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我认为2026年将是比特币的大好年份。
I think 2026 is gonna be a great year for Bitcoin.
如果你想让地球上每个人都使用比特币，让地球上每家公司都使用比特币，你就必须解决一些根本性问题。
If you want everybody on Earth to use Bitcoin and every company on Earth to use Bitcoin, you had to cure some fundamental problems.
整个社区的记忆都非常短暂，过去五天发生的事主导了所有讨论。
This entire community has very short memory, and whatever happened in the past five days dominates the conversation.
我们拥有世界上最伟大的金融技术。
We've got the world's greatest financial technology.
对于个人、企业家或企业来说，有没有机会去做一些有益的事？
Is there opportunity for people, for entrepreneurs, or corporations to to do good?
历史上的一切，都是一场关于金钱和权力的持续不断的永恒斗争。
Everything in history, it's a it's continual never ending power struggle over money, over power.
世界上每个人都可以将比特币作为投资的一部分购买，但并不是每个人都会拥有像我这么多。
Everybody on in the world can buy Bitcoin as part of their investment, but not everybody is going to have as much as me.
先生。
Mr.
迈克尔·塞拉，非常感谢您邀请我们来到迈阿密。
Michael Saylor, thank you very much for having us here in Miami.
嗯。
Yeah.
新年快乐。
Happy New Year.
你也是。
Same to you.
2026年。
2026.
2026年。
2026.
希望比2025年更好。
Hopefully, better than 2025.
比特币已经十七年了。
Bitcoin's seventeen years old.
17年了。
17 years old.
这真是挺疯狂的。
It's pretty wild.
我认为去年对比特币来说有点令人失望。
And last year was kind of disappointing for Bitcoin, I think.
这绝对不是我预期会在这一年发生的事情。
It's definitely not what I expected to happen in the year.
对于 treasury 公司来说也是如此，尤其是下半年真的
And for treasury companies as well, especially the back half of year was really
艰难。
rough.
你当初有预料到
Did you expect
2025年会这样吗？
that going into 2025?
我不觉得这是令人失望的一年。
I don't think it's a disappointing year.
唯一令人失望的是年底的价格。
The only way in which it's disappointing is the price at the very end of the year.
你知道比特币的历史最高点是什么时候吗？
Do you know when the all time high was?
会不会是八月？
Would it been about August?
10月6日。
October 6.
10月6日，十月。
October 6, October.
你知道比特币创历史新高以来已经过去了多少天吗？
You know how many days it's been since the all time high of Bitcoin?
我想至少有一百天了吧。
I mean, must be like a hundred days or something.
是的，Croc认为大概是九十五天。
Yeah, Croc thinks like ninety five days.
是的。
Yeah.
好的。
Okay.
顺便说一下，十月——也就是一年最后一个季度的开始，即十月、十一月和十二月的第一周，比特币创下了历史新高。
So by the way, October, the last quarter of the year is October, November, December, literally at the first week of the last quarter of the year, Bitcoin hit an all time high.
那么，这怎么能说是一个令人失望的年份呢？
So in what way is it a disappointing year?
整个社区的记忆都非常短暂，过去五天发生的事就主导了所有讨论。
This entire community has very short memory and whatever happened in the past five days dominates the conversation.
但如果我看2025年，我觉得在2024年，大约有三到六十家公司把比特币记在资产负债表上。
But if I look at 2025, I think, well, I think in 2024, we had like, you know, 30 to 60 companies that had Bitcoin on their balance sheet.
而到2025年底，这个数字达到了大约两百家。
And by the end of 2025, we had like 200.
好的。
Okay.
所以在我看来，基本面看起来相当不错。
So the fundamentals look pretty good to me.
我们创下了历史新高。
We hit an all time high.
我们新增了100家将比特币纳入资产负债表的公司。
We added a 100 companies with Bitcoin on the balance sheet.
我认为我的公司筹集了大约250亿美元，全部投入了比特币。
I think my company raised something like $25,000,000,000 and it all went into Bitcoin.
所以我们在2025年购买了250亿美元的比特币。
So we bought $25,000,000,000 of Bitcoin in 2025.
好的，丹尼，整个旅程始于2020年8月，当时我们购入了2.5亿美元的比特币。
Okay, this entire journey, Danny, started in August 2020 with a $250,000,000 purchase.
好吧，2.5亿乘以10就是25亿。
Okay, so 10x times two fifty is 2,500,000,000.0.
我们在2025年购买的比特币数量是2020年8月的100倍。
We bought a 100 times as much Bitcoin in 2025 as we did in August 2020.
而在2020年8月购买时，那是任何人能记得的比特币网络历史上部署的最大资本量。
And when bought in August 2020, that was the greatest amount of capital ever deployed in the Bitcoin network that anybody could remember in the history of the world.
比那多100倍，在我看来是一种相当不错的根本性进展。
100x more than that strikes me as being a pretty good fundamental progression.
你知道吗，如果我列出2025年发生的事情，我们创下了历史新高。
You know, if I tick off what happened in 2025, we hit the all time high.
我们有100家比特币公司上线。
We had 100 Bitcoin companies come online.
今年年初，比特币采用了公允价值会计准则。
Fair value accounting for Bitcoin was instituted at the beginning of the year.
这对这个资产类别造成了严重打击。
It's crippling to the asset class.
如果你只能亏钱，就永远不可能赚钱。
If you can only lose money, you can never make money.
因此，如果我们真的要将比特币制度化、商业化并全球化，想要让地球上每个人和每家公司都使用比特币，就必须解决一些根本性问题。
So if we're gonna actually institutionalize and commercialize Bitcoin and globalize Bitcoin, if you want everybody on earth to use Bitcoin and every company on earth to use Bitcoin, you had to cure some fundamental problems.
第一，2020年我们购买比特币时，我们的保险公司取消了我们的保单。
One, when we bought Bitcoin in 2020, our insurance company dropped us.
我们被取消了保险。
We got de insured.
很多人被银行拒之门外。
A lot of people got de banked.
你知道，当会计系统认定比特币为无限期无形资产，你不能盈利时，我们就被剥夺了利润。
You know, we got, in essence, when the accounting system said it's indefinite intangible, you can't make money, you got de profitized.
当我们进入2020年时，发生了什么？
And when we rolled into the 2020, what happened?
我们重新获得了保险。
We got our insurance back.
四年里，我不得不为公司的保险提供担保。
For four years, I had to underwrite the insurance of the company.
公司一度拥有203亿美元的资产。
The company at one point had $20.30, 40,000,000,000 of assets.
我们连4000万美元的保险单都买不到。
We couldn't buy a $40,000,000 insurance policy.
哇。
Wow.
如果我没有用自己的个人资产为公司投保，这个战略根本不可能存在。
Like, strategy wouldn't exist if I had not personally insured the company with my own personal assets.
这事根本不会发生。
It wouldn't have happened.
所以我们在2025年重新获得了保险。
So we got our insurance back in 2025.
我们在2025年也重新获得了利润。
We got our profits back in 2025.
我们采用了公允价值会计，现在公司终于可以盈利了。
We went to fair value accounting, and now it's possible for a company to make money.
我们一直面临企业替代性最低税的问题。
We had the corporate alternative minimum tax question hanging over our head.
对于持有比特币的上市公司，是否会征收未实现资本利得税？
Is there going to be an unrealized capital gains tax on public companies holding Bitcoin?
2025年，政府给出了积极的指导，这个问题得到了解决。
That was resolved with positive guidance from the administration in 2025.
因此，我们没有受到未实现资本利得税的影响。
So we didn't have an unrealized capital gains tax hit us.
然后，我们在2025年得到了政府的认可，被确立为全球最主要、最重要的数字商品。
Then we got legitimized as the primary and the greatest global digital commodity in the world by the administration in 2025.
这一认可发生在白宫峰会期间，以及大卫·萨克斯的一次电视采访中。
That happened at the White House Summit and with a television interview that David Sacks gave.
随后，我们创下了历史新高。
And then we hit an all time high.
你知道吗？
You know?
如果我回顾所有这些事情，顺便说一下，今年年初的时候，我用十亿美元的比特币作为抵押都借不到五美分的贷款。
And if I look at all those things and by the way, we at the beginning of the year, I couldn't get a nickel loan on a billion dollars of Bitcoin collateral.
五美分。
A nickel.
所以我们被银行拒之门外了。
I so we were debanked.
我们被，你知道的，没有任何信贷可用。
We were d you know, there was no credit.
但到了年底，美国大多数主要银行都开始接受比特币作为抵押提供信贷。
And by the end of the year, the majority of the major banks in The United States were extending credit against IBID.
而且其中约四分之一的银行已经宣布计划开始提供以比特币为抵押的信贷。
And like a quarter of them had announced plans to start extending credit against BTC.
所以我会说，我们从2026年开始。
So I would say we start 2026.
顺便说一下，摩根大通和摩根士丹利都在谈论买卖和处理比特币。
And by way, JPMorgan and Morgan Stanley, both talking about buying, selling, handling Bitcoin.
所以现在，银行家们正在推动银行对加密资产的接受。
So now you've got bankers moving with bank acceptance.
你还有财政部对加密资产计入银行资产负债表的积极指引。
You got personal you got positive guidance from the treasury department for crypto assets on a bank balance sheet.
你还有支持比特币、支持加密货币的CFTC主席。
You got a pro Bitcoin, pro crypto head of the CFTC.
还有迈克·萨利格，你有支持加密货币、支持比特币的SEC主席。
And Mike Sullig, you got a pro crypto, pro Bitcoin head of the SEC.
还有保罗·阿特金斯，你有支持加密货币、支持比特币的总统内阁成员。
And Paul Atkins, you got a pro crypto, pro Bitcoin president, cabinet member.
你还有普遍的共识。
You got universal utterance.
你还在CME上实现了比特币衍生品市场的商业化。
You also had the commercialization of the of the Bitcoin derivatives market on the CME.
是的。
Yeah.
我们解除了iBit股票期权的所有限制。
We had all of the handcuffs taken off of iBit stock options.
你还获得了实物创建和赎回机制，可以将一百万美元的比特币兑换成一百万美元的iBit，反之亦然。
You also got in kind create and redemption where you could swap a million dollars of Bitcoin for a million of iBit and vice versa.
将一百万美元的iBit兑换成一百万美元的比特币，无需产生应税事件。
Swap a million of iBit for a million of Bitcoin without a taxable event.
所以，如果我列出了资产实现商业化、全球化和机构化所需的所有基本条件，那么你在2025年已经拥有了所有想要的要素。
So if I had a checklist of all the fundamentals necessary for the asset to be commercialized and globalized and institutionalized, you got everything that you wanted in 2025.
