MSTR 2025年第四季度收益电话会议分析：数字信贷压力测试 | BFC节目 第25期

而且他最后提到的最重要的一点，我认为是这方面的市场营销。

And and really the the important piece that he mentioned at the end, I think, is the marketing of this.

你如何让目标受众理解这种策略在做什么，以及它如何与他们的投资目标相关？

How do you get the target audience to understand what it is strategy is doing and how that applies to their investing goals?

而且，彼得，你最近在财报电话会上问过，公司有哪些与市场营销相关的计划？

And and that was something, Peter, you asked on a recent earnings call was what are strategies plans related to marketing?

我知道他们一直在进行所谓的比特币数字信贷巡回推介。

I know they've been on the road to to kind of the the Bitcoin digital credit roadshow, so to speak.

但你知道，皮埃尔，你对冯所说的话有什么看法吗？

But, you know, Pierre, do you have thoughts on on what Feng had to say?

但我特别想听听你对这些产品市场营销的看法，尤其是考虑到你与Strive的合作。

But I think in particular, would like to hear how you think about the marketing of these products, especially given your work with Strive.

是的。

Yeah.

当然。

Absolutely.

所以我认为，关于利率走向，这是一个非常有趣的问题，尤其是当我们关注美联储和新任命的美联储官员凯文·沃什时，他历史上曾发表过一些相当对比特币友好的观点。

So I think then on in terms of where it's gonna go for rates, I think that's a really interesting question when we look at the Federal Reserve and the new appointee there at the Federal Reserve, Kevin Warsh, who has actually said some pretty Bitcoin friendly things historically.

这非常有前景。

So that's really promising.

不过关于利率，我认为未来十二到二十四个月利率的走向存在很大不确定性。

On the rates, though, I think there's a lot of uncertainty about where rates are going to go over the next twelve, twenty four months.

因此，我认为要讨论比特币价格及其下跌原因，关键在于这种围绕利率以及凯文·沃什将采取何种行动的不确定性，因为关于他是鹰派还是鸽派，双方都有很强的论据。

And so I actually think that to talk about the Bitcoin price and what's causing it to crash, I think it's all this uncertainty around rates and what Kevin Worsch is going to do because there's really strong arguments in both directions of he's hawkish or he's dovish.

当前经济信号纷繁复杂，我认为这都与人工智能有关。

There's a lot of mixed economic signals, and I think that that is due to AI.

例如，你可能会看到劳动力市场非常疲软，因为大家都在雇佣智能代理，但GDP增长却非常强劲，因为这些代理的生产效率极高。

And so you could see, for example, a very weak labor market because everybody's hiring agents, but very strong GDP growth because these agents are insanely productive.

当我们思考美联储在GDP增长、通胀和就业之间的双重使命时，我认为目前这一切都变得模糊不清，而这种不确定性正是导致比特币价格下跌的原因，对吧？

You can actually, when we think about the Federal Reserve's dual mandate between GDP growth, inflation, employment, that's actually I think all up in the air right now and that's the kind of uncertainty that drives Bitcoin price down, right?

因此，一旦未来走向变得明确，我们才能开始思考不同的可能情景。

So once the certainty forms around what's coming next, that's where we can start thinking about some different scenarios.

所以一种可能是，凯文·沃什特开始降息并放宽信贷条件。

So one scenario would be that essentially Kevin Worscht starts lowering interest rates and easing credit conditions.

目前流动性略显紧张。

Right now liquidity is a little bit tight.

如果他们认为人工智能将带来极度通缩，因此我们不再需要担心通胀，那么我们就必须确保充分就业。

If they have a view that AI is going to be hyper deflationary and so we don't have to worry about inflation anymore, then we've got to really make sure we maintain full employment.

即将到来中期选举。

There's a midterm coming up.

显然还有下一届总统大选。

There's obviously the next presidential election.

他们希望保持共和党执政，因此我认为他们可能会采取宽松政策。

They'll want to keep it Republican, and so I think they could run it hot.

但如果他们的判断正确，通胀并未真正上升，这对比特币意味着什么？

But if they're right and inflation doesn't really tick up, what does that look like for Bitcoin?

我仍然认为比特币的表现会非常好。

I actually still think Bitcoin will do very well.

如果我们看一下比特币的价格历史，即使在通胀率较低的时候，比如新冠疫情之前，它仍然表现得非常出色。

If we look at Bitcoin's price history, even when inflation was low, for example before COVID, it still obviously did very well.

我们在几年内从零美元涨到了，比如说，新冠疫情前的两万美元。

We went from $0 to, let's say before COVID, dollars 20,000 in a matter of years.

所以我认为，即使没有两位数的通胀，而只是2%或1%的通胀，比特币仍然可能表现得极为出色，因为货币印刷与生产率提升的结合最终只会净增1%或2%。

So I think that Bitcoin could still do extremely well even if we don't have double digit inflation and we just have 2% inflation or 1% inflation because that combination of the money printing with the increase in productivity just nets out to 1% or two percent.

所以我认为这将是非常看涨的。

So I think that that could be hugely bullish.

然后，另一种情况是，所有这些对人工智能的投资最终会面临边际收益递减，导致基础设施过度建设、债务过高，无法偿还用于建造数万亿美元数据中心和其他基础设施所借的贷款。

Then combine that with a different scenario would be that all of these investments in AI eventually achieve diminishing marginal returns and they overbuild infrastructure, it's over indebted, and they can't pay off the loans that they spent to build trillions of dollars worth of data centers and other infrastructure.

这就像光纤网络在互联网泡沫时期所发生的情况。

And this is what happened with, for example, fiber optics with the .com bubble.

他们过度建设了光纤电缆。

They overbuilt fiber optic cables.

随后出现了巨大的过剩，大量光纤处于闲置状态。

Then there was just a massive glut, all this dark fiber.

我们可能会开始听到关于被关闭的暗GPU的消息，因为需求不足，也许软件变得越来越好，越来越高效。

We might start hearing about dark GPUs that are just turned off because there's not enough demand because maybe the software gets better and better, more and more efficient.

或者人们开始在边缘设备上进行推理，对吧？

Or people start doing inference at the edge, right?

模型变得如此优秀，以至于你不再需要在云端进行推理。

The models get so good that you don't need to do inference in the cloud.

但这只是一个假设，对吧？

But that's just a scenario, right?

所以有这么多可能的情景会发生，这正是目前许多投资者所感受到的不确定性。

So there's all these different scenarios that could play out, and that's the uncertainty right now that I think a lot of allocators are experiencing.

我认为，在最不确定的未来中，你最应该持有的是最确定的资产。

I think that ultimately in the most uncertain future, you want to hold the most certain asset.

