势不可挡的迈克尔·塞勒和比特币的崛起

MicroStrategy 股价在过去一年上涨了约 690%，这位 59 岁的执行主席持有约 10% 的股份，价值约 97 亿美元，而他个人还拥有价值约 19 亿美元的比特币。

MicroStrategy Inc. (MSTR) shares are up about 690% in the past year and the 59-year-old executive chairman’s approximately 10% stake is now worth about $9.7 billion, while he personally owns an additional $1.9 billion or so of bitcoin.

MicroStrategy Inc. (MSTR) 的股价在过去一年上涨了约 690%，这位 59 岁的执行董事长所持有的约 10% 的股份目前价值约 97 亿美元，而他个人还额外拥有价值约 19 亿美元的比特币。

Saylor has emerged as the public face of the recent bitcoin craze, with nearly 4 million followers on X. To celebrate bitcoin topping $100,000, Saylor hosted a New Year’s Eve party for several hundred members of the crypto community at his waterfront, Miami-area estate, near his luxury yacht. A half-dozen dancers dressed in gold performed. Celebrities mingled with investing luminaries, including Bill Miller, the former Legg Mason fund manager; Peter Briger, chairman of Fortress Investment Group; and Mark Casey, a key portfolio manager at Capital Group. The event was livestreamed on YouTube to tens of thousands of bitcoin fanatics as Saylor, in a black blazer and a bitcoin T-shirt, presided.

Saylor 已成为最近比特币热潮的公众形象，在 X 上拥有近 400 万粉丝。为了庆祝比特币突破 10 万美元，Saylor 在他位于迈阿密地区的海滨庄园为数百名加密货币社区成员举办了一场新年前夜派对，靠近他的豪华游艇。六名身着金衣的舞者表演。名人与投资界的杰出人物混在一起，其中包括前美盛基金经理比尔·米勒 (Bill Miller)； Peter Briger，Fortress投资集团董事长；马克·凯西 (Mark Casey)，Capital Group 的主要投资组合经理。此次活动在 YouTube 上向数以万计的比特币狂热分子进行了现场直播，由身着黑色西装外套和比特币 T 恤的 Saylor 主持。

Enthusiasm for Saylor’s company is so rabid it has resulted in a head-scratching situation: MicroStrategy owns about $47 billion of bitcoin, but its shares are worth about $97 billion. It’s as if investors are paying $2 for a $1 bill. Just as surprising: Sophisticated investors have been among the biggest buyers, including mutual-fund power Capital Group, which owned about 8% of the company as of Sept. 30, and Norges Bank Investment Management, Norway’s $1.5 trillion sovereign fund, which owned nearly 1%.

人们对 Saylor 公司的热情如此狂热，以至于导致了令人头疼的情况：MicroStrategy 拥有约 470 亿美元的比特币，但其股票价值约 970 亿美元。这就好像投资者花 2 美元买一张 1 美元的钞票。同样令人惊讶的是：经验丰富的投资者一直是最大的买家之一，其中包括共同基金巨头 Capital Group（截至 9 月 30 日，该公司持有该公司约 8% 的股份），以及挪威银行投资管理公司（挪威价值 1.5 万亿美元的主权基金，拥有近 8% 的股份）。 1%。

Fans say the premium reflects confidence that Saylor can continue to produce profits betting on bitcoin. Only 21 million coins will be created, a scarcity that boosts its value, they argue. By issuing equity at lofty levels, and selling debt at friendly terms to the company, Saylor can create value for shareholders as he expands MicroStrategy’s bitcoin horde, says Richard Byworth, a partner at SYZ Capital, who personally owns MicroStrategy stock.

粉丝们表示，溢价反映了塞勒能够继续通过押注比特币产生利润的信心。他们认为，只会生产 2100 万枚硬币，这种稀缺性会提高其价值。个人持有 MicroStrategy 股票的 SYZ Capital 合伙人理查德·拜沃斯 (Richard Byworth) 表示，通过高额发行股票，并以友好的条件向公司出售债务，塞勒可以在扩大 MicroStrategy 的比特币储备的同时为股东创造价值。

“The premium is justified and will always be there," says Jordi Visser, a Wall Street veteran who worked at Morgan Stanley and recently purchased MicroStrategy shares. “No company can do what he’s done. They own about 2% of bitcoin—who can own more of it?"

“溢价是合理的，并且将永远存在，”曾在摩根士丹利工作并最近购买了 MicroStrategy 股票的华尔街资深人士 Jordi Visser 表示。“没有一家公司可以做到他所做的事情。他们拥有大约 2% 的比特币——谁可以拥有更多？”

There’s serious risk attached to Saylor’s strategy. He rode past investment waves until they crested and then crashed, losing billions of dollars of personal wealth, sometimes in a single day.

塞勒的策略存在严重的风险。他经历了投资浪潮，直到达到顶峰，然后崩溃，有时在一天之内就损失了数十亿美元的个人财富。

Saylor declined to comment for this article.

塞勒拒绝对本文发表评论。

Saylor, a lifelong bachelor who turns 60 next month, has endured a series of career setbacks and run-ins with financial authorities and others. Last year, he agreed to pay Washington, D.C., $40 million to settle an income tax dispute, after Washington officials alleged that he previously lived in the District, not in Florida or Virginia as he claimed, and should have paid D.C. taxes.

塞勒是一位终身单身汉，下个月就将年满 60 岁，他经历了一系列的职业挫折以及与金融当局和其他人士的冲突。去年，在华盛顿官员声称他以前居住在华盛顿特区，而不是他声称的佛罗里达州或弗吉尼亚州，并且应该缴纳华盛顿税后，他同意向华盛顿特区支付 4000 万美元来解决所得税纠纷。

The son of a career Air Force officer, Saylor studied aeronautics and science at Massachusetts Institute of Technology and was part of the Air Force Reserve Officer Training Corps. A few years after graduation, he launched MicroStrategy in

塞勒是一名职业空军军官的儿子，他在麻省理工学院学习航空和科学，并且是空军预备役军官训练团的一员。毕业几年后，他在