你甚至还创下了历史新高？
You you even got an all time high?
你只是没有在年底最后一天创下历史新高。
You just didn't get an all time high on the last day of the year.
如果你能同时降低税单并积累比特币呢？
What if you could lower your tax bill and stack Bitcoin at the same time?
通过使用Blockware挖矿比特币，你就可以做到。
Well, by mining Bitcoin with Blockware, you can.
新税法指南允许美国矿工在单个纳税年度内全额抵扣其挖矿硬件的成本。
New tax guidelines from the big beautiful bill allow American miners to write off a 100% of the cost of their mining hardware in a single tax year.
没错。
That's right.
100%全额抵扣。
A 100% write off.
所以，如果你有10万美元的资本收益或收入，你可以购买10万美元的矿机，并完全抵消这笔支出。
So if you have a $100,000 in capital gains or income, you can purchase a $100,000 of miners and offset it entirely.
Blockware的挖矿即服务让你无需动手即可立即开始挖比特币。
Blockware's mining as a service enables you to start mining Bitcoin right now without lifting a finger.
Blockware负责所有工作，包括保障矿机安全、采购低成本电力以及配置矿池。
Blockware handles everything from securing the miners to sourcing low cost power to configuring the pool.
他们包办一切。
They do it all.
你每天都能以折扣价积累比特币，同时在报税季大幅节省税款。
You get to stack Bitcoin at a discount every single day while also saving big come tax season.
立即访问 mining.blockwaresolutions.com/wbd 开始使用。
Get started today by going to mining.blockwaresolutions.com/wbd.
当然，这些都不是税务建议。
Of course, none of this is tax advice.
请咨询您的会计师或税务顾问，了解这些规定如何适用于您，然后前往 mining.blockwaresolutions.com/wbd，每购买一台托管矿机，即可享受一周免费托管和电力服务。
Speak to your accountant or tax adviser to understand how these rules apply to you, and then head over to mining.blockwaresolutions.com/wbd, and you'll get one week of free hosting and electricity with each hosted miner purchased.
您是否希望在不出售比特币的情况下获得现金？
Do you wish you could access cash without selling your Bitcoin?
Ledden 让这成为可能。
Well, Ledden makes that possible.
他们是全球领先的比特币抵押贷款机构，自2018年以来，已发放超过90亿美元的贷款，且始终完美保障客户资产。
They're the global leader in Bitcoin backed lending, and since 2018, they've issued over $9,000,000,000 in loans with a perfect record of protecting client assets.
使用 Ledden，您可以获得全额托管贷款，无需信用审核或月度还款，只需轻松获得美元，而无需卖出一个 SAT。
With Ledden, you get full custody loans with no credit checks or monthly repayments, just easy access to dollars without selling a single SAT.
自7月1日起，Ledden 仅支持比特币，意味着他们仅提供比特币抵押贷款，所有抵押品均由 Ledden 或其资金合作伙伴直接持有。
As of July 1, Ledden is Bitcoin only, meaning they exclusively offer Bitcoin backed loans with all collateral held by Ledden directly or their funding partners.
你的比特币永远不会被借出以产生利息。
Your Bitcoin is never lent out to generate interest.
我最近在Ledden申请了一笔贷款。
I recently took out a loan with Ledden.
整个过程非常简单。
The whole process was super easy.
申请只花了我不到十五分钟，几个小时后，我就把美元存入了账户。
The application took me less than fifteen minutes, and in a few hours, I had the dollars in my account.
整个过程非常顺畅。
It was really smooth.
所以，如果你需要现金但不想卖出比特币，请前往 ledden.io/wbd，你的首笔贷款可享受0.25%的折扣。
So if you need cash but you don't wanna sell Bitcoin, head over to ledden.io/wbd, and and you'll get point 25% off your first loan.
那就是 ledden.io/wbd。
That's ledden.io/wbd.
由于法币持续贬值，财富保值已不再是可选选项。
With fiat money constantly debasing, wealth preservation isn't optional.
这就是我推荐Swan Bitcoin的原因，这是一支专注于比特币的团队，他们与家庭和企业合作，利用比特币构建和保障代际财富。
That's why I recommend Swan Bitcoin, a team of dedicated Bitcoiners who work with families and businesses to build and secure generational wealth with Bitcoin.
与客户建立牢固的关系是Swan所有工作的核心。
Strong relationships with clients are at the center of everything Swan does.
一位专属的Swan私人财富顾问——一位你可以发短信或打电话的真实人员——将帮助你利用Swan全面的比特币服务平台制定比特币财富策略，包括具有税收优势的退休账户、采用协同自托管技术的高级比特币冷存储、通过信托和企业账户进行的遗产规划、税务损失收割、资产抵押贷款等。
A dedicated Swan private wealth representative, which is a real person that you can text and call, will help you build a Bitcoin wealth strategy using Swann's comprehensive platform of Bitcoin services, including tax advantage retirement accounts, advanced Bitcoin cold storage using collaborative self custody, inheritance planning with both trust and entity accounts, tax loss harvesting, asset backed loans, and more.
自2020年以来，Swan已帮助超过十万名客户。
Swan have helped over a 100,000 clients since 2020.
如果你认真对待比特币的获取与安全保管，我推荐Swan。
And if you're serious about acquiring and securing Bitcoin, I recommend Swan.
前往swan.com/wbd认识他们的团队，也就是swan.com/wbd。
Meet the team at swan.com/wbd, which is swan.com/wbd.
是的。
Yes.
而且，从根本上说，你所说的每一句话显然对比特币极其看涨。
And, like, fundamentally, like, everything you're saying is obviously incredibly bullish for Bitcoin.
对了，你不是在2025年接管了比特币的发展吗？
By the way, didn't you take over what Bitcoin did in 2025?
实际上是在2025年吧？
It was actually most '25?
可能
Might
对你来说也是重要的一年。
was big year for you too.
那确实是很重要的一年。
It was a big year.
好的。
Okay.
但是
But
即使从基本面来看，这些也都是非常看涨的信号。
like even fundamentally, those are very bullish things.
我完全同意。
I totally agree.
但今天的价格比去年这个时候还要低。
But the price is lower today than it was this time last year.
而且，我不确定这是否几乎是一种自我实现的预言——人们认为四年周期是真实存在的，因此才会抛售比特币。
And like, I I don't know if this is almost a self fulfilling prophecy over sort of people thinking a four year cycle is a real thing and therefore there's selling a Bitcoin.
我的意思是，我认为四年周期已经失效了。
I mean, I think the four year cycle is dead.
你觉得2026年会发生什么？
What do you think is gonna happen in 2026?
听我说，试图预测未来一百天内市场的走向是徒劳的。
Look, I think that trying to guess where the market goes over a one hundred day time frame is a fool's errand.
就在九十五天前，我们还处于历史高位，而你现在却在抱怨比特币的价格走势。
Like, literally just said ninety five days ago, we were at an all time high and you're complaining about Bitcoin price action.
你知道吗，我们现在连六年级学生都吸引不了了。
Like, you know, we have the attention, you know, of sixth graders, not even sixth graders.
这并不是抱怨，
It's not complaining,
说出你生活中在一百天内完成的另一件事。
Name more one of thing in your life you accomplished in less than one hundred days.
比如，你不可能在一百天内生个孩子。
Like you can't You're supposed to have a You can't have a baby in less than one hundred days.
你不可能在一百天内拿到大学学位。
You can't get a college degree in less than one hundred days.
有多少公司在一百天内创立并取得成功？
How many companies were started and declared successful in less than one hundred days?
你知道吗，比特币在九十四天内就做到了这一切，取得了成功。
You know, was what Bitcoin did made successful in ninety four days.
绝对如此。
Absolutely.
对吧？
Right?
我的意思是，如果你真的对过去十万年来人类所有的努力进行一次测试，比如说，只要它们在第93天之前没有成功，就全部取消。
I mean, if you actually did a test on every single human endeavor for the last hundred thousand years, Like, and you said, well, I'm gonna cancel them all if they weren't successful on the ninety third day.
首先，我们所有人都不会存在。
Like, first of all, nothing and none of us would be here.
对吧？
Right?
所以我认为，过分关注短期事件是一种错误。
So I think it's a mistake to fixate on short frequency events.
比特币的整个理念就是你应该有低时间偏好。
The whole message of Bitcoin is you're supposed to have a low time preference.
所以我认为，如果你是个投资者，如果你在投资一家公司，却期待它在四年之内就取得成功，那只能说明你太天真了。
So I I think that if you're an investor, if you're an investor, if you're buying a company, if you're investing in a company, expecting it to be successful in less than four years just marks you as naive.
你能不能举出一个风险投资人会说：‘如果我投资的公司四年之内没有成为爆炸性成功，我就把投资卖掉’？
Like name a venture capitalist that would say that if the company that I invested in isn't a screaming success in less than four years, that I'm just going to sell my investment.
是的，这种人根本不存在。
Yeah, it doesn't exist.
是的，这种人不存在。
Yeah, it doesn't exist.
所以如果你是个投资者，你需要四年的周期。
So if you're an investor, you need a four year time frame.
但如果你是个进步主义者，如果你是个意识形态狂热者，好吧，你站出来决定通过传播某种意识形态来改变世界，那你可能需要十年的周期。
But if you're a progressive, if you're if you're an ideologue, okay, so you got up and you decided that you wanted to change the world by spreading an ideology, you probably need a ten year timeframe.
你知道吗，如果我们回过头问，甘地花了多长时间才达到他想要的目标？
You know, so if we go back and ask, well, how long did it take Gandhi to get where he wanted?
我的意思是，看看过去一万年来每一个意识形态运动的历史。
I mean, look at the history of every ideological movement, you know, for the last ten thousand years.
通常，那些真正致力于某件事的人，都会以十年为周期。
Normally, that are deemed to be committed to something have a ten year timeframe.
顺便说一句，世界上有很多人花了十年时间做一件事，但仍然没有成功，他们又花了另外十年或二十年。
And if you did something for By the way, the world's full of people that spent ten years working on something and they still weren't successful, It took them another ten or twenty years.
但我认为，如果你的目标是看到比特币实现商业化，你就真的不应该以十周甚至十个月为频率来分析或评估你的成功。
But I think that if your goal is to see Bitcoin commercialized, you really shouldn't be analyzing or you shouldn't be assessing your success with a frequency of ten weeks or even ten months.