因此，我认为比特币的基本面每天都在改善。

And that's why I think that the fundamentals for Bitcoin are getting better every day.

TikTok 下一个区块。

TikTok next block.

我们将用人工智能来解决量子问题。

We're going to use AI to fix the quantum problem.

我们来谈谈这个。

Let's touch on that.

你知道，回头来看，这可能会显得可笑。

You know, it's going to be, I think, laughable in hindsight.

我们会说，还记得我们当初担心量子计算的时候吗？

We'll be like, oh, remember when we were worried about quantum?

然后，我们告诉ChatGPT11一次性解决它，它就真的做到了。

And then, you know, we told ChatGPT11 to one shot fix it and, you know, it does it.

就这样吧。

It's like, okay.

所以，这就是我对这个问题的看法。

So yeah, that's kind of my read on.

那么，这会如何影响战略呢？

Then, of course, how does that impact strategy?

如果他们降低利率，这将改善Stretch的条件，因为即使Stretch在10%的利率下不削减，利差现在也在扩大。

Well, if they cut interest rates and that improves conditions for stretch, because even if Stretch does not cut at 10% interest rates, now the spread is increasing.

因此，不参与Stretch的机会成本增加了。

So the opportunity cost of not being in Stretch increases.

再结合比特币的看涨价格走势。

Then combine that with a bullish price path for Bitcoin.

显然，这对策略将大有裨益。

Obviously that would be hugely beneficial for strategy.

许多看空者一直在得意洋洋地发布从迈阿密游艇派对新年第一天的历史新高到今天的价格图表。

A lot of the bears who have been gloating and posting price charts from the all time high of the yacht party in Miami, New Year's Day, to today.

这张图表确实很难看，但我认为未来我们有机会展示另一张图表，来说明他们当时得意洋洋是多么错误——他们本应趁机积累，无论是比特币、MSTR还是其他任何资产。

It's a pretty ugly chart, but we'll have the opportunity, I think, in the future to show a different chart that kind of shows how wrong they were to be gloating when they should have been accumulating, whether it's Bitcoin or MSTR or anything else.

是的。

Yeah.

我本人很期待第二次十万美元派对。

I, for one, look forward to the second 100 k party.

我认为反弹会更加甜美。

I think the comeback will be even sweeter.

而且关于你提到的不确定性，我觉得这完美地引出了我们下一个讨论话题，你也提到了量子恐惧情绪。

And and I think on your point around uncertainty, I think that's a perfect segue into our next cop topic of discussion that you alluded to as well is kind of the quantum FUD.

我有点惊讶看到迈克尔·赛勒在财报电话会上谈到了这个问题，表达了他对量子计算的看法，以及Strategy如何希望应对这一话题。

And I was somewhat surprised to see Saylor speak about this on their earnings call, offering his thoughts on quantum and how strategy wants to help address this, like, topic of conversation.

我认为这也表明，他感受到了投资者对这个问题的担忧。

And I and I think what this shows too is that he is getting a signal that investors have concerns about this.

否则，你知道，这根本不会成为一个讨论的话题。

I think that otherwise, you know, this would be a non a topic of non conversation.

但我还是先抛出这个话题，我们可以据此展开讨论。

But I'll I'll go ahead and roll this, and we can discuss accordingly.

当前最令人担忧的是量子计算机，许多人问：量子计算机是否对比特币构成威胁？

The the concern du jour is quantum computers, and many people ask, do quantum computers represent a threat to Bitcoin?

我要指出的是，量子计算的担忧和量子恐惧情绪，只是自比特币诞生以来层出不穷的种种可怕恐慌情绪中的最新一例。

I would note that the quantum computing concern and quantum FUD is just the latest in a long litany and a a parade of horrible FUD that has been taking place since the beginning of Bitcoin.

曾经有过功能性的恐慌。

There was functionality FUD.

比特币功能不够强大，所以会失败。

Bitcoin's not functional enough, so it will fail.

它需要智能合约。

It needs smart contracts.

然后人们认为它是个庞氏骗局，接着又觉得它太波动了，再后来又说它有漏洞。

And then people thought it was a Ponzi, and then they thought it was too volatile, and then they thought, well, there was a bug in it.

也许会被51%攻击，也许中国控制了太多比特币。

And maybe it'll be 51% attacked, maybe the Chinese controlled too much of it.

然后有人说中国关闭了比特币。

And then there was the Chinese shut it down.

这与中国的恐慌相反。

It was the opposite of the China FUD.

这是中国不接受比特币的情况。

It was the China non embrace.

接着我们又遇到了各种区块大小限制和带宽洪水的担忧。

And then we had all manner of block size wards and bandwidth flood.

然后出现了耗电的担忧。

And then there was a uses electricity FUD.

接着是财富集中担忧，当然，之后又有人说另一种加密货币会更好。

And then there was a Wealth Concentration FUD, and then of course, then there was another crypto will be better.

我想说的是，面对每一个这样的担忧，我们都必须认真对待。

What I would say is whenever dealing with each of these concerns, we have to we have to take them seriously.

我们必须认真考虑它们。

We have to consider them.

但我们必须记住两件事。

But we have to remember two things.

第一，《银河系漫游指南》背面写的两个词。

One, the two words on the back of The Hitchhiker's Guide to the Galaxy.

别慌。

Don't panic.

最重要的两个词，比百科全书或《银河系漫游指南》中的所有内容都更重要。

Most important two words, more important than everything in the encyclopedia or the Hitchhiker's Guide to the Galaxy.

第二个观察，希波克拉底誓言：不伤害。

The second observation, the Hippocratic Oath, do no harm.

因此，当你面对任何系统或网络中的挑战时，必须确保自己不恐慌，不被逼迫做出愚蠢或破坏性的举动。

And so whenever you're faced with a challenge in any system or any network, You have to make sure you don't panic, you're not railroaded into doing something foolish or destructive.

同时，你也绝不能做出造成伤害的行为。

And you also can't do something that causes harm.

你不想出现医源性干预——即治疗比疾病本身更糟糕的情况。

You don't want an iatrogenic intervention where the cure is worse than the disease.

关于量子计算，我们的立场是：第一，我们认为至少还需要十年或更久才会构成威胁。

So our position on quantum computing, one, we think it's probably ten or more years away before there's a threat.

这是共识。

That is the consensus.

这是一项有前景的技术，但目前仍处于早期阶段。

It's a promising technology, but it's still nascent.

许多行业，包括金融和国防，都依赖于传统加密技术。

Many industries, including finance and defense, are dependent upon traditional cryptography.

