XRP（XRP）即使他不拥有它也可能是巴菲特的股票

沃伦·巴菲特（Warren Buffett）著名的价值投资理念是为什么他购买了从美国运通（American Express）到苹果（Apple）及以后的公司的股票。

Value investing legend Warren Buffett has never expressed an interest in cryptocurrencies, but XRP (XRP 1.96%) is a coin that might pique his interest if he were to change his mind.

价值投资传奇人物沃伦·巴菲特（Warren Buffett）从未表达过对加密货币的兴趣，但是XRP（XRP 1.96％）是一枚硬币，如果他要改变主意，他可能会引起他的兴趣。

Here's a quick look at how XRP could fit into the principles behind some of Buffett's greatest investments.

这是一个快速探讨XRP如何适应巴菲特最伟大投资背后的原则。

A quick XRP investment thesis refresher

快速XRP投资论文复习

In a nutshell, XRP is a coin that aims to offer inexpensive, rapid, and highly reliable money transfers across international borders. Financial institutions like banks and currency exchange clearing houses, both of which typically need to process a lot of these transfers, are the target user base. But, with the legacy technology that's currently in use, those users need to pay as much as $50 or more per transfer, and their transactions can take as long as five business days to settle and be subject to currency exchange fees. In contrast, XRP's transactions settle in a couple of minutes, and cost just fractions of a penny on average; the network uses those fees to pay for tech upgrades and marketing.

简而言之，XRP是一枚硬币，旨在在国际边界提供廉价，快速且高度可靠的货币转移。银行和货币兑换清算房屋等金融机构通常需要处理许多此类转移，都是目标用户群。但是，借助当前正在使用的旧技术，这些用户需要每次转移的$ 50或更多，而他们的交易可能需要五个工作日来解决并支付货币兑换费。相比之下，XRP的交易在几分钟之内就定居了，平均成本仅为一分钱；该网络使用这些费用来支付技术升级和营销。

Buffett certainly likes to invest in financial technology companies and payment processors, so long as he can buy them at the right price. Aside from American Express, he also has substantial positions in Visa as well as Mastercard, all of which were innovators in the payments processing market.

巴菲特当然喜欢投资金融技术公司和支付处理器，只要他能以合适的价格购买它们。除了美国运通（American Express），他还在签证和万事达卡（MasterCard）都有重大职位，所有这些职位都是付款处理市场中的创新者。

These companies' business models reflect Buffett's favorite approach. Rather than selling a product directly to consumers, the card companies facilitate payments from consumers to businesses to streamline the process for both ends of the transaction, capturing a small portion of each payment.

这些公司的业务模式反映了巴菲特最喜欢的方法。卡公司没有直接向消费​​者出售产品，而是便利从消费者到企业的付款，以简化交易两端的流程，从而捕获每笔付款的一小部分。

The idea isn't to make a lot of revenue immediately, but to slowly scale the payment networks by onboarding more businesses and cardholders, capturing more payments and a regular inflow of increasing fees. Those fees readily fall to the bottom line because processing each additional payment costs very little after the enormous cost of building the network has been absorbed. Once those players reached a certain size, they effectively had an economic moat that protected their margins, as new entrants to the market would have to struggle to get established by rolling out new hardware and offering new cards to users who were already accustomed to using competing products.

这个想法不是要立即赚取大量收入，而是要通过攻入更多的企业和持卡人，捕获更多的付款以及定期增加费用的流入来慢慢扩大支付网络。这些费用很容易落在底线上，因为在构建网络的巨额成本被吸收后，几乎没有处理每笔额外的付款成本。一旦这些玩家达到一定的规模，他们就有一种经济护城河来保护自己的利润，因为新进入市场的进入者将不得不努力通过推出新硬件并向已经习惯使用竞争性的用户提供新卡来建立。产品。

Look at how well that process has played out in Buffett's favor during the past 10 years alone:

看看这一过程在过去的10年中对巴菲特的支持的表现如何：

SPY Total Return Level data by YCharts

YCHARTS的间谍总回报水平数据

Now, consider the position of XRP today.

现在，考虑今天XRP的位置。

It's offering a service that's cheaper, faster, and more convenient than the existing ways of making international money transfers. Processing each transaction is not a major expense, but it can reliably reap fees from any given user for years and years. XRP's price has increased more than 800% during the past five years alone. It isn't anywhere close to onboarding all of the potential users globally that could benefit from using the coin instead of older systems, so it likely has many years of growth ahead.

它提供的服务比现有的国际资金转移方式便宜，更快，更方便。处理每笔交易不是主要费用，但是可以可靠地从任何给定用户收取多年的费用。仅在过去的五年中，XRP的价格上涨了800％以上。它在全球所有潜在用户的登机上都不接近，这些用户可能会从使用硬币而不是较旧的系统中受益，因此它很可能会增长多年。

In other words, XRP looks a lot like a Buffett stock even though he doesn't own it.

换句话说，XRP看起来很像巴菲特的股票，即使他不拥有它。

Think for yourself

想自己

Don't hold your breath waiting for Buffett to buy XRP. It's unlikely that he would even consider it to be a real investment opportunity because it's a cryptocurrency rather than a traditional company with a stock he could size up with a valuation calculation.

不要屏住呼吸等待巴菲特购买XRP。他甚至不太可能认为这是一个真正的投资机会，因为它是一种加密货币，而不是具有估值计算的股票的传统公司。

But XRP is a popular cryptocurrency for a reason. There are many arguments for why buying it today will mean having more money in the future, when its core value-generation process will have had even more time to generate fees, and many more users turn to it for processing cross-border transactions. And unlike the credit card businesses Buffett bought, XRP's biggest competition right now is stuck with obsolete technology, so it isn't much of a threat.

但是XRP由于某种原因是流行的加密货币。关于为什么今天购买它的原因有很多论点，这意味着将来有更多的钱，何时它的核心价值生成过程将有更多的时间产生费用，而更多的用户则求助于处理跨境交易。与巴菲特购买的信用卡业务不同，XRP现在最大的竞争被过时的技术困住了，因此这并不是什么威胁。

That is no guarantee that the coin will go up in the near term. Still, if you're willing to hold onto your XRP for a Buffett-esque period of time -- many years -- the odds of reaping big profits are in your favor.

这不能保证硬币会在短期内上升。不过，如果您愿意在巴菲特风格的一段时间内坚持XRP，那么多年 - 获得大幅利润的几率对您有利。