我的意思是，2026年价格发生什么又有什么关系呢？
So I mean, what does it matter what happens in 2026 with the price?
对吧？
Right?
你知道吗，拿电力来说。
Do you know, take electricity.
你知道它花了多长时间吗？
You know how long it went?
从只有4%的工厂使用电力，到75%的工厂都使用电力，花了多久？
It took to go from 4% of factories running on electricity to 75% idea.
工厂？
Of factories?
三十年。
Thirty years.
好吧。
Okay.
所以，如果你是个电力狂热者，你会觉得顺便说一句，电力可能是我们这一生中最伟大的发明。
So if you're an electricity maxi and you think By the way, electricity is probably the single greatest development of our lifetime.
拿走电力。
Take away electricity.
所有城市都会灭亡。
All the cities die.
佛罗里达将变得无法居住。
Florida becomes uninhabitable.
医院将无法运作。
Hospitals don't work.
制冷系统将失效。
Refrigeration doesn't work.
全球一半的人口将死亡。
Half the planet dies.
而且
And
所以我送给你一种清洁、无形、高效的能源，它彻底改变了世界。
so I give you the gift of clean, invisible, efficient energy that revolutionizes the world.
但即便如此，仍然需要三十年，才有百分之七十的人同意你的观点。
And it still takes thirty years before seventy percent of the people agree with you.
好吧。
Okay.
所以比特币就是数字能源。
So Bitcoin is digital energy.
它是数字资本。
It's digital capital.
它是数字信用的基础。
It's the basis of digital credit.
它是数字货币的基础。
It's the basis of digital money.
它正在迅速发展。
It's developing very rapidly.
我们正在取得重大进展。
We're making great inroads.
你可能会说，四年周期已经终结了。
You you're like, well, the four year cycle is dead.
讽刺的是，那些这么说的人根本没等满四年。
Well, the irony is the people that are saying that haven't waited four years.
我们才刚刚过去周期高点95天。
Like, we've only been ninety five days since the peak of the cycle.
好吧。
Okay.
所以，如果你用滚动四年移动平均线来评估比特币的表现，你会看到一个相当看涨的趋势。
So how about I think that if you actually assess Bitcoin's performance on a rolling four year moving average, you see a progression that looks pretty bullish.
我认为2026年将是比特币的绝佳一年。
I think 2026 is gonna be a great year for Bitcoin.
但我认为你不应该被束缚于预测90天或108天后的价格。
But I think that you shouldn't be roped into trying to forecast what is the price in ninety days or the price in one hundred and eight days.
这就像说，底特律有百分之六的工厂有电。
It's kind of like saying, well, six percent of the factories in Detroit have electricity.
那么，十二个月后有多少比例的工厂会拥有电力呢？
Well, what percentage of the factories will have electricity in twelve months?
你错了。
Well, you're wrong.
因此电力很糟糕。
And therefore electricity is awful.
天啊，人们花了三十年才接受这个世界上最显而易见的发明。
It's like Jesus Christ, it took thirty years for people to embrace the most obvious invention in the world.
是的。
Yeah.
收音机也是如此。
And the same goes with radio.
电视也是如此。
The same goes with television.
同样适用于这个，是的。
The same goes with, yeah.
我的意思是，丹尼，我们这一生中最伟大、最令人惊叹的事情，可能是二十世纪最深远的技术发明——核能。
I mean, I think the greatest and most amazing thing of our lifetime, Danny, is probably the most profound technology invention of the twentieth century was nuclear power.
比如，这里有一个反应堆。
Like, here's a reactor.
它能产生十亿瓦的能源，而且没有任何明显的排放。
It generates a gigawatt of energy, and it does it without any obvious admissions.
这就像无限的清洁能源。
It's like unlimited clean energy.
这是给人类的礼物。
And that was a gift to humanity.
而在1973年，我们全面停止了它。
And in 1973, we turned it all off.
在1973年，美国决定他们害怕核能。
Like in 1973, The United States decided that they were afraid of nuclear power.
这简直太疯狂了。
Which is totally insane.
它也是最安全的能源之一。
It's one of the safest as well.
我们实际上无法在美国将任何死亡归因于核能，但我们却能将每年数十万的死亡归因于煤炭、化石燃料或污染。
Well, we can't really trace a death in The United States to nuclear power, but we can trace hundreds of thousands of deaths a year to coal or to fossil fuels or to pollution.
那些关闭核能的人，却转而拥抱了木柴炉、煤炭和各种化石燃料。
And the same people that turned off nuclear power, they embraced wood burning stoves and coal and every type of fossil fuel.
他们还拥抱了中东的战争。
And they embraced wars in The Middle East.
他们拥抱了各种各样的替代方案，所有 imaginable 的东西，而不是开启无限的免费清洁能源，只因为一场成功的营销活动让他们相信核能可怕而危险。
And they embraced, you know, every alternative, everything imaginable rather than turn on unlimited free clean energy because a successful marketing campaign convinced them that it was scary and dangerous.
我们亲眼目睹了数百万人，甚至上千万人因争夺核能的替代品而死于战争。
We literally saw millions, if not tens of millions of people die in wars fighting over alternatives to nuclear energy.
我们还目睹了数千万人因核能替代品造成的污染而死亡。
And we saw tens of millions of people die of pollution from alternatives to nuclear energy.
然后德国的人关闭了他们所有的核电站。
And then the population of Germany turns off all their nuclear power plants.
我觉得《辛普森一家》吓到了所有人。
I think the Simpson scared everyone.
是的。
Yeah.
所以我认为你必须从第一性原理出发思考。
And so I think you have to reason from first principles.
我想我的观点是，当人们需要为人工智能提供无限电力时，突然发现核电站并不是个坏主意。
And I guess my message is people all of a sudden discovered that nuclear power plants aren't a bad idea when they needed unlimited electricity for AI.
没错。
Yep.
就在五十年的怀疑之后，情况突然逆转了。
And all of a sudden, it just flipped after fifty years of skepticism.
我们突然又觉得核能很酷了。
We flipped to, oh, nuclear's cool again.
因为当苹果、谷歌、Meta、Facebook 和亚马逊需要核能，OpenAI 也需要核能的时候。
Because when Apple and Google and Meta and Facebook and Amazon needed nuclear and OpenAI needed nuclear.
好吧，我想我们现在喜欢它了。
Like, Okay, I guess we like it now.
这简直就像是一夜之间发生的。
It literally was like overnight.
如果你回溯这场辩论，我们会发现，五十多年的怀疑和冷漠，突然转变为极大的热情，因为人们意识到他们需要电力，而且需要大量的电力。
If you were to trace that debate, we went from fifty years of skepticism and cynicism to massive enthusiasm because people realized that they needed electricity and they needed a lot of electricity.
所以，如果人类能够克服五十年的核能怀疑，最终走出来，那么我认为九十四天的比特币怀疑根本没必要如此悲观。
And so if humanity can fight through fifty years of nuclear skepticism to come out of that, then I think that ninety four days of Bitcoin skepticism is not something that we ought to be that skeptical about.
我的意思是，关键在于，在十年没有发展核能之后，对吧？核能经历了寒冬，对吧？核能的熊市从1973年持续到2023年。
I mean, the bottom line is is after ten years of not doing nuclear, right, the nuclear power plant had a the nuclear winter, right, the nuclear bear market went from 1973 to 2023.
整整五十年。
It's fifty years.
嗯。
Mhmm.
那就是熊市。
That was the bear market.
我可以根据第一手经验告诉你，我记得在2021年，疫情封锁刚结束时，曾与多家电力公司交谈过，当时能源需求大幅下滑。
And I I can tell you from first firsthand knowledge, I remember talking to a bunch of power companies in 2021, you know, just after the lockdowns, during the COVID crisis, you know, and energy usage sagged.
他们当时真的正在计划关闭所有运营的核电站。
They were literally all in the process of decommissioning all the nuclear power plants they operate.
美国一半的核电站，人们都希望将它们关闭。
Half the nuclear power plants of The US, the people wanted to decommission them.
他们打算关闭加州的迪亚布洛峡谷核电站。
They were gonna decommission the Diablo Canyon power plant in California.
他们还为此沾沾自喜，说：‘我们根本不需要这些东西。’
They were all bragging about it, like, oh, we don't need these things.
而那仅仅是四年前的事。
And that was literally four years ago.
这太疯狂了。
That's crazy.
然后到了2023年，我们迎来了ChatGPT的时刻。
And then in like 2023, we had the chat GPT moment.
随后不知何时，政治风向逆转，电力又变得时髦起来，用电量也重新受到关注——你还记得ESG运动吗？
And then at some point, political sentiment flipped and electricity became cool again and power usage became Remember how the ESG movement?
它很快就消失了。
It disappeared very quickly.
消失了。
Disappeared.
是啊。
Yeah.
还记得当初ESG大规模抨击比特币的时候吗？说什么比特币耗电，那就要完蛋了。
It was like, remember when there was the big ESG attack on Bitcoin, like Bitcoin can't use electricity or else that's the end.
我觉得我们其实被ChatGPT救了，因为一旦我们意识到超大规模数据中心的耗电量将是比特币行业的十倍，比特币的用电量就变得微不足道了。
And I think we all kind of got saved by ChatGPT because once we realized that the hyperscalers were going to use 10 times as much energy as the Bitcoin industry, it became a rounding error.
人们
And people
也许电力又变得很酷了，用电也又变得很酷了。
maybe electricity was cool again and power was cool again.
所以我认为你需要自己思考，要从第一性原理出发。
So I think you've to think for yourself, and you've to think from first principles.
第一性原理表明，来自核反应堆的无限清洁能源是个好主意，尤其是当替代方案是烧木头或烧其他东西的时候。
And first principles suggest that unlimited clean energy you know, from a nuclear reactor is a good idea when the when the alternative is burning wood or burning whatever.
而且我认为第一性原理表明，数字智能是好的。
And and I think first principle suggests that digital intelligence is good.
你只需要去使用这些东西，它们就会发挥作用。
All you got to do is go and use these things and they work.
对吧？
Right?
然后你会想，好吧，没错，我想要这个。
And you're like, Okay, yeah, I want that.
每个人都想要这个，对吧？
Like, everybody wants that, right?
如果你有AI，每个人都想要。
If you AI, everybody wants that.
然后我想，你知道，我是否希望以光速转移资金，并永久存储在赛博空间中？
And then I think, you know, do I want to be able to move money at the speed of light and store it forever in cyberspace?
当然，我希望。
Of course, I do.
当然，我希望。
Of course, I do.