它们面临同样的风险。

They face the same risks.

全球正在大力投资开发抗量子协议，不仅仅是在比特币社区，而是在所有领域。

There's a significant global investment going into building quantum resistant protocols, not just in the Bitcoin community, across all communities.

比特币社区具体而言，正在积极参与这些领域的研究与开发。

The Bitcoin community in specific is engaged on research and development in these efforts.

目前正在进行许多出色的工作。

There's good work that's taking place.

如果比特币需要升级，将会达成全球共识。

If Bitcoin requires an upgrade, there will be global consensus.

目前，全球尚未达成共识认为现有的加密库存在风险。

Right now, there isn't global consensus that existing cryptographic libraries are at risk.

在尚未达成共识之前就仓促采取假设性的解决方案，反而会引入当前并不存在的新攻击面、新复杂性和新故障模式。

And to stampede into a hypothetical fix before there is consensus would introduce new attack surfaces and new complexity and new failure modes that don't currently exist.

这就像过度接种疫苗，你知道的，就好像有个十万分之一的概率孩子可能会得病。

It's very similar to over vaccinating, you know, and it's like, well, there's a zero point zero zero one percent chance that the kid might get a disease.

所以我们还是给他们接种疫苗，以防万一。

So we're going to vaccinate them just in case.

但当然，有百分之三接种疫苗的人会出现副作用。

But of course, three percent of the people that get the vaccine have side effects.

对吧？

Right?

因此，我们绝对不能过度保险、过度接种、过度治疗或过度担忧。

And so it's very important that we don't over insure, over vaccinate, over treat, over worry.

美国一位著名的总统曾说过，如果你在路上看到十个问题，其中九个可能在到达你面前之前就自己掉进沟里了。

So famous president of The United States, he said, If you see 10 problems driving down the road, nine of them will probably drive themselves into a ditch before they get to you.

所以你绝对不能买一百份昂贵的保险，这些保险加起来花费你百分之百的运营收入，只为防范一个只有2%可能发生的事情。

So the one thing you can't do is you can't buy a 100 expensive insurance policies that cost collectively 100% of all your operating income to insure against something which is 2% likely to happen.

这就是为什么你在应对这些风险时必须非常谨慎。

That's why you have to be very thoughtful about addressing these risks.

你必须在正确的时间应对这些风险，不能太早，也不能太晚，因为太早的话，你可能还没有合适的技术，就会过度保险。

And you have to address them at the right time, not too soon, not too late, but because too soon, you probably don't have the right technology and you're over insuring.

太晚，对吧？

Too late, right?

你会接受本不该接受的风险。

You accept the risk that you shouldn't.

因此，达成共识非常重要。

That's why consensus is very important.

如果量子升级得以实施，比特币将会变得更强大。

Bitcoin will be stronger if and when that quantum upgrade takes place.

对吧？

Right?

比特币是可以升级的，并且能够通过升级变得更强大。

And so Bitcoin is upgradable, and Bitcoin can be upgraded to be stronger.

当然，我们是乐观主义者。

And we, of course, are optimists.

我们相信，人类会接受挑战，并以理性的方式升级自身来应对这些挑战。

And we believe we believe that the human race will accept challenges and will upgrade to meet those challenges and do it in a rational fashion.

比特币历来以理性的方式应对挑战，从而变得更强大，你可以看到所有这些例子。

And and Bitcoin has a history of meeting challenges in a rational fashion such that it that it is stronger, and you can see all those examples.

最后，但可能是本幻灯片中最重要的，是战略：我们将启动一项比特币安全计划，与全球网络安全界、全球加密安全界以及全球比特币安全委员会协调合作。

Last, but probably most important on this slide, strategy, we are going to initiate a Bitcoin security program that coordinates with the global cybersecurity community, the global crypto security community, and the global Bitcoin security committee.

以贡献于共识性解决方案，应对量子计算威胁以及其他任何新兴的安全威胁。

In order to and contribute to consensus solutions to address the quantum computing threat, as well as any other emergent security threats that evolved.

考虑到我们作为比特币持有者所承担的重大责任，我们认为这样做是合理且恰当的，但我们希望以非常负责任的方式进行。

We think it's it's reasonable and appropriate for us to do this given our large responsibility as a Bitcoin holder, but we wanna do it in a very responsible fashion.

我们希望确保与全球网络、加密和比特币安全社区协调合作，因为这里有许多非常杰出的人才。

And we wanna make sure that we coordinate with the global cyber crypto and Bitcoin security community because there are a lot of very, very brilliant minds here.

目前已有大量出色的工作在进行。

There's a lot of good work being done.

很可能在适当的时候，以负责任的方式形成共识并产生解决方案。

And and it's likely that consensus will form and solutions will form at the right time in responsible fashion.

是的。

Yeah.

所以我认为，再次强调，Saylor 谈论量子计算安全问题这一事实，清楚地表明了他与投资者、关心这一问题的人士在镜头外的交流内容。

So I I think, again, the fact that Saylor was addressing this question of of security against quantum computing is is telling, again, of, I think, the conversations he's having off camera with investors, people that are concerned about this.

我认为在比特币领域，我这么说可能不对，但人们过去确实有点轻率、含糊其辞地说：‘嘿。’

I think that in the Bitcoin space I I may be incorrect in saying this, but I think people have been a little bit flippant, little bit hand wavy saying, hey.

这问题会自己解决的。

This is something that will sort itself out.

而且，正如泰勒所言，这可能是一种会自行陷入困境的威胁。

And, you know, again, perhaps to Taylor's point, this is some you know, a threat that might drive itself into a ditch.

但我认为，这其实是一种转变，因为过去 Saylor 一直说，比特币是一个绝对不可变的基础层，是永恒不变的，我们不希望去干预它。

But I think this is also a departure in that Sailor historically has said, you know, Bitcoin is this absolutely immutable base layer that is unchanging, you know, perpetual, and something that, you know, we don't want to to to mess with.

船如果没坏，就别修它。

You know, if it ain't broke, don't fix it.

但对我来说，这次他实际上是在偏离这一观点，暗示比特币可能会变得更强大。

But to me, this was actually a little bit of a departure from that saying that, you know, Bitcoin could become stronger.

你知道，这又是他常说的一句话：比特币更强、更快、更硬、更聪明等等，比如那些网络黄蜂之类的。

You know, that is, again, I guess, an adage of his saying stronger, you know, that Bitcoin is stronger, faster, harder, smarter, etcetera, you know, the the cyber hornets, etcetera.

但对我来说，这确实是一种转变。

But, yeah, to me, this was a departure.

所以皮埃尔，我想知道，你对这个怎么看？

So Pierre, I'm curious, you know, what was your read on this?

