too volatile and that corporate cash should be used for more stable investments.

然而，微软董事会拒绝了这一提议，认为比特币波动性太大，企业现金应该用于更稳定的投资。

The proposal faced resistance from the start. Bitcoin’s price swings are legendary. It can double your investment or cut it in half within weeks. That’s not a risk Microsoft wants to take with its treasury. The company needs liquidity, predictable returns, and cash reserves ready to fuel operations — not gamble.

该提案从一​​开始就面临阻力。比特币的价格波动具有传奇色彩。它可以在几周内将您的投资增加一倍或减少一半。微软不想用其财务承担这样的风险。公司需要流动性、可预测的回报和现金储备来推动运营——而不是赌博。

Microsoft’s leadership, from the boardroom to the shareholders, didn’t buy into the hype of Bitcoin as “digital gold.” Sure, Bitcoin delivered jaw-dropping returns—nearly doubling in value over the past year and up over 400% in five years—but that’s not enough to sway a company whose DNA is built on calculated growth and risk management.

微软的领导层，从董事会到股东，都不相信比特币是“数字黄金”的炒作。当然，比特币带来了令人瞠目结舌的回报——过去一年价值几乎翻倍，五年内增长超过 400%——但这还不足以动摇一家以计算增长和风险管理为 DNA 的公司。

And let’s not forget the context. The corporate world has been watching Bitcoin skeptically. Even as some companies like MicroStrategy and Tesla jumped on the Bitcoin bandwagon, others stayed back, wary of regulatory pitfalls and unpredictable market swings.

我们不要忘记背景。企业界一直对比特币持怀疑态度。尽管 MicroStrategy 和 Tesla 等一些公司纷纷加入比特币潮流，但其他公司却仍保持警惕，对监管陷阱和不可预测的市场波动保持警惕。

For Microsoft, the choice was less about being revolutionary and more about protecting shareholder interests.

对于微软来说，这一选择并不是为了革命，而是为了保护股东利益。

The fallout: Bitcoin dips, Microsoft stays steady

后果：比特币下跌，微软保持稳定

When the rejection hit the news, the market reacted. Microsoft’s stock barely moved, staying firm at $446 per share. Bitcoin, however, wasn’t so lucky. It dropped over 4%, sliding to around $95,000. That’s the market speaking loud and clear: Bitcoin’s value still leans heavily on how corporations perceive it.

当拒绝的消息传出时，市场做出了反应。微软的股价几乎没有变动，稳定在每股 446 美元。然而，比特币就没那么幸运了。跌幅超过 4%，跌至 95,000 美元左右。市场大声而明确地表达了这一点：比特币的价值仍然在很大程度上取决于企业如何看待它。

If Microsoft had said yes, it would’ve joined a small but loud group of Bitcoin enthusiasts in the corporate world. MicroStrategy, for example, has hoarded over 402,000 Bitcoins, currently worth about $40 billion.

如果微软答应了，它就会加入企业界一小部分但声音很大的比特币爱好者群体。例如，MicroStrategy 已囤积了超过 402,000 个比特币，目前价值约 400 亿美元。

CEO Michael Saylor has repeatedly criticized conservative companies like Microsoft, claiming they’ve missed out on billions in gains by sticking to traditional assets. Saylor estimates Microsoft could have raked in $200 billion in five years by betting on Bitcoin instead of stock buybacks and dividends.

首席执行官迈克尔·塞勒(Michael Saylor)多次批评微软等保守派公司，声称他们因坚持传统资产而错失了数十亿美元的收益。 Saylor 估计，通过押注比特币而不是股票回购和股息，微软可以在五年内赚到 2000 亿美元。

Tesla, another Bitcoin heavyweight, holds close to $947 million in the cryptocurrency. Elon Musk’s flirtation with Bitcoin has been more erratic, but it’s still a firm part of Tesla’s financial arsenal.

另一位比特币重量级人物特斯拉持有价值近 9.47 亿美元的加密货币。埃隆·马斯克对比特币的兴趣更加不稳定，但它仍然是特斯拉金融武器库的重要组成部分。

But Bill Gates, Microsoft’s co-founder, has never been a fan of Bitcoin. He’s called it speculative and lacking intrinsic value. Yet ditching Bitcoin will realistically hurt the company’s innovative edge, especially as competitors explore blockchain and crypto integrations.

但微软联合创始人比尔盖茨从来都不是比特币的粉丝。他称其为投机性且缺乏内在价值。然而，放弃比特币实际上会损害该公司的创新优势，特别是当竞争对手探索区块链和加密货币集成时。

What this means for Bitcoin

这对比特币意味着什么

Bitcoin purists might actually appreciate Microsoft’s rejection. Bitcoin, after all, wasn’t built to rely on corporate validation. It was designed to disrupt traditional finance, not merge with it. Microsoft’s decision to keep Bitcoin at arm’s length reinforces its status as an independent, decentralized asset.

比特币纯粹主义者实际上可能会欣赏微软的拒绝。毕竟，比特币并不是为了依赖公司验证而构建的。它的目的是颠覆传统金融，而不是与之融合。微软决定与比特币保持一定距离，这强化了其作为独立、去中心化资产的地位。

The rejection also highlights Bitcoin’s identity crisis. On one hand, it’s a revolutionary currency designed to bypass institutions. On the other, it craves mainstream adoption to push its value higher.

此次拒绝还凸显了比特币的身份危机。一方面，它是一种革命性的货币，旨在绕过机构。另一方面，它渴望主流采用以推高其价值。

Without corporate strings attached, Bitcoin would’ve continued to grow organically. Its future would’ve depended on decentralized adoption and grassroots support, not the whims of boardrooms; just as Satoshi Nakamoto intended.

如果没有附加的公司条件，比特币将继续有机增长。它的未来将取决于去中心化的采用和基层的支持，而不是董事会的突发奇想；正如中本聪所想的那样。