那么，我这94天没创新高，我的信念动摇了吗？
So has my conviction been swayed by ninety four days of not hitting an all time high?
没有，我要明确表示，我的耐力超过94天。
No, I'm gonna go on the record and say that I have an endurance of more than ninety four days.
是的。
Yeah.
这有点像笑话，对吧？
And it's kind of a joke, right?
因为没有一个受过教育的人没上过十六年的学。
Because there's no educated person that didn't go to school for sixteen years.
九十四天不算什么。
Ninety four days is not a lot.
九十四天不足以扛起大旗。
Ninety four days is not a lot of time to carry the flag.
所以如果我得坚持九百四十四天，我也能做到。
And so if I have to do it for ten ninety four days, I could do that too.
那仍然比我读完麻省理工学院并获得本科学位所花的时间要短。
That would still be less time than it took me to get through MIT and get an undergraduate degree.
顺便说一句，我在麻省理工学院读了四年并获得本科学位后，依然不被文明社会视为受过教育的人。
And by the way, after four years at MIT and undergraduate degree, still not deemed to be educated by polite society.
最发达的社会会说，你需要硕士学位才能在你的领域成为称职的从业者。
Most sophisticated society, they would say, well, you need a master's degree to be a competent practitioner at the top of your field.
所以他们的观点是：十二年中小学教育，四年本科，两年研究生，这时你才准备好成为社会的有益成员。
So their position is twelve years of secondary school, four years of undergraduate, two years of graduate, and now you're ready to be a productive member of society.
所以这是十八年，丹尼。
So that's eighteen years, Danny.
比特币已经十七岁了。
Bitcoin's seventeen years old.
而且，你知道，我们在1月3日刚过了第十七个生日。
And, you know, we just had our seventeenth birthday on January 3.
所以十七年后的比特币，已经成为一个价值2万亿美元的资产。
And so Bitcoin after seventeen years is a than a $2,000,000,000,000 asset.
它已被数百家上市公司和数亿人所接受。
And it's been embraced by hundreds of publicly traded companies and hundreds of millions of people.
自从我们上一次创历史新高以来，已经快一百天了。
And it's been almost a hundred days since our last all time high.
我觉得我目前情绪非常看涨，对我们的现状感到非常满意。
I think I'm feeling pretty bullish and I'm pretty happy about where we are.
如果你给我一个选择，迈克，你可以选择拥有15万美元的比特币，但我会撤销银行对它的接受、期权市场的接受、CFTC、SEC或财政部的积极监管，或者我会撤销。
And if you gave me a choice, if you said, Mike, you can either have Bitcoin 150,000, but I'm going to roll back the banking acceptance, the options acceptance, the positive regulators at the CFTC, the SEC, or Treasury, or I'm going to roll back.
事实上，如果你说，我会给你15万美元，但你必须从中选择一项放弃。
In fact, if you said, I'll give you 150,000, but you have to pick one of these things to roll back.
你必须放弃Campti的胜利，或者放弃FASB的胜利，或者放弃财政部的支持，或者放弃SEC的支持，或者放弃CFTC的支持，或者放弃银行界对iBit的支持，或者放弃花旗和嘉信理财即将开始交易和托管比特币的事实。
You have to give up the Campti win, or you have to give up the, you know, the FASB win, or you have to give up the support of the treasury, or you have to give up the support of the SEC, or give up the support of the CFTC, or you have to give up the support of the banking community for iBit, or you have to give up the fact that Citi and Schwab are moving to trade in custody Bitcoin.
如果我必须在这些选项中放弃一项，以换取一个历史新高，我的答案是：我会放弃这个历史新高。
If I had to give up just one of those things in return for an all time high, the answer is I would give up the all time high.
嗯。
Mhmm.
我觉得这有点像成年人的行为。
I was like and this is kind of like adult like behavior.
我愿意放弃接下来90天的即时满足，以换取万亿级银行业的支持，或者世界上最有权势的监管机构的支持，或者等等。
I would give up immediate gratification for the next ninety days in order to get the support of the multi trillion dollar banking industry or the most powerful regulator in the world or yeah.
或者可能是赚钱的能力，或者被认定为盈利的能力。
Or maybe the ability to make money or or to be deemed as profitable.
所以，在我心中，这没有任何疑问。
So I I don't think there's any question in my mind.
这个行业正在朝着正确的方向发展。
The industry is evolving the right way.
这个网络正在朝着正确的方向发展。
The network is evolving the right way.
过去九十天只是给那些眼光清晰的人提供了一个买入更多比特币的机会。
And the last ninety days are just an opportunity for someone that's got clear eyes to buy more Bitcoin.
是的。
Yeah.
我也非常看好比特币在2026年的表现。
And I'm also very bullish on Bitcoin going into 2026.
2025年让我有点惊讶的是，有这么多 treasury 公司加入了进来。
The thing that I guess surprised me somewhat in 2025 was just how many treasury companies turned up.
因为当你首次宣布买入比特币的策略时，我以为会有很多人早早地效仿你。
Because when you first announced the strategy you were buying Bitcoin, I thought we were going to have a lot of people copying you much, much earlier.
但直到去年，我们才看到闸门打开，大量公司涌入。
But really it wasn't until last year that we saw floodgates open and a lot of companies come in.
我一直对很多 treasury 公司持怀疑态度。
I've been very skeptical of a lot of the treasury companies.
我认为其中少数几家大公司的策略独树一帜，你们已经持有超过65万枚比特币。
I think strategy a few of the other larger ones are kind of Well, strategy is in a league of its own, you've got over 650,000 Bitcoin.
我认为优先股非常有趣，再次把你们和其他人区分开来。
I think the preferreds are really interesting, again, kind of set you aside.
你对那些仍然坚持简单模式——出售股权、买入比特币——的公司怎么看？
What do you think of all the companies that are still doing the very simple, like sell equity, buy Bitcoin playbook?
我想我会说，世界上每个人都可以把比特币作为投资的一部分，但不是每个人都能像我一样持有这么多。
Well, I guess what I would say is everybody in the world can buy Bitcoin as part of their investment, but not everybody's going to have as much as me.
你知道，他们都可以买入比特币。
You know, they could all buy it.
他们买入比特币时，我并不怀疑任何一家公司。
I'm not skeptical of any of them when they buy it.
每个家庭都可以买入比特币。
Every family can buy Bitcoin.
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有些家庭拥有的比特币会比其他家庭多。
Some families will have more Bitcoin than other families.
我不怀疑任何家庭的决定。
I'm not skeptical of a family's decision.
每家公司都可以购买比特币。
Every company can buy Bitcoin.
有些公司拥有的比特币会比其他公司多。
Some companies will have more Bitcoin than others.
对他们所有人来说，购买比特币都是个好主意，对吧？
It's a good idea for all of them to buy it, right?
它们是现金流为正的业务，还是不是。
They're sort of cash flow positive businesses or not.
如果一家公司没有正向现金流，那它就不是一家好公司，对吧？
If a company is not cash flow positive, then it's just not a good company, right?
我们看到很多这样的公司冒出来，其实根本没有业务。
We see a lot of these companies crop up that really don't have a business.
他们所做的只是试图发行债务并购买比特币。
All they're doing is trying to issue debt and buy Bitcoin.
那么，难道没有很多没有企业的个人也在购买比特币吗？
Well, aren't there plenty of people, like individuals, that don't have a business and they buy Bitcoin too?
是
Are
你会批评他们吗？
you going to criticize them?
不会，我只是不明白
No, I just don't know why
如果你没有比尔·盖茨那么富有，却买了比特币，我该批评你吗？
Like if you're not as rich as Bill Gates and you buy Bitcoin, should I criticize you?
不会，当然不会。
No, of course not.
但我认为的问题是，为什么有人会购买这家公司的股票，而不是像策略这样的公司？
But the problem I have, I guess, is why would anyone buy shares in that company as opposed to one like strategy?
每家公司都有不同的价值主张。
Well, every company has a different value proposition.
顺便说一句，丹尼，我过去五年每天传达的核心信息就是购买比特币，因为投资公司存在很大的交易对手风险。
By the way, Danny, the whole point, the message I've delivered every day for the past five years is buy Bitcoin because there's a lot of counterparty risk when you invest in a company.
比如，
Like,
你会买英伟达吗？
do you buy Nvidia?
你为什么买苹果？
Why do you buy Apple?
你为什么买可口可乐？
Why do you buy Coca Cola?
你为什么买迪士尼？
Why do you buy Disney?
你为什么买航空公司？
Why do you buy an airline?
对吧？
Right?
有个老故事，怎么才能成为百万富翁？
There's the old story, how do you become a millionaire?
先有一百亿，然后投资航空公司。
Start with a billion and invest in an airline.
好吧，世界上充满了糟糕的投资标的，对吧？
Okay, the world's full of companies that are bad investments, right?
世界上到处都是这样的公司。
The world's full of them.
世界上有四亿家公司。
There's 400,000,000 companies.
所以问题来了，你为什么没有投资这四亿家中的任何一家？
So the question for you is, why haven't you invested in any of the 400,000,000?
这就像是
That's like
因为我买比特币。
because I buy Bitcoin.
好的。
Okay.
所以批评一家购买比特币的公司是抓不住重点的。
So criticizing a company that buys Bitcoin misses the point.
那你为什么不批评所有不买比特币的公司呢？
Well, why don't you criticize all the companies that don't buy Bitcoin?
它们不是更糟糕吗？
Are they even worse?
有些公司业务非常好，并且现金流为正。
The answer is there are some companies that have very good businesses, and they're cash flow positive.
有些公司业务非常糟糕，并且现金流为负。
And there are some companies that have very awful businesses, and they're cash flow negative.
明白吗？
Okay?
如果你有一个好生意，然后买入比特币，它就变成了更好的生意。
If you take a good business and you buy Bitcoin, it's a better business.
如果
If
如果你有一个糟糕的、亏钱的生意，然后买入比特币，你很可能抵消掉经营亏损，对吧？
you take a bad business, a business that's losing money, and you buy Bitcoin, you might very well offset the operating results, right?
如果你的主营业务每年亏损一千万美元，而你的资产负债表上持有价值一亿美元的比特币，并且在资产负债表上实现了三千万美元的资本收益，那么现在的问题是，你到底该批评这个生意的什么？
If you're losing $10,000,000 a year in the operating business and you hold $100,000,000 of Bitcoin on the balance sheet and you're making 30,000,000 in capital gains on the balance sheet, then actually, now the question is, you're to criticize that business for what?