而且，你觉得未来在战略层面参与比特币开发领域，我们可能会看到什么样的活动？

And, you know, what kind of activities do you think we might see down the road as it relates to strategy getting involved in in the Bitcoin development space?

是的。

Yeah.

我的意思是，我觉得即使在比特币之外，关于量子计算的讨论也明显增多了。

So I mean, do think that the amount of quantum conversation has ticked up a lot even outside of Bitcoin.

因此，已经出现了一些根本性的进展，可能引发长期的担忧。

So there have been fundamental advances that, could be caused for kind of long term concern.

再加上，有许多比特币的竞争对手已经实现了抗量子密码学的加固。

And then combine that with there's a lot of competitors to Bitcoin that have implemented already post quantum cryptography hardening.

因此，他们将其作为论点，声称自己的链比比特币更安全等等。

And so they use it as a talking point of their chain is more secure than Bitcoin etcetera.

所以我认为，Sailor的回应中让我印象深刻的是关于比特币的历史。

So I think that what stood out to me from Sailor's response was about Bitcoin's history.

我认为很有必要深入剖析这段历史，实际上，如果我们回顾这段历史，它完美地印证了Sailor在这里所提出的观点，特别是关于区块大小限制的部分。

And I think that it's really important to unpack what that history is and show I actually think that if we look at that history, it perfectly validates what Sailor is putting forward here, in particular with the block size limit.

很多年前，实际上现在已经超过十年了。

So many moons ago, ten years ago, actually it's now more than ten years ago.

我们不妨说是十二年、十三年前。

Let's say twelve, thirteen years ago.

我们都老了。

We're getting old.

我们头发稀疏，长出了白发。

We've got a receding hairline, gray hairs.

当时，比特币社区中有一部分人感到紧迫，他们认为我们必须提高区块大小限制，否则比特币的普及将停滞不前，因为更多人将无法使用它。

There was a sense of urgency created by a certain percentage of the Bitcoin community who said that we have to raise the block size limit, Otherwise, we're going to cause Bitcoin's adoption to grind to a halt because more people won't be able to adopt it.

这只是简单的数学问题，你需要提高区块大小限制。

It's just simple math that you need to increase the block size limit.

不这么做才是真正意义上的实验性路径，对吧？

That not doing so is actually the experimental path, right?

而保守的路径是提高区块大小限制，以保持比特币的采用经济不变。

And that the conservative path is to increase the block size limit to not change Bitcoin's adoption economics.

他们为为什么可以安全地提高区块大小限制，提出了非常合理且可信的理由，对吧？

They made a very rational plausible case for why you could safely increase the block size limit, right?

所以他们做了大量模拟，表明我们可以使用10兆字节的区块，也可以使用50兆字节的区块。

So they did lots of simulations showing, you know, we could do 10 megabyte blocks, we could do 50 megabyte blocks.

有些人甚至说我们可以使用100兆字节甚至一吉字节的区块。

Some people even said we could do 100 megabyte or one gigabyte blocks.

他们对此进行了大量尽职调查，同时强调了网络能力的进步。

They a lot of due diligence on this highlighting kind of the advances in networking capabilities as well.

所以虽然中本聪可能用的是DSL连接来编写比特币，但肯定不是拨号上网，应该是DSL。

So while Satoshi probably wrote Bitcoin with a DSL connection, probably not dial up, probably DSL.

他当时并不了解这些，而且他用的是奔腾四代处理器。

He didn't know about and he had a Pentium four.

他并不知道除了摩尔定律之外还会发生这么多技术进步，而摩尔定律只是说这些进步终将发生。

He didn't know about all the advances that would happen other than Moore's Law, which says all these advances will happen.

如今我们有能力提高区块大小限制，这本应是毫无争议的。

That today we have the capability to raise the block size limit, it should be uncontroversial.

于是他们获得了当时占90%算力的所有大型比特币矿工，这些矿工主要在中国，还拉拢了所有大型企业，对吧？

So they then got all of the 90% of the hash rate, all the big Bitcoin miners at the time they were in China, they got all of the big businesses, right?

纽约协议、巴里·西尔伯特、布莱恩·阿姆斯特朗，所有这些主流机构级玩家都参与了。

The New York agreement, Barry Silbert, Brian Armstrong, just all of kind of the blue chip institutional players.

他们都同意提高区块大小限制。

And they all agreed to increase the block size limit.

但结果是，区块大小限制并没有被提高。

And what happened is that the block size limit was not increased.

相反，我们采用了隔离见证软分叉，将区块大小限制转变为区块权重限制。

Instead, we had a SegWit soft fork that kind of transformed the block size limit into the block weight limit.

对此一直存在批评。

And there's been criticism of that.

也有非常可信的论点认为这种做法是不恰当的。

There's very credible arguments for why that was inappropriate as well.

前几天我其实正在做一些关于交易费用的数据分析。

And I was just doing some data analysis the other day actually on transaction fees.

比特币的交易费用从未如此之低，这意味着比特币具有巨大的额外容量和吞吐能力。

Bitcoin transaction fees have never been lower, meaning that Bitcoin has a tremendous amount of excess capacity throughput.

所以当人们说‘比特币每秒只能处理X笔交易’时，这没错，但从实证角度来看，当前对比特币交易的需求远低于XTPS，对吧？

So when people talk about, Oh, Bitcoin only does X transactions per second, that's true, but the demand for Bitcoin transactions currently from an empirical perspective is far less than XTPS, right?

因此，比特币社区没有匆忙提高区块大小限制是明智的。

So it was wise for the Bitcoin community to not rush into a block size limit increase.

他们选择通过软分叉引入SegWit，以支持闪电网络并解决交易可塑性问题，这是明智的。

It was wise for them to soft fork SegWit in, in order to enable Lightning and fix the transaction malleability problem.

他们通过软分叉引入Taproot，将加密算法从ECDSA升级为Schnorr，这也是明智的。

It was wise for them to soft fork Taproot in and improve the cryptography from ECDSA to Schnorr.

但有趣的是，虽然存在量子漏洞的可能性，但同时也已经有了量子防护措施。

Although interestingly, there's quantum vulnerabilities that might be there, but there's also quantum hardening that is there.

因此，我认为比特币历史上的每一次升级都是建立在吸取的经验教训之上，总体而言，在匆忙推进升级和拖延升级之间，一直保持着相当不错的平衡。

And so I think that each upgrade in Bitcoin's history is kind of built on lessons learned and that overall there's been a pretty good balance between rushing upgrades through versus taking too long to upgrade them.

