MicroStrategy 首席执行官 Michael Saylor 强调比特币在经济挑战中的价值

塞勒将比特币视为一种优越的资产，其表现优于货币通胀和资本成本。

The talk begins with Saylor presenting a grim outlook on the performance of various asset classes in the face of rising monetary inflation. He highlights that few assets have managed to outpace inflation, which has averaged 15.4% annually over the past 14 years. Notably, he points out that traditional treasury strategies, such as holding sovereign debt, have often underperformed the cost of capital by up to 10% per year, leading to a concerning erosion of shareholder value.

演讲首先，塞勒对货币通胀上升时各种资产类别的表现提出了严峻的前景。他强调，很少有资产能够超越通货膨胀，过去 14 年平均通货膨胀率为 15.4%。值得注意的是，他指出，传统的财务策略（例如持有主权债务）的表现往往每年低于资本成本高达 10%，导致股东价值受到令人担忧的侵蚀。

In contrast to these lackluster performances, Saylor presents Bitcoin as a superior asset class, outperforming both monetary inflation and the cost of capital. He emphasizes Bitcoin's impressive average annual return (ARR) over various periods, showcasing its strong performance: 46% over 6 years, 78% over 8 years, 65% over 10 years, 103% over 12 years, and 168% over 14 years. Additionally, he highlights that Bitcoin has been the strongest performing asset in 11 of the past 14 years.

与这些黯淡的表现相反，塞勒将比特币视为一种优越的资产类别，其表现优于货币通胀和资本成本。他强调了比特币在各个时期令人印象深刻的平均年回报率（ARR），展示了其强劲的表现：6年46％，8年78％，10年65％，12年103％，14年168％。此外，他还强调，在过去 14 年中的 11 年中，比特币一直是表现最强劲的资产。

Saylor then proceeds to elaborate on the advantages of Bitcoin over traditional assets, highlighting its key properties:

Saylor 随后详细阐述了比特币相对于传统资产的优势，强调了其关键属性：

He concludes the talk by advocating for the adoption of Bitcoin as a strategic asset to address the pressing economic challenges and preserve capital in the face of monetary inflation.

他在演讲的最后主张采用比特币作为战略资产，以应对紧迫的经济挑战并在货币通胀的情况下保存资本。