比如，我给你一个每年亏损一千万美元的生意，它手上有五亿美元现金，它的选择是：用这笔钱买入比特币，可能获得三千万美元的未实现收益或比特币收益，或者把钱拿去回购股票。
Like, I give you a business that's losing 10,000,000 a year and it's got 100,000,000 in cash, and its choice is to buy Bitcoin and probably make 30,000,000 in unrealized gains or Bitcoin gains, or to give away the money, buy back its stock.
我的意思是，你会怎么做？
I mean, what would you do?
把那五亿美元拿去回购你的股票。
Take the $100,000,000 and buy back your stock.
如果你有一个亏钱的生意，你会回购股票吗？
If you had a money losing business, would you buy back your stock?
我会买比特币。
I'd buy Bitcoin.
顺便问一下，当你回购一家亏损企业的股票时，难道不是在将你的亏损加速三倍吗？
By the way, when you buy back the stock of a money losing business, aren't you just amplifying your losses three times as fast?
比如，如果我有1亿美元现金，去买一家亏损企业的股票，那我不是更快地走向破产了吗？
Like if I had $100,000,000 in cash and I bought the stock of a money losing business, I would just be going out of business faster, right?
这并不聪明。
That's not smart.
如果我有一亿美元，去买收益率3%的国债，那么好吧，我每年赚300万美元，但每年亏损1000万美元。
If I had 100,000,000 and I bought treasury bills yielding 3%, then, okay, well, I'm making 3,000,000 a year, but I'm losing 10,000,000 a year.
所以我只是把破产的速度减慢了三分之一，对吧？
So I'm just going out of business like one third slower, right?
如果我拿这一亿美元去买比特币，而比特币在未来二十年里每年上涨30%，来构建一个简单的模型。
If I took the 100,000,000 and I bought Bitcoin with it, and Bitcoin goes up 30% a year for the next twenty years to create a simple model.
我将产生3000万美元的比特币收益。
I'm generating $30,000,000 of Bitcoin gains.
我有1000万美元的亏损。
I've got $10,000,000 of losses.
现在我每年赚2000万美元。
Now I'm making $20,000,000 a year.
难道我不是拯救了这家公司吗？
Didn't I just save the company?
那你为什么批评这家公司？
So why are you criticizing that company?
我的意思是，批评的不是他们买了比特币。
I mean, the criticism is not that they bought Bitcoin.
批评的是他们正在亏钱。
The criticism is that they're losing money.
好吧。
Okay.
那我给你一个选择。
Well, I'll give you a choice.
你可以投资一家每年亏损一千万但没有购买比特币的公司，也可以投资一家每年亏损一千万但通过比特币赚取三千万、同时还有两千万年收入的公司。
You can invest in a company that's losing 10,000,000 a year with no Bitcoin, or you can invest in a company that's making that's losing 10,000,000 a year and making 30,000,000 a year off the Bitcoin and making 20,000,000 a year.
你会选择投资哪一个？
Which of the two would you invest in?
但我认为更关键的问题是，你认为市场能承受得了这么多 treasury 公司吗？
But I I guess the question more is, though, do you think the market can sustain this many treasury companies?
因为我们看到，尤其是那些较小的公司，几乎全都以显著低于其自身价值的价格交易。
Cause we see, especially the smaller ones, almost all of them are now trading at like a significant discount to
它们自己的价值。
their own.
不，我认为你只是没抓住重点。
No, I think you're just missing the point.
比特币社区往往喜欢吞噬自己的年轻人。
Like the Bitcoin community tends to eat its young.
他们宁愿批评购买比特币的公司，也不愿批评那些不购买比特币的公司。
Like they would rather criticize a company that buys Bitcoin than criticize a company that doesn't buy Bitcoin.
你为什么不专注于批评那些亏损却不持有比特币的公司呢？
Why don't you focus upon criticizing the money losing companies that don't own Bitcoin?
你为什么要买它们呢？
Why would you buy them?
你不是在批评它们吗？
Aren't you criticizing them?
不，我同意这一点。
No, I agree with that.
但并不是我在批评它们。
But it's not that I'm criticizing them.
而是这些其他 treasury 公司的股东正遭受惨重损失。
It's just that the shareholders in some of these other treasury companies are getting absolutely crushed.
有没有可能这些公司中的一些能重新回到 1 倍 MNAV 的水平？
And like, is there any way that some of these companies ever get back to like a 1x MNAV?
是的，我认为，是的，我只是不接受这种批评。
Yeah, I think, yeah, I just don't accept the criticism.
你投资了一家公司。
You made an investment in a company.
你为什么投资这家公司？
Why did you invest in the company?
对吧？
Right?
我对这个前提的质疑是，你居然觉得让四亿家公司不购买比特币是可以接受的，而且你还挺喜欢这样。
My problem with the premise is you somehow think that it's okay for 400,000,000 companies to not buy bitcoin, and you like that.
你却要批评那些购买了比特币的200家公司。
And you're gonna criticize the companies, the the 200 companies that bought Bitcoin.
这就是你的高明之处吗？
And that's the thing that's your brilliance?
我感到奇怪的是，你怎么能忽视有四亿家公司没有购买比特币这一事实，却觉得这没什么问题。
The thing that I would How is it brilliant for you to ignore the fact that 400,000,000 companies didn't buy Bitcoin, and somehow that's okay.
而你却要去批评那200家购买了比特币的公司。
And you're gonna criticize the 200 companies that bought Bitcoin.
这并不是我所提出的批评。
That's not the criticism I'm making.
因为如果存在
Because if there's
你只是在批评那些以错误价格购买股票的人。
You're just criticizing someone that bought an equity at the wrong price.
你为什么不把重点放在做投资决策的人身上呢？
Why don't you actually put the focus upon the people that make the investment decision?
公司并不能决定其股票的交易价格。
The companies don't determine the price their stock trades at.
所以
So
我的观点是，丹尼，你有什么了不起的见解，认为人们不应该购买比特币？
my point here is, what is your brilliant insight, Danny, that people shouldn't buy Bitcoin?
你就是想表达这个意思吗？
Is that what you're trying to say?
不，我觉得人们买比特币挺好的。
No, I think people buying Bitcoin's cool.
好吧，如果买比特币没问题，那失业的人呢？
Okay, well, if it's okay for Bitcoin, well, what about an unemployed person?
你想要批评他们买比特币吗？
You wanna criticize them for buying Bitcoin?
当然不。
Of course not.
那如果你有债务呢？
Well, what if you have debt?
你想要批评有债务的人买比特币吗？
You wanna criticize the person with debt for buying Bitcoin?
当然不。
Of course not.
那为什么你要批评一家公司买比特币呢？
Well, then why are you criticizing a company for buying Bitcoin?
我我
I I
我的意思是，我不是在批评那些购买比特币的好公司，事实上它们做得更好。
mean, I'm not criticizing good company that buys Bitcoin is better.
如果是一家糟糕的公司购买了比特币，那也比原来的情况要好。
And if it's a bad company that buys Bitcoin is better than it would have been.
如果你已经自己保管比特币，那你应该了解硬件钱包的情况。
If you're already self custody of Bitcoin, you know the deal with hardware wallets.
复杂的设置、笨拙的界面，以及可能丢失、被盗或遗忘的助记词。
Complex setups, clumsy interfaces, and a seed phrase that can be lost, stolen, or forgotten.
而BitKey解决了这些问题。
Well, BitKey fixes that.
BitKey是由Square和Cash App团队打造的多重签名硬件钱包。
BitKey is a multisig hardware wallet built by the team behind Square and Cash App.
它将加密恢复系统和内置继承功能整合到一款直观易用、无需担心助记词的钱包中。
It packs a cryptographic recovery system and built in inheritance feature into an intuitive, easy to use wallet with no seed phrase to sweat over.
它简单、安全，实现了无压力的自我托管，Time 杂志将 BitKey 列为 2024 年最佳发明之一。
It's simple, secure self custody without the stress, and Time named BitKey one of the best inventions of 2024.
在 bitkey.world 使用代码 w b d 可享受 20% 折扣。
Get 20% off at bitkey.world when you use the code w b d.
访问 bitkey.world 并使用代码 w b d。
That's bitkey.world and use the code w b d.
本集由 Anchor Watch 赞助。
This episode is brought to you by Anchor Watch.
让我夜不能寐的是比特币冷存储出现关键错误的可能性，而这就是 Anchor Watch 的用武之地。
The thing that keeps me up at night is the idea of a critical error with my Bitcoin cold storage, and this is where Anchor Watch comes in.
通过 Anchor Watch，您的比特币将由您自己持有的 A+ 级劳合社保险单承保，所有比特币均存放在其时间锁定的多重签名保险库中。
With Anchor Watch, your Bitcoin is insured with your own a plus rated Lloyd's of London insurance policy, and all Bitcoin is held in their time locked multisig vaults.
因此，您可以在不放弃托管权的情况下，安心知道您的比特币已获得保险。
So you have the peace of mind knowing your Bitcoin is insured while not giving up custody.
无论您担心继承规划、勒索攻击、自然灾害，还是自己犯下的愚蠢错误，Anchor Watch 都能为您提供保障。
So whether you're worried about inheritance planning, rent attacks, natural disasters, or just your own silly mistakes, you're protected by Anchor Watch.
面向美国境内的个人和商业客户，完全保险的托管服务费率低至0.55%。
Rates for fully insured custody start as low as point five five percent are available for individual and commercial customers located in The US.
请联系Anchor Watch获取报价，并了解您的安全选项和保障详情。
Speak to Anchor Watch for a quote and for more details about your security options and coverage.
今天就访问anchorwatch.com。
Visit anchorwatch.com today.
那就是anchorwatch.com。
That is anchorwatch.com.
不，我根本不是在批评任何公司。
No, I'm not criticizing any company here at all.
我只是对市场能否支撑200多家国库公司感到怀疑，因为我不明白为什么。
I'm just saying I'm skeptical of whether the market can sustain like 200 plus treasury companies, because what I don't understand Why is
这就像说，我对市场能否支撑200个人购买比特币感到怀疑。
would you that's kind of like saying I'm skeptical that the market can sustain 200 people to buy Bitcoin.
不。
No.
因为这并不是
Because it's not it's not the
有什么区别？
What's the difference?
关键是，这种做法是通过举债来购买比特币，而不是像现金那样
It's this like it's the idea of just issuing debt to buy Bitcoin rather than being like a cash
那是资金流入正面的，你这话真是无知又无礼。
That's flow positive just an ignorant offensive statement on your part.
请告诉我，你是谁？
Please Who are tell me you?