所以我认为，这段历史实际上印证了Sailor在这里所说的关于量子问题我们应该如何应对的观点。

And so I think that the history is actually it validates what Sailor's saying here as to what we should do with quantum.

与此同时，他确实有道理去投资软件开发、协议研究或密码学研究，以持续推动进展，对吧？

At the same time, he's right to invest in the software development or the protocol research or the crypto research to keep pushing the ball down the field, right?

因为我可以坐在这里说，量子问题终将被解决。

Because I can sit here and say it's inevitable that quantum will be solved.

但我也可以举个例子说， FIFA国家队击败儿童队是必然的，但他们仍然必须上场进球，对吧？

But I could also say, for example, that it's inevitable that a FIFA national soccer team would beat a Pee Wee kids team at soccer, but they still have to go out on the field and score goals, right?

他们不能只是坐在板凳上，任由孩子们轻松得分。

They can't just sit on the benches and let the kids score goals on them.

所以我认为，这就像说：是的，这是一个可解决的问题，但同时，我们也必须去解决它，对吧？

So I think that it's like, yes, this is a solvable problem, but yes, we also have to solve it, right?

我们不能袖手旁观，以为代码会自己写出来，或者更准确地说，以为LLM的提示词会自己生成。

We can't just sit on our hands and pretend that the code will write itself, or I'm sorry, that the LLM prompts will write themselves.

我们仍然需要进行代码生成和问题解决。

We still have to code generate and problem solve.

许多密码学涉及非常高级的数学。

A lot of the cryptography is really advanced math.

而在人工智能研究的前沿，我听到的是，AI即将在高级数学方面变得极其出色。

And what I've been hearing at the cutting edge of AI research is that AI is about to get really, really good at advanced math.

当它能做到这一点时，我认为密码学这片空白领域所能实现的神奇应用，将远远超出今天人们的预期。

When it can do that, I think that the Pandora's box of magical things you can do with cryptography, that greenfield, is going to increase beyond what people can expect today.

因此，我们投入资源到这个领域非常好，因为它将带来极高的生产力。

And so it's great that we're going to invest resources into that because it's going to be extremely productive.

这不会像一场持续数十年的苦役，要写出五十万行代码，或者我们必须支付全球顶尖数学家来救我们于水火。

It's not going to be like a multi decade death march to write 500,000 lines of code or something like that, or that we have to pay the world's best mathematicians to come bail us out.

不，我认为这里有一条非常乐观的路径。

No, I think that there's a really optimistic path here.

悲观的路径是关于中本聪的币，对吧？

The pessimistic path is about Satoshi's coins, right?

所以，假设我们从现在开始修复比特币，但如何将这些币转移到更安全的合约中呢？

So, hey, let's say we fix Bitcoin going forward, but how do we move the coins to more secure contracts?

还是说它们会被量子计算机偷走？

Or do they get stolen by a quantum computer?

我不知道。

I don't know.

首先，我反对这种说法，认为这属于盗窃。

First of all, I push back on the idea that it would be theft.

历史上有大量普通法原则，可以追溯到数千年前，比如：如果你偶然发现一个装满黄金的宝箱，这黄金是归你所有吗？

There's lots of common law principles going back millennia about, Hey, if you stumble across a treasure chest full of gold, is it yours or not?

因为自古以来这种情况就一直存在，我认为从法律角度来看，用这个比喻来描述那些被量子破解的旧币（无论你如何称呼它——量子挖掘也好，其他术语也罢）是非常恰当的，不同司法管辖区会有不同的法律。

Because obviously this has been happening since the dawn of time, and I think that it's actually the correct metaphor from a legal perspective to apply to old coins that get quantum broken or whatever, however you want to what terminology you want to use, quantum mined, then different jurisdictions are going to have different laws.

所以在某些地方，如果你的量子计算机获得了比特币，这些比特币将归国家所有。

So in some places, if your quantum computer gets the Bitcoin, those Bitcoin belong to the state.

同样的道理也适用于你在后院发现一个宝箱的情况。

And same thing applies to you finding a treasure chest in your backyard.

你可能觉得这是你的财产，但其实不是，它属于国家。

You might think it's your property, it's not, belongs to the state.

他们怎么去执行这一点呢？

How are they going to enforce that?

我不知道。

I don't know.

在其他司法管辖区，你可以保留它。

Other jurisdictions, can keep it.

你拥有清晰的所有权。

You got clean title.

而在其他地方，你可能需要善意地努力寻找真正的所有者，并与他们各分一半，你保留50%。

And then in others, maybe you have to make a good faith effort to find who the correct owner is and to give them 50%, you keep 50%.

许多法律体系对于在这种情况下该如何处理，都有不同的理念和实践。

Lots of legal systems have had different philosophies and practices around what to do in that scenario.

所以我认为这个问题的关键不在于比特币协议层面。

So I think that that's where that question lies, not at the Bitcoin protocol level.

我们并不需要决定是否应该锁定或冻结比特币，除非有一种非常巧妙的解决方案，可以暂时锁定比特币但不是永久性的，对吧？

It's not on us to decide if we should lock the Bitcoin, freeze them, unless there's a really elegant solution where we can kind of lock the Bitcoin but not perpetually, right?

这样就给真正所有者将来前来认领留下了一丝机会，某种未来人工智能会发现的密码学奇迹。

So that there's kind of an opportunity for the correct person to come claim it later, some kind of cryptographic magic that a future AI will come up with.

但就目前而言，我认为这更多是一个法律问题，而不是协议问题。

But as it stands today, I think it's mostly a legal question, not really a protocol question.

是的。

Yeah.

对。

Yeah.

我认为，我真正感兴趣的根本法律问题是：所有权和占有权之间的区别是什么？

And I think that the the underlying legal question I I find really interesting is what is the difference between ownership and possession?

而就比特币而言，如果你拥有那12个单词，你确实占有了这些比特币。

And when it comes to Bitcoin, if you have those 12 words, you do indeed possess the Bitcoin.

但你有法律上的所有权权利吗？

But do you have a legal right to ownership?

而且我认为，所有权是由国家赋予的。

And and I think something that is conferred by by the state.

归根结底，令人兴奋的是，比特币本身，尤其是中本聪的币以及未来的潜在估值，为量子计算研究提供了一个极具吸引力的奖励。

And at the end of the day too, it is, I think, exciting that, you know, Bitcoin itself, given Satoshi's coins and potential future valuations, is a pretty attractive bounty on quantum computing research.

因此，从这个角度看，它正在推动技术进步，或许会激励一些有抱负的年轻人，具体取决于他们的法律管辖区。

So in that way, it's, you know, driving forward technological advancement to perhaps some enterprising young minds depending on their their legal jurisdiction.