你是说他们只是在举债购买比特币吗？
Like, are you to say they're just issuing debt to buy Bitcoin?
对吧？
Right?
是你这么说的。
You said that.
嗯。
Mhmm.
比如，世界上有四亿家公司。
Like, there's 400,000,000 companies in the world.
你居然认为只有十家公司能购买比特币。
You're gonna take the position that only 10 can buy Bitcoin.
为什么这四亿家公司不能都购买比特币？
Why can't all 400,000,000 companies buy Bitcoin?
当然可以。
Of course they can.
难道他们不做这些事吗？
Well, don't they do things?
是的。
Yeah.
好吧。
Okay.
所以，是那些公司
So But it's the companies
无所作为的公司，我再次强调，我并不是在批评任何人。
that don't do anything that I am, again, I'm not criticizing anyone.
好的。
Okay.
但重点是，你并不是在批评购买比特币的公司。
But the point, But you're not criticizing a company that buys Bitcoin.
你是在批评那些无所作为的公司。
You're criticizing a company that doesn't do anything.
是的。
Yeah.
好的。
Okay.
嗯，世界上有四亿家公司。
Well, there's 400,000,000 companies.
这四亿家公司中有多少家什么都没做？
How many of the 400,000,000 don't do anything?
你为什么不去专注于这一点呢？
Why don't you just focus on that?
我们可以同意，你不应该投资那些不做任何事情的公司，以做出理性的决定。
We can agree that you shouldn't invest in companies that don't do anything to make a rational decision.
但我们就停在这里好吗？
But can we just leave it at that?
我只是觉得，你想要批评一家做出理性决策的公司，这种想法有点荒谬。
I I just think it's kind of a it's a it's a silly notion that you wanna criticize a company that makes a rational decision.
你希望它们买什么代替比特币？
What do you want them to buy instead of Bitcoin?
对吧？
Right?
你提倡用什么来代替比特币？
What are you promoting instead of Bitcoin?
对吧？
Right?
不，也许
No, it's maybe
有200家公司决定购买比特币。
You have 200 companies that have decided to buy Bitcoin.
这就像批评那200家采用电力的公司。
That's like criticizing the 200 companies that adopted electricity.
你说，嗯，其中一家比另一家更好。
You're like, well, there's one of them that's better than the other.
所以，这就意味着电力是坏的？
Okay, that makes electricity bad?
公司采用一种比旧技术更优的新技术，这有什么不理性？
How is it irrational for a company to adopt a new technology, which is better than the previous technology?
不，这完全不理性。
No, that's not rational at all.
我担心的是，有些公司把这看作是一种捞钱手段，而不是真正试图打造什么有趣的东西。
What I worry about is the companies that may be seeing this as like a cash grab rather than actually trying to build anything interesting.
好吧。
Okay.
但我们并不是来推广糟糕的公司的，对吧？
But we're not here to promote bad companies, are we?
嗯嗯。
Mm-mm.
这就像，好吧，我发明了电力，然后有个家伙卖什么纸板棉花糖标牌，居然花十亿美元宣布要购买电力。
That's kind of like, okay, well, I invented electricity and some dude that sells, I don't know, like cardboard cotton candy placards for a billion dollars announces he's going to buy electricity.
我的意思是，重点是，你应该投资那个卖棉花糖纸板盒子的公司吗？它居然标价十亿美元。
I mean, point is, like, should you invest in the cardboard cotton candy company that sells cotton candy cardboard boxes for a billion dollars?
当然不。
Of course not.
但我对你的说法有异议，你说我不知道市场是否容得下超过两三家公司购买比特币。
But my problem with your framing is you're saying, I don't know if the market has room for more than a couple of companies to buy Bitcoin.
听我说，市场上有足够的空间让地球上每一家公司都购买比特币。
Look, the market has room for every company on Earth to buy Bitcoin.
对吧？
Right?
市场是这样的，顺便说一句，有一个简单的思路来理解这个问题。
The market and by the way, if there's a there's a simple way to think about this.
如果你有一个成功或健康的业务，能产生现金流，然后你购买了比特币，难道你会变得更好吗？
If you've got a successful business or a healthy business and you're generating cash and you buy Bitcoin, won't you be better?
嗯。
Mhmm.
好吧。
Okay.
如果你有一个有时赚钱、但经营困难的企业。
If you have a business which sometimes makes money, it's a struggling business.
有些年份赚钱，有些年份不赚钱，但你手头有很多现金。
And some years it makes money, some years it doesn't make money, but you have a lot of cash.
把现金投资于比特币，难道不是比白白花掉更好吗？
Wouldn't you be better to invest the cash in Bitcoin than give it away?
是的。
Yes.
当然。
Absolutely.
把现金投资于比特币，难道不是比购买国债更好吗？
Wouldn't you be better to invest the cash in Bitcoin than buy treasuries?
嗯。
Mhmm.
好吧。
Okay.
所以，优质公司通过购买比特币获益，困境公司通过购买比特币也获益。
So good companies benefit from buying Bitcoin and then struggling companies benefit from buying Bitcoin.
现在，如果你有一家公司，它从不盈利，将来也不会盈利，但手上有1亿现金，你的选择就是把钱白白花掉，而公司也不存在了。
Now, if you have a company which makes no money, that's never gonna make any money, that has a 100,000,000 in cash, Your choice is give the money away, you've got no company.
把钱投资到比特币里，你有一家公司，其主营业务不产生任何现金流，但每年赚3000万美元，年增长30%。
Invest the money in Bitcoin, you've got a company that generates no cash in its operating business but makes $30,000,000 a year, growing at 30% a year.
我给你一家每年产生3000万美元、年增长30%的数字公司。
I give you a digital company that is generating 30,000,000 a year, growing 30% a year.
这家公司做出这个决定是明智的吗？
Was that a good decision by the company?
是的。
Yep.
好吧。
Okay.
所以现在你的问题是：有一家公司每年永久亏损1000万美元，但你通过比特币每年能赚3000万美元，且增长30%。
And so now your issue is now I have a company which is losing 10,000,000 a year forever, and I can make 30,000,000 in Bitcoin growing 30% a year.
这意味着你最初有2000万美元，但业务在增长。
That means I start with, you know, dollars 20,000,000, but the business is growing.
顺便说一句，从统计上看，如果你以1亿美元的比特币起步，再叠加每年永久亏损1000万美元，那么这家公司的最终结果与一家永远不亏损的公司是一样的。
It statistically, by the way, if you start with $100,000,000 of Bitcoin and you bolt on $10,000,000 of losses forever, then the business converges on the same result as a business that doesn't lose anything forever.
因为最终你每年能赚十亿美元，同时每年产生一千万美元的亏损。
Because eventually you're making a billion dollars a year and you're generating 10,000,000 in losses.
所以你仍然拥有一个每年创造十亿美元收入的业务。
And so you've still got a business making 1,000,000,000 a year.
这是个好主意吗？
Is that a good idea?
好吧。
Okay.
那么你的问题是什么？
So what's your problem?
你的问题在于，比特币社区的人无法想象购买股权。
Like your problem is, think part of the issue is people in the Bitcoin community can't imagine buying equity.
或者他们认为，购买比特币比购买股权更好。
Or they're like, well, that's not as good as buying Bitcoin.
但实际上，这并不正确。
Well, that's not actually true.
这和购买比特币一样好，实际上更好，因为公司拥有各种税收优惠和运营优势。
It is as good as buying it's actually better because corporations have all sorts of tax advantages and all sorts of operational advantages.
拿这家每年亏损一千万的公司来说。
Take the business, which is losing 10,000,000 a year.
这家公司可以筹集到十亿美元的资金，然后以5%的无风险利率借入十年期资金，用这笔钱购买比特币并加杠杆。
That business can generate a billion dollars of capital and turn around and go raise money at 5% risk free ten years out and buy Bitcoin with it, lever it up.
它们的表现可能会超过比特币。
And they'll probably outperform Bitcoin.
这有什么问题吗？
What's wrong with that?
这没什么问题。
Nothing's wrong with that.
我的意思是，我不确定这是否比直接购买比特币更好，因为你实际上无法持有比特币。
I mean, I don't know if it's better than buying Bitcoin in the sense that you don't get to actually hold the Bitcoin.
但它可能会表现得更好。
It may outperform it.
但如果你想买比特币，那就买比特币吧。
But is the you wanna buy Bitcoin, buy Bitcoin.
嗯。
Yeah.
但为什么有这么多敌意呢？
But what's with all the hate?
就像整个社区充满了这么多毒性和负面情绪。
It's like, it's just so dysfunctional, like all of the toxicity in the community.
有四亿家企业。
There's 400,000,000 businesses.
你没有企业吗，丹尼？
Don't you have a business, Danny?
我有，好吧。
I do Okay.
资产负债表上持有比特币。
With Bitcoin on the balance sheet.
好的。
Okay.
所以你是想让我坐下来做播客，谈论你为什么不应该购买比特币，你永远无法像某些其他比特币资产负债表公司那样优秀，然后对你大加贬低，接着如果你去找某个风险投资人，他们愿意给你一千万美元投资比特币相关业务，我就该发邮件或恶毒的信件骂他们愚蠢，批评他们想投资你吗？
So you want me to sit and do podcasts talking about how you shouldn't buy Bitcoin and you'll never be as good as some other Bitcoin treasury company and, like, heaping scorn on you and then criticizing all your if you go and if you find some venture capitalist that wants to give you $10,000,000 and invest in what Bitcoin did, should I then send emails and nasty grams of them calling them stupid and criticizing them because they want to invest in you?
关键是，你有生意，你得谋生。
And like, it's like the point is you have a business, you have to make a living.
你的生意有了比特币会更好。
Your business is better with Bitcoin.
顺便问一下，那些风险投资人呢？
By the way, what about the venture capitalists?
我的意思是，这一切的潜台词都是一种对那些以投资企业为生的人的毒害、仇恨和无知。
I mean, like the subtext of all this is sort of like some toxicity and hatred and ignorance of people that invest in businesses for a living.
风险投资人这个职业，本质上就是负责投资资本的。
Like, the the the venture capitalist literally has a job where he has to invest capital
嗯。
Mhmm.
在你的生意里。
In your business.
他必须这么做。
He has to.
嗯。
Mhmm.
他不被允许购买比特币。
He's not allowed to buy Bitcoin.
好吧。
Okay.
所以，你不会成为最大的比特币储备公司，丹尼。
So well, you're not gonna be the biggest Bitcoin treasury company, Danny.
但关键是，风投必须投资某个人。
But the point is the VC needs to invest in someone.
他想投资一位播客主。
He wants to invest in a podcaster.
你可以选择拿这笔钱去买比特币，或者你不能用它来买比特币。
You can choose to take the money and buy Bitcoin with it, or you cannot buy Bitcoin with it.
我不是坐在那里讨厌你，也不是讨厌他。
I'm not sitting hating on you, and I'm not hating on him.
我也不是兴高采烈地、贬低那些购买股票的人。
And I'm not, like, I'm not gleefully, you know, disparaging people that buy equities.
关键是，那个人从事的是购买私募股权的业务。
The point is that guy's in the business of buying private equity.
你从事的是创造私募股权的业务。
You're in the business of creating private equity.
还有其他人从事的是购买公开股权的业务。
There are other people in the business of buying public equity.
市场上有数万亿美元的资金被锁定，他们不能购买比特币。
There are literally tens of trillions of dollars of capital locked up in the market, and they can't buy Bitcoin.
他们不能投资于私营公司。
They can't invest in a private company.
他们必须投资于上市公司。
They have to invest in a public company.
问题是，上市公司是否应该购买比特币来进行投资？
And the issue is, should a public company buy bitcoin so they can invest in it?
当然应该。
Of course they should.
有些公司需要购买日本企业。
Some of them need to buy Japanese companies.
有些公司需要购买巴西企业。
Some of them need to buy Brazilian companies.
我有资本。
I have capital.
我必须投资于巴西企业。
I have to invest in Brazilian companies.
所以你是一家巴西公司。
So you're a Brazilian company.
你用它来购买比特币。
You buy Bitcoin with it.
你永远不可能成为美国最大的比特币持有者。
You're never gonna be the biggest Bitcoin holder in The United States.
但那又有什么关系呢？
But what does that matter?
嗯。
Mhmm.
那么，如果你是巴西第十四家购买比特币的公司，会发生什么？
So what happens if you're the fourteenth company in Brazil that buys Bitcoin?
我的意思是，这里的关键点，人们忽视的部分，也是我对于整个比特币社区的不满。
Well, I mean, the whole point here, the part that people are missing is and this is my issue with the Bitcoin community in general.
他们宁愿自相残杀，更愿意批评那些以不同于他们的方式购买或支持比特币的人。
They would rather eat their young, and they would and they would rather criticize other people that buy Bitcoin or support Bitcoin in a different way than them.
比如，你不是自托管至上主义者，或者你没有以我认为正确的方式去做。
Like, you're not a self custody maxi or you don't, you know, you don't do it the way I should do it.
你应该把它放在两块钛合金板上，埋在地下，覆盖八大洲，才算真正的比特币。
You should put it on, like, two titanium 16 titanium plates and bury it under the dirt and and eight continents in order to be a true Bitcoin.
他们有各种各样的批评。
They've got all these criticisms.
但世界上99%的人根本不知道他们的存在，也不会给他们一分钱，还讨厌他们。
But 99% of the world doesn't even know they exist and won't give them a nickel and hates them.
或者更建设性地说，世界上99%的人都是你的敌人。
Or constructively, 99% of the world is your enemy.
但他们从不批评那些是他们敌人的世界99%的人。
And they don't criticize the 99% of the world that's their enemy.
他们只关注世界上那1%在绝大多数实质问题上与他们意见一致的人。
They focus on the 1% of the world that agrees with them on 99% of substantive values.
所以我们花了太多时间去批评其他比特币持有者和比特币公司。
And so we spend so much time being critical of other Bitcoiners and other Bitcoin companies.
事实上，那个喜欢比特币的人，99%的价值观都与你一致，只有1%不同。
And the truth of the matter is the guy that likes Bitcoin is 99% aligned with you and 1% different.
好吧？
Okay?
所以你住在英国，或者你住在德国，你说德语，但说英语时带着口音。
So I live in The UK or you live in Germany, and you speak German, and you speak English with an accent.
所以我会因为你的口音而挑剔你，即使你用带着口音的英语表达和我一致的观点，我也会花所有时间批评你的口音。
So I'm gonna hate on you because you have an accent when you agree with when you say something in English agreeing with me with an accent, I'm gonna spend all my time critiquing your accent.
我觉得社区里的很多争论就是这样。
And I feel like a lot of the debate in the community is that.
这纯粹是在浪费时间。
And it's just such a waste of time.
完全不具建设性。
It's so nonconstructive.
对吧？
Right?
我的意思是，实际上有四亿家公司。
I mean, the answer is there's 400,000,000 companies.
其中一些是好公司。
Some of them are good companies.
一些是坏公司。
Some of them are bad.
如果你有垄断地位，那很好。
If you've got a monopoly, good for you.
顺便说一下，你甚至不需要购买比特币。
By the way, you don't even need to buy bitcoin.
你有垄断地位。
You have a monopoly.
对吧？
Right?
他们将是最后购买比特币的人。
They're gonna be the last ones to buy bitcoin.
如果你的生意具有竞争力，但举步维艰，购买比特币可能会成为你生意成败的关键。
If you've got a competitive business, you're struggling, you buy bitcoin, then maybe it's the difference between success and failure of your business.
如果你有一个弱势的企业，比如你在澳大利亚卖饮料，但你不是可口可乐。
If you have a business which is a weak business, okay, so whatever, You sell beverages in Australia and you're not Coca Cola.
但这并不意味着你是个坏人。
Well, that doesn't mean you're an evil person.
也不意味着你不该存在。
That doesn't mean you don't deserve to exist.
也许比特币就是你的救命稻草。
Maybe Bitcoin is your lifeline.
就像
Like
如果你全家的支出超过收入，而且你根本没有希望赚到足以覆盖开销的钱呢？
what if your family collectively spends more money than they make and you have no chance or no hope of making more than you need to spend?
如果我给你一个投资比特币的机会，这可能就是你的家庭免于破产和陷入赤贫的关键。
And I give you the chance to invest in Bitcoin, and that's the difference when your family going bankrupt and being destitute or not.
这就像是，有个播客主会因为我们的家庭不是苹果公司而批评我们。
It's like, I got some podcaster that's gonna criticize my family because we're not Apple computers.
这简直令人反感，你竟然会批评那些通过投资与你相同的东西来努力谋生的人。
It's like, it's so offensive that you would criticize someone struggling to make a living by doing but by doing some but by, in essence, investing in the same thing you invest in
你是说我在批评这些人吗？
Are you saying I'm criticizing these people?
我只是说，任何批评比特币公司的人，都像是在对那些在99%基本原则上与你持相同观点的人落井下石。
I'm just saying anyone that's criticizing a Bitcoin company is is like piling on to a person that agrees with them with on 99% of the fundamentals.
你该做的应该是赞扬他们的选择。
And what you ought to do is applaud their decision.
对吧？
Right?
他们基本上认定自由、主权、经济诚信和比特币是最高价值的资产。
They basically decided that freedom and sovereignty and, you know, and economic integrity and Bitcoin was Apex property.
这是件好事。
And that's a good thing.
他们已经加入了这场运动。
And they've joined the movement.
所以我们或许应该感谢他们，或者至少支持他们。
So maybe we ought to thank them or at least support them.
他们的股票被高估了三倍，或者股价上涨了十倍，你买了它，然后它又下跌了。
The fact that their stock got overvalued by a factor of three or it's so the stock trades up by a factor of 10, and you bought it, and then it trades down.
现在你的反应不是反省自己，反而去批评他们。
And now your answer is instead of criticizing yourself, you're criticizing them.
对吧？
Right?
你是个股票投机者。
You're a you're a stock speculator.
如果你是个股权投机者，买了市销率达57倍的股票，然后股价下跌，问题不在公司，而在你自己。
If you're an equity speculator and you buy stocks that are trading at 57 times revenue, and then it trades down, the fault is not with the company, the fault is with you.
我的意思是，我完全同意。
I mean, I totally agree.
所以与其批评那些做出理性决策的公司，不如照照镜子，对自己负责。
That's And so instead of criticizing companies that do rational things, look in the mirror, hold yourself accountable.
问题不在于公司购买比特币。
The problem is not companies buying Bitcoin.
对吧？
Right?
还有多少空间？
How much room is there?
地球上每一家公司都有空间购买比特币，丹尼。
There's room for every company on earth to buy Bitcoin, Danny.
所以，好吧。
So, okay.
我想我之前表达得不太好，因为我并不是在批评这些公司。
I think maybe I framed that badly because I'm not criticizing these companies.
我更想问的是，目前市场能承受多少这样的纯现金储备型公司，尤其是考虑到2020年的时候，
It's more I'm asking what the market will sustain as of right now for these pure play treasury companies, especially with the fact that like in 2020 I mean,
这是个挑衅性的问题。
it's an offensive question.
这就是问题所在。
Like here's the problem with it.
是你把它们定义为纯粹的现金储备公司。
You're the one that's characterizing them as pure play treasury companies.
它们不是。
They're not.
但你这样定义我，Danny，这简直是一种侮辱，你侮辱了我，侮辱了我整个人生和永恒的定位。
But that's that it's insult, Danny, is you insult me by characterizing what I am and what I will be for the all of eternity.
不。
No.
不。
No.
我不是在谈撒旦的真相。
I'm not talking about Satan's truth.
我真的很生气，你竟然持这种立场。
Is I'm I'm like this literally insulted that you take that position.
采取这种立场是冒犯的。
It's an offensive position to take.
好吧，道歉吧，因为我真的没有打算。
Well, apologize, because I'm really not trying to
冒犯运营公司。
insult operating companies.
好的。
Okay.
但所以所以
But what so So
关键是，有四亿家公司。
the point is there's 400,000,000 companies.
它们做着各种各样的事情。
They do a lot of different things.
嗯。
Mhmm.
对吧？
Right?
所以，把它们都描述为纯比特币概念股，认为它们唯一做的事就是买入比特币并通过出售股权来购买比特币，这种观点是不对的。
And so taking the position that all that they do nothing but buy Bitcoin and sell equity to buy the Bitcoin by characterizing them as a pure play.
好的。
Okay.
再说一遍，这并不是我的本意。
Again, so that wasn't my intention.
我真不是想说
I'm really not trying to say
换种方式说。
it in different way.
地球上一共有多少家公司，丹尼？
How many companies are there on Earth, Danny?
4亿家。
400,000,000.
好的。
Okay.
那么，地球上公司还有多少空间呢？
Well, so how much room is there for companies on earth?
4亿。
400,000,000.
那为什么你担心只有200家呢？
Well, why are you concerned about the fact there's 200?
不，不是的。
No, no.