在回顾这次财报电话会时，我想讨论的最后一点是，我们已经谈到了策略内部发生的情况，以及策略之外量子计算带来的风险。

And I I think the the last piece that I wanna discuss when in reviewing this earnings call is, you know, we've talked about what's going on on inside of strategy, kind of the developments around quantum going on outside of strategy as a risk.

我认为另一个风险是，如今虽然并不特别显著，但未来可能增长的，是围绕策略的永续优先股所构建的产品。

And I think another risk that today, I don't think is particularly significant, but may grow is what products are being built on top of strategy's perpetual preferred equity.

这正是林·奥尔登在财报电话会上提出的问题。

And this is something that Lin Alden asked during the earnings call.

所以，我稍后会为我们播放那段录音。

So I'm gonna go ahead and play that clip for us shortly.

下一个问题，我想邀请来自林奥尔登投资策略的林奥尔登。

For the next question, I would like to invite Lin Alden from Lin Alden Investment Strategy.

感谢给予我这个机会。

Thank you for the opportunity.

鉴于STRC的受欢迎程度，我的问题聚焦于此。

Given the popularity of, STRC, my question is focused on that.

公司建立了美元储备，我认为这增强了这些产品的信心，并使其更具吸引力。

The company established that USD reserve, which I think shored up the confidence of the of these products and make them more attractive.

目前，根据网站显示，美元储备足以覆盖三十个月的优先股股息。

Right now, the USD reserve is, on the website, thirty months of coverage compared to the dividends of the preferreds.

其他优先股的股息是固定的。

The other preferreds are fixed dividends.

STRC的股息是可变的，这为总应付股息的覆盖月数带来了一定程度的不确定性。

STRC is a variable dividend, which introduces some degree of uncertainty around how many months of coverage there are for the total amount of, dividends payable.

对于你认为相对于股息覆盖月数而言，适当的最低储备水平应该是多少，你有什么看法吗？

Do you have any kind of views on what you think is an appropriate minimum reserve relative to months of dividend coverage?

或者，对于STRC的股息，你们是否有愿意支付的最高上限？

Or do you have a maximum that you'd be willing to pay on a dividend for STRC?

然后一个相关的问题是，我们看到市场上出现了一些早期的金融产品，试图利用STC来实现低波动性和高收益的目标。

And then a related question is, we are seeing some early financial products that are out in the market that are looking to potentially leverage STC, given the goal of low volatility and high yield.

你们是否在关注基于此产品的杠杆操作？因为如果市场出现问题，这可能会导致波动性激增？

Are monitoring the space for leverage built on top of that as it could contribute to spikes of volatility should there be an issue in the market?

你们会鼓励这种杠杆行为，还是会劝阻人们在这一日益流行的产品之上构建杠杆？

Would you encourage that kind of thing, or would you dissuade leverage from building on top of that increasingly kind of popular product?

谢谢。

Thank you.

我可以先回答，Lynn。

I can start, Lynn.

谢谢你的提问。

Thanks for the question.

首先，我们表示，我们的美元储备目标是覆盖两到三年的股息。

First, we said that we target two to three years of dividend coverage with our US dollar reserves.

所以我们不希望它低于两年。

So we wouldn't want it to go below two years.

我认为三年会偏高。

I think three years would be pretty high.

至于我们是否认为收益率上限存在，我们还处于早期阶段，正在努力了解每个月底究竟会发生什么。

And as far as whether we think there's a cap to the stretch rate, we're pretty early on and we're sort of trying to understand what happens every single month at the end of the month.

这也就是为什么我们制定了当前的指引，对吧？

And that's why we have our guidance that we have, right?

目前是11.25%，我们有可能将其提升到12%吗？

It's at 11 and a quarter, could we take it to 12 potentially?

但这将取决于我们如何将价格维持在100美元附近的一个狭窄区间内，同时也取决于整体利率的变化。

But it's going to be a function of how do we keep the price within a tight range right around that $100 and also a function of what happens to interest rates in general.

但目前我们并没有设定上限。

But I don't think we have a cap right now.

我们只能静观这一工具随着时间的推移如何表现。

We're just going to have to see how this instrument plays out over time.

所以这就是关于延期的整体回答。

So that's the answer on a stretch overall.

你的第二个问题是什么？提醒我一下。

And your second question, remind me.

第二个问题是，我们看到一些早期产品可能正试图为其他客户加杠杆。

The second question was around we're seeing kind of early products potentially looking to lever it up for other customers.

你认为这会带来问题吗？

Do you perceive issues in that?

你们有在监控吗？

Are you monitoring it?

你会鼓励还是劝阻这种行为？

Would you encourage or dissuade that type of activity?

我认为每当人们基于延期产品创建新产品时，我们已经看到一些产品，比如Buck，它们并不是杠杆产品，而是实际上将波动率降低到接近零。

I think anytime people create products on top of stretch, There's some products that we've seen like Buck that have been issued that are and they're not levered products, but they're actually reducing the volatility down to about zero.

而且它们展示的是每日累计收益，而不是每月累计收益。

And they're actually showing daily accruals as opposed to monthly accruals.

所以我认为这些都是积极的。

So I think those are positive.

我认为人们会构建杠杆产品的程度，首先，我们实际上无法阻止他们。

I think the extent people are going to build levered products, one, can't really we're not going to stop them.

我认为杠杆在一定程度上增加了对Stretch的流动性和兴趣。

And I think leverage adds liquidity, a certain extent interest in stretch.

我们会观察它随着时间的推移如何发展。

And we'll see how it plays out over time.

但我并不认为这一定是坏事。

But I don't necessarily think that's a bad thing.

感谢你的澄清。

Thank you for the clarifications.

是的。

Yeah.

所以我认为冯的回应很有意思，他说这是我们在关注的事情，但并不一定会阻止像STRC这样的产品使用杠杆。

So I think Fong's response was quite interesting saying, hey, that's something that we're keeping an eye on, but we're not necessarily going to discourage leverage on things like STRC.

他实际上对迄今为止发行的一些产品给予了积极评价，这些产品实际上降低了股息支付，并减少了那些希望获得更低波动性STRC类工具的人的波动性。

And he actually had positive things to say about some of the products that have been issued to date where they're actually reducing the dividend payment and reducing the volatility for people that want, you know, an even lower vol STRC like instrument.

但是，彼得，你对林恩的问题有什么看法吗？

But, Peter, did you have any takeaways from from Lynn's question?

我也想展望一下，想想这会走向何方？

And and I also would like to kinda look ahead and and think, you know, where will this go?

我们会看到STRC的代币化衍生品吗？

Are we gonna see tokenized, like, derivatives of STRC?

这类活动的风险、失败模式或潜在好处有哪些？

What are kind of the risks or failure modes or even benefits of this type of activity?

是的，绝对如此。

Yeah, absolutely.

如今，理论上，任何人都可以以STRC作为抵押进行借贷。

Already today, hypothetically, somebody can go out and borrow against STRC.

如果他们借贷的利率低于STRC的股息率，那么他们就能获得利差。

And if they're borrowing at an interest rate that's lower than the dividend rate for STRC, then they're capturing a spread.

所以，如今已经有一些资金在进行这种操作了，我不确定具体有多少，但我认为这种活动可能会吸引一些人的兴趣。

So already today I think that there's probably I don't know how many dollars are doing this right now, but I imagine that's the kind of activity that some people might find interesting.

不过进一步来看，我认为Lynn所指的是基于数字信贷的稳定币的发展。

Going further though, I think what Lynn's pointing to is the development of digital credit backed stablecoins.

如果我们看看今天的稳定币，比如Tether，它们由美国国债和一些其他资产组合支持，目前美国国债的收益率约为4.5%。

So if we look at stablecoins today, for example, Tether, they're backed by a combination of US Treasuries that pay 4.5%, I guess, based on where interest rates are today.

我知道它们还混合了比特币、黄金和其他资产作为补充抵押品。

And then I know that they have a mix of Bitcoin and gold and other collateral as kind of a top up on that.

但它们真正的主要收入来源是美国国债，这些国债为Tether创造了巨额现金流。

But really their main cash cow is the US Treasuries that generate a massive amount of cash flow for them for Tethers.

稳定币商业模式的成功之处，就在于捕捉了当前不支付任何收益的稳定币与它们所持资产之间产生的利差。

And that has been kind of the success of the stablecoin business model has been capturing that spread between the stablecoins that currently don't pay any yield.

这一点目前正在监管和立法过程中被广泛讨论。

That's being debated in the regulatory legislative process.

但由于稳定币本身不支付收益，却能获取其背后资产所产生的收益，这带来了非常可观的利润。

But because they're not paying any yield and they're capturing the yield from the asset they're backing the stablecoin with, that is very lucrative.

所以这个思想实验是，我认为一些团队正在将其作为项目推进，我们拭目以待：与其持有传统上能产生4.5%收益的实物信贷，不如稳定币发行方直接持有数字信贷？

So the thought experiment, and I think that what some teams are pursuing as a project and we'll see how that unfolds would be, okay, instead of holding analog old school credit that pays 4.5%, what if the stablecoin issuer actually held digital credit?

显然的风险是，如果比特币崩盘，STRC跌到70，同时出现稳定币赎回，而你的储备金不足以完全覆盖，那么你就陷入赤字，你的工具实际上破产了。

The risk obviously is what happens if Bitcoin crashes, STRC goes to 70, for example, and there's stablecoin redemptions, and then your reserve is not fully backing, and so now you're in a deficit and your vehicle is insolvent, basically.

因此，这变成了一个风险管理问题、概率问题，因为你也可以对Tether说同样的事：如果政府采取行动，查封经纪账户怎么办？

And so it becomes kind of a risk management question, a probabilities question, because you could say the same thing about, for example, with Tethers, you could say, Well, what if the government goes to Cantor and seizes the brokerage account?

那么稳定币就没有任何资产背书了。

And then the stablecoin's not backed by anything anymore.

所以你可以设想各种可能导致稳定币崩溃的情景，我认为这正是为什么稳定币不能和比特币归为同一类的原因。

So you can think of all sorts of different kinds of scenarios where a stablecoin breaks, and that I think is why stablecoins are not in the same bucket as Bitcoin.

它们是中心化的，对吧？

They're centralized, okay?

但它们和比特币的用途完全不同，因为很多人更愿意拥有一种稳定的电子类现金形式，对吧？

But they have a completely different use case than Bitcoin because, again, a lot of people would rather have a stable form of electronic quasi cash, right?

它本质上仍是一种债务工具。

It's still a debt instrument.

这是Tether开出的借据，但相比开设银行账户，尤其是美元账户，尤其是在海外，创建一个稳定币钱包要容易得多。

It's an IOU from Tethers, but it's certainly a lot easier to spin up a stablecoin wallet than to open a bank account, especially for US dollars, especially if you're abroad.

所以我认为稳定币的需求将持续存在。

So I think that there's going to be continued demand for stablecoins.

那么问题来了，发行方在多大程度上可以激进操作，而不会为自己、市场和稳定币发行方制造结构性问题？

And then the question is, okay, how aggressive can the issuer be before they're kind of creating structural problems for themselves and for the market and for the stablecoin issuers?

另一个问题是，如果稳定币发行方破产，不得不清算所有其持有的STRC，会发生什么？

The other thing would be that, so what happens if a stablecoin issuer goes bust and has to liquidate all their STRC, for example?

假设他们的存款规模增长到了100亿美元，突然之间却需要在市场上抛售100亿美元的STRC。

Let's imagine they grew their deposit base to be like $10,000,000,000 and suddenly they're having to sell $10,000,000,000 worth of STRC into the market.

你知道，我认为这种策略很可能会考虑进行回购，对吧？

You know, that's where I think that strategy would probably be thinking about doing a buyback, right?

如果STRC交易价格在70美元或50美元，他们可能还有其他手段可选，比如动用美元储备，或者出售比特币、衍生品等等。

If STRC is trading at $70 or $50 they might have other levers to pull, whether it's the dollar reserve or like selling Bitcoin or derivatives or whatever it is.

所以我认为，这种策略可能导致的系统性问题，正是央行需要面对的。

So I think that's kind of the systemic problem you could get to with the strategy central bank would be that.

我认为我们离这些产品真正出现还很遥远。

I think that we're so far away from there being these products out there.

比如，我不知道目前有任何稳定币是以STRC为抵押的。

Like, I don't know of any stablecoins that are currently backed by STRC.

即使它们真的出现了，也面临着巨大的挑战，那就是Tether所拥有的网络效应。

And then even when they do exist, they've got a big uphill challenge, which is the network effects that Tethers has.

Circle曾试图与Tether竞争，但并没有真正夺取大量市场份额。

Circle has tried to compete with Tether, and they haven't really done a material taking of the market share.

他们可能帮助扩大了市场，但我认为除了抵押品基础之外，还有其他挑战。

They might have helped grow the market share, but I think that there's other challenges other than just what's the collateral base.