不过，我想问的是，在2025年之前，你们推出优先股，我觉得这是一个非常有趣的产品。
The question I'm trying to get to though is like within '25, like you launching the preferreds, which I think are a really interesting product.
这会改变其他所有公司的玩法吗？
Does that change the playbook for all these other companies?
既然你们有了优先股，它们现在该如何与你们竞争呢？
And how do they now compete against you now you have the preferreds as well?
我再次对你的问题提出异议。
Again, I take issue with your question.
这是一个无知、无礼、狭隘的问题。
It's an ignorant, insulting, myopic question.
你会这样看待问题吗？
Do you frame things that way?
我们之间并没有竞争。
We're not competing with each other.
这就像说，嗯，我听说我的邻居买了比特币，我也买了比特币。
That's like saying, well, you know, like, I heard my neighbor bought Bitcoin and I bought Bitcoin.
我们俩买比特币没有足够的空间。
There's not enough room for both of us to buy Bitcoin.
我们彼此在竞争。
We're competing with each other.
那我的邻居就得去买另一种加密资产了。
Now what's my what's my my neighbor's got to buy another crypto asset.
我们根本不是在互相竞争，丹尼。
Like, we're not competing with each other, Danny.
这就是这个问题无知的地方。
Like, that's that's the ignorant part of the question.
对吧？
Right?
这正是我不同意的地方。
That's what I take issue with.
如果你是一家日本的酒店公司
What you if you're a hotel company in Japan
嗯。
Mhmm.
你是在和日本其他酒店公司竞争。
You're competing with other hotel companies in Japan.
而决定购买比特币，只是提升公司质量的一种决策。
And the decision to buy Bitcoin is just a decision to improve the quality of your company.
这就像在问有多少公司可以使用电力。
It's like saying how many companies can have electricity.
我听说有200家公司用电，但有一家公司用得特别多。
I heard 200 companies have electricity, but there's one company that uses a lot of it.
那其他公司就得改变策略吗？
So do the other companies have to change their strategy?
老兄，你觉得它们的策略都一样吗？
Dude, like, you think they had the same strategy?
这问题太荒谬了，是一种狭隘、无知且有害的提问方式。
It's a it's a it's a silly question, and it's a it's a myopic, ignorant, toxic framing of a question.
结果就是，你会得出一些无知的结论。
And the result is you, know, you come to some ignorant conclusion.
好吧。
Okay.
丹尼，有四亿家公司都还有空间购买比特币。
There's room for 400,000,000 companies to buy Bitcoin, Danny.
嗯。
Mhmm.
保险公司会和我的公司竞争吗？
Do insurance companies compete with my company?
我不卖保险。
I don't sell insurance.
不会。
No.
银行会和我的公司竞争吗？
Do banks compete with my company?
我不卖银行服务。
I don't sell bank.
我不是银行。
I I I'm not a bank.
我不做消费信贷。
I don't buy consumer credit.
我发行信用卡吗？
Do I issue credit cards?
不。
No.
交易所与我的公司竞争吗？
Do exchanges compete with my company?
不。
No.
我们不是交易所。
We're not an exchange.
开发人工智能的公司与我的公司竞争吗？
The companies that create AI compete with my company?
不。
No.
这些人都不是我的公司的竞争对手。
None of these people compete with my company.
我们刚刚明明说了有四亿家公司。
There's a million we literally just said there's 400,000,000 companies.
你为什么认为，持有比特币作为资产负债表资产的公司只有一种可能的商业策略？
Why do you think that there's only one possible business strategy for a company that holds Bitcoin on its balance sheet?
这就像说电只有一种用途一样。
That's like saying there's only one thing you can do with electricity.
好吧。
Okay.
那唯一的一种是什么？
What's the one thing?
你可以做的远不止一种。
There's more than one thing you can do.
当然。
Of course.
这就像是说，哦，我们说英语。
It's like, oh, well, we speak English.
如果你只会说英语，那你只能做一件事。
Well, there's only one thing you could do if you speak English.
我们使用美元。
We use dollars.
比特币只是一种数字资本资产。
Bitcoin is just a digital capital asset.
你可以用数字资本做数以百万计的事情，这就是为什么每次你试图把我们描述成彼此竞争时，我都感到不满。
You can literally do millions of things with digital capital, which is why I take offense every time you try to characterize us as competing with each other.
你正在创造一个弱肉强食的世界，人人都在竞争。
You're creating this dog eat dog world where everybody competes.
我们之间并没有竞争。
We're not competing with each other.
采用电力的公司，你知道，决定不再依赖驴车。
Companies that adopted electricity, you know, decided they didn't want to rely on donkey carts.
而你却坐在这里批评那些选择用电而不是用驴子的公司。
And you're sitting here criticizing companies that adopted electricity instead of used donkeys.
你知道吗，我觉得这很冒犯，而且目光短浅，我们应该更建设性一些。
And you know, and it's like, I just think it's offensive and it's myopic and we ought to be constructive.
你为什么不为他们不再使用驴车而改用电力鼓掌呢？
Why don't you applaud them for not using donkey carts and using electricity?
那你有没有想过，也许用电能做的事情远不止一种。
And then why don't you think, well, maybe there's more than one thing I can do with electricity.
也许会有好莱坞电影，也许我们会发明电梯，也许我们会制造电动汽车、吹风机和空调，这些都是用电实现的。
Maybe there'll be a world of Hollywood movies and maybe we'll create elevators, and maybe we'll create electric cars, and maybe we'll create hairdryers, and maybe we'll create air conditioners with electricity.
你想象不出用数字资本能做些什么吗？
You can't imagine anything you could do with digital capital?
当然能。
Of course.
保险、信贷、银行、交易所、衍生品、货币、货币基金。
Insurance, credit, banking, exchanges, derivatives, money, money funds.
地球上曾经做过的一切事情，难道不是都能通过信贷做得更好吗？
How about everything on earth that's ever been done would be done better with credit?
我的意思是我真的不是想批评这些公司。
I mean, I'm really not trying to criticize these companies.
我只是想听听你的看法。
I'm just trying to get your perspective on it.
如果这个问题冒犯了你，我很抱歉。
I'm sorry if that was an offensive question.
你正在了解我的观点，那就是你批评那些选择喜欢比特币的公司是在浪费时间。
You're getting my perspective on it, which is you're wasting your time criticizing companies that decided they like Bitcoin.
如果你真想批评公司，丹尼，那你为什么不批评那99.9%不喜欢比特币的公司呢？
Why don't you, if you wanna criticize companies, Danny, why don't you criticize the 99.9% of the companies that don't like Bitcoin?
有道理。
Fair.
难道这不才是你该做的事吗？
Mean, isn't that what you should be doing?
这正是我的观点。
That's my point.
这就像一种吞噬自己下一代的毒性。
It's like this toxicity of eating its own young.
为什么你不支持那些在99%理念上与你一致的人，反而去批评他们呢？
Like, why don't you actually support the people that agree with you on 99% of your ideology instead of criticizing them?
说得对。
Fair.
对吧？
Right?
他们其实正在为股东、为家人做正确的事，对吧？
They're actually trying to do the right thing for their shareholders, their families, right?
为他们的国家，对吧？
Their countries, right?
他们正在做有益的事。
They're doing good things.
对吧？
Right?
巴西有一些人需要购买股权。
There's people in Brazil that need to buy equity.
他们需要像OrangeBTC这样的平台。
They need someone like OrangeBTC.
日本也有一些人。
There's people in Japan.
他们需要MetaPlanet。
They need MetaPlanet.
英国也有一些人。
There's people in The UK.
他们需要SmarterWeb。
They need SmarterWeb.
法国也有一些人。
There's people in France.
对吧？
Right?
他们需要大写的B。
They need capital B.
对吧？
Right?
这些公司正在为比特币竖起旗帜，将数字资本带入全球各地的股权资本市场。
Those companies are planting the flag for Bitcoin, and carrying digital capital into the equity capital markets everywhere in the world.
而且它们都在不同程度上这样做。
And they're all doing it to different degrees.
而且它们正面临困难。
And they're struggling.
这是一个竞争非常激烈的市场。
It's a very competitive market.
比如，在4000亿家公司中，有多少家能轻松应对呢，丹尼？
Like, out of the 400,000,000,000 companies, like how many of them have an easy time of it, Danny?
很少。
Few.
10？
10?
是的。
Yeah.
好吧。
Okay.
所以只有大约10家巨型公司过得轻松。
So there's like 10 mega corps of an easy time.
其他所有人都在挣扎。
Everybody else is struggling.
有80亿人在挣扎。
There's 8,000,000,000 people struggling.
有4亿家公司正在挣扎。
There's 400,000,000 companies that are struggling.
那我该给他们什么建议呢？
Like what's my advice for them?
购买比特币。
Buy Bitcoin.
比特币是一种策略。
Bitcoin's a strategy.
我对你问题的异议在于，你的建议是别费劲了，因为你不可能变得像比特币策略那样强大。
My my issue with your question is your advice is don't bother because you're not gonna be as big as strategy.
让我们谈谈他们所有的问题。
And let's talk about all their problems.
我的观点是，这太不建设性了，而且极其消耗精神。
And my point is, it's so nonconstructive and so souls souls sucking.
对吧？
Right?
对吧？
Right?
我们花时间在负面情绪上，真的值得吗？
For for us to spend time on negativity.
他们也得起床去上班，就像你一样。
They have they have to get up and go to work just like you do.
嗯。
Mhmm.
所以我给你的公司的建议是专注于比特币。
And so my suggestion for your company is focus on Bitcoin.
如果你有资金，就用它来购买比特币。
And if you have capital, buy Bitcoin with it.
别纠结于你可能没有其他公司那么多资金，或者无法像其他公司那样做事。
And don't obsess over the fact that maybe you don't have as much as another company or you can't do what another company could do.
问问你自己你能做什么。
Ask yourself what you can do.
我有100个点子可以给你。
I got a 100 ideas for you.
对吧？
Right?
这些都是很好的建设性想法。
They're all good constructive ideas.
对吧？
Right?
人们要么用积极的眼光看待世界。
People either look at the world with a positive lens.
我要拥抱新技术，成为最好的自己。
I'm going to embrace new technology and become the best version of myself I can be.
或者他们接受消极的想法。
Or they embrace negative ideas.
哦，是的。
Oh, yeah.
别人比我先做到了，我想我也不行了。
Someone else got there before me and I guess I can't.
所以我认为我们不应该把时间花在消极情绪上。
And so I just I don't think we should be spending time on negativity.
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