我们可能会看到Tether自身宣布：我们要出售部分国债，转而购买数字信贷产品，以提高支撑Tether的资产组合的收益。

What we could see happen would be Tethers themselves saying, Hey, we're going to sell some of our treasuries and we're going to buy digital credit products in order to increase our yield for our portfolio of assets that are backing Tethers.

这种情况是有可能发生的，当然他们必须非常谨慎地处理这一过程。

That we could see happen, and obviously they would have to be very careful about how they go about doing that.

也许他们会等待其关联的21公司。

Maybe they wait for their affiliated twenty one Co.

推出类似的数字信贷产品，以便为他们的业务提供支持，并密切关注这一点。

To come out with similar digital credit products so that they're they're feeding their their business and and keep an eye out on that.

是的。

Yeah.

对。

Yeah.

我做了一些研究，发现有一种叫做BUCK代币的稳定币，由STRC支持，收益率为7%。

I was doing a a little bit of research, and it looks like there is something called BUCK token that is a STRC backed stablecoin paying 7%.

没错。

True.

是的。

Yeah.

对。

Yeah.

我认为林在这次通话中提到的就是这个。

I think that's what Lin was referring to in in this call.

所以，你知道的，只是看看流入的总金额，我觉得这简直微不足道。

So, you know, just kind of looking at the total flows into it, I think it's pretty much a drop in the bucket.

而且，你知道的，在当前这个时点，它绝对远未构成系统性风险。

And, you know, at at certain at at the current point in time, it's certainly not anywhere close to a systemic risk.

但我认为，这个思想实验确实很有价值，比如它会对波动性产生什么影响？

But I think the thought experiment certainly is valuable as, you know, what could this do to the volatility of stretch?

但正如你所说，他们已经增加了现金缓冲。

But to your point, they've raised this cash buffer.

他们已经表明了态度，嘿。

They've signaled that, hey.

我们愿意出售比特币，进行股票回购，回购永久优先股，以防范这些风险。

We are open to liquidating Bitcoin, doing stock buybacks, doing buybacks of the perpetual preferred equity, I think to head off those risks.

所以，我想今天这一集的主题可以说是比特币市场的压力测试。

So I guess the theme of today's episode has kind of been the Bitcoin market stress test.

而我认为，对我个人而言，这纯粹是

And I think that would be, again, just purely for me, like

一场有趣的压力测试，看看他们的管理层如何应对。

an entertaining stress test and just seeing how their management approaches that.

我想补充一点，你刚刚提醒了我：如果Stretch脱锚并跌至70美元左右，那Strandsheet甚至不需要提高收益率，因为隐含收益率会自动上升，对吧？

I wanna add one more point that you just reminded me of, which is that if Stretch were to de peg and go down to, like, $70, that means that Strandsheet doesn't even have to raise the yield because the implied yield increases, right?

因为它是基于100美元计算的，而不是70美元，所以你可以看到隐含收益率远高于当前水平，从而吸引大量投资者，他们很难拒绝如此高的回报。

Because it's multiplied on the $100 not on the $70 And so you could see the implied yield go far higher than it is today and really attract a lot of investors who could say no to that level of returns.

所以我认为，有很多内置机制具有反脆弱性，这个模式会持续下去。当然，他们仍在学习中，对吧？

So I think there's a lot of things that are built in that are anti fragile and that the model will continue to Obviously, they're still learning, right?

我的意思是，他们本季度增加了现金储备。

I mean, they added the cash reserve this quarter.

所以我认为他们会继续加强它，添加不同的功能，但已经很令人印象深刻了，他们所构建的东西。

And so I think they'll continue hardening it and adding different features, but already it's really impressive what they've built.

是的。

Yeah.

对。

Yeah.

而且我认为，展望下一个季度，该策略的信用评级将是我未来最关注的焦点，看看其他以比特币为抵押的信贷工具表现如何。

And and I think looking ahead to the next quarter, the strategy's credit rating, I think, is going to be the thing that I really want to be watching going forward and and seeing how other Bitcoin backed credit instruments perform.

我认为你提到的SADA与Strive的合作将会非常有趣。

I think SADA that you've mentioned with Strive is going to be very interesting.

我认为21公司与Cantor合作，作为债券市场核心的这一模式也值得关注。

And I think '21 is is another one to watch kind of working with Cantor kind of at the the core of of the bond market.

我认为这将是对比特币更广泛机构化、金融化的一个极其重要的信号。

I think is I think that's going to be a really, really huge signal for the broader, you know, institutionalization, financialization of Bitcoin.

所以，未来几个季度乃至几年里，有一些趋势值得期待。

So, yeah, trends to to look forward to, I think, over the next few quarters and and years.

我想，我们今天已经讨论了很多内容了，Pierre。

I guess, you know, I think we've covered a lot of ground here, Pierre.

你还有什么最后的想法吗？关于这次收益电话会议，我们有没有遗漏什么话题？

Do you have any final thoughts, anything we didn't discuss with regards to earnings call?

当然，未来《公司比特币》节目里还会继续讨论更多相关内容。

And and certainly, you know, there'll be more to discuss in future episodes of the the Bitcoin for Corporation show.

是的

Yeah.

当然

Of course.

别忘了订阅我们的节目。

And to, you know, hit subscribe.

明白吗？

Alright?

订阅《企业比特币》频道。

Subscribe to Bitcoin for Corporations.

你可以在 X 上关注我，账号是 BitcoinPierre。

You can follow me on x at BitcoinPierre.

另外提醒大家，拉斯维加斯即将举办一场企业比特币活动，作为策略世界大会的一部分。

And also to remind folks, there is a Bitcoin for Corporation event coming up in Las Vegas that is part of Strategy World.

所以如果你还没买票、订酒店或订机票，现在还来得及。

And so if you haven't bought your tickets, booked your hotel, booked your flight, there's still time.

但时间在流逝，因为活动就在两周后？

But the clock is ticking because it is in two weeks?

是的。

Yes.

二月在拉斯维加斯。

February in Las Vegas.

我认为去年的比特币企业大会内容非常精彩。

I think last year's Bitcoin for corporations conference, I thought there was just so much amazing content.

我认为今年也不会例外，毕竟在过去365天里，这个领域已经取得了显著增长。

And I think this year will be no different with, again, the growth in the space that we've seen over the last three hundred three hundred and sixty five days.

所以我们将在拉斯维加斯见到你，而且我非常期待

So we'll see you there in Las Vegas and, yeah, look forward to

。

it.

好的。

Yeah.

彼此彼此。

Likewise.

谢谢，斯宾塞。

Thanks, Spencer.

好的。

Alrighty.

谢谢，皮埃尔。

Thanks, Pierre.

很快再聊。

Talk to you soon.