{"id":928,"date":"2025-02-14T00:29:44","date_gmt":"2025-02-13T16:29:44","guid":{"rendered":"https:\/\/www.yixiangtian.com\/?p=928"},"modified":"2025-02-14T00:29:44","modified_gmt":"2025-02-13T16:29:44","slug":"%e5%be%ae%e7%ad%96%e7%95%a5-michael-saylor-%e6%98%af%e5%a6%82%e4%bd%95%e4%b8%ba%e5%be%ae%e8%bd%af%e5%88%b6%e5%ae%9a%e6%af%94%e7%89%b9%e5%b8%81%e7%ad%96%e7%95%a5%e7%9a%84%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.yunsiwang.com\/?p=928","title":{"rendered":"\u5fae\u7b56\u7565 Michael Saylor \u662f\u5982\u4f55\u4e3a\u5fae\u8f6f\u5236\u5b9a\u6bd4\u7279\u5e01\u7b56\u7565\u7684\uff1f"},"content":{"rendered":"
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<\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\u5fae\u7b56\u7565\uff08<\/span><\/span>MicroStrategy<\/span><\/span>\uff09\u662f\u4e00\u5bb6\u6210\u7acb\u4e8e<\/span><\/span>1989<\/span><\/span>\u5e74\u7684\u4f01\u4e1a\u5206\u6790\u8f6f\u4ef6\u516c\u53f8\uff0c<\/span><\/span>1998<\/span><\/span>\u5e74\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u3002\u5b83\u6700\u521d\u4ee5\u63d0\u4f9b\u5546\u4e1a\u667a\u80fd\uff08<\/span><\/span>BI<\/span><\/span>\uff09\u3001\u6570\u636e\u5206\u6790\u3001\u79fb\u52a8\u8f6f\u4ef6\u5f00\u53d1\u548c\u4e91\u8ba1\u7b97\u670d\u52a1\u4e3a\u4e3b\u4e1a\u3002\u7136\u800c\uff0c\u5fae\u7b56\u7565\u5728\u6bd4\u7279\u5e01\u9886\u57df\u7684\u72ec\u7279\u5e03\u5c40\u4f7f\u5176\u6210\u4e3a\u5168\u7403\u5173\u6ce8\u7684\u7126\u70b9\u3002<\/span><\/span>2020<\/span><\/span>\u5e74<\/span><\/span>8<\/span><\/span>\u6708\uff0c\u5fae\u7b56\u7565\u5728\u5176\u8463\u4e8b\u957f<\/span><\/span>Michael Saylor<\/span><\/span>\u7684\u5e26\u9886\u4e0b\uff0c\u5ba3\u5e03\u65a5\u8d44<\/span><\/span>2.5<\/span><\/span>\u4ebf\u7f8e\u5143\u8d2d\u4e70\u7ea6<\/span><\/span>21,400<\/span><\/span>\u679a\u6bd4\u7279\u5e01\uff0c\u6210\u4e3a\u5168\u7403\u7b2c\u4e00\u5bb6\u5b9e\u884c\u6bd4\u7279\u5e01\u8d44\u91d1\u7b56\u7565\u7684\u4e0a\u5e02\u516c\u53f8\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u5fae\u7b56\u7565\u5728\u6b64\u540e\u4e0d\u4ec5\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u8fd8\u6301\u7eed\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u5e76\u4e14\u6562\u4e8e\u901a\u8fc7\u53d1\u884c\u80a1\u7968\u548c\u503a\u5238\u4ee5\u7ea6<\/span><\/span> 1%<\/span><\/span>\u6216\u8005<\/span><\/span>0%<\/span><\/span>\u7684\u5229\u7387\u501f\u6b3e\u8d2d\u4e70\u6bd4\u7279\u5e01\uff0c\u4ee5\u6b64\u63a8\u52a8\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0a\u6da8\uff0c\u56de\u8fc7\u5934\u6765\uff0c\u6bd4\u7279\u5e01\u4e0a\u6da8\u53cd\u8fc7\u6765\u8fdb\u4e00\u6b65\u52a9\u63a8\u5fae\u7b56\u7565\u80a1\u4ef7\u3002\u5fae\u7b56\u7565\u7684\u8fd9\u4e00\u7b56\u7565\u4f7f\u5176\u5728\u8d44\u672c\u5e02\u573a\u83b7\u5f97\u4e86\u5927\u91cf\u8d44\u91d1\uff0c\u5e76\u4e14\u5176\u80a1\u4ef7\u4e0e\u6bd4\u7279\u5e01\u4ef7\u683c\u7d27\u5bc6\u76f8\u5173\uff0c\u6210\u4e3a\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u653e\u5927\u5668\u3002\u8fd9\u79cd\u7b56\u7565\u867d\u7136\u5e26\u6765\u4e86\u9ad8\u56de\u62a5\uff0c\u4f46\u4e5f\u4f34\u968f\u7740\u9ad8\u98ce\u9669\uff0c\u5c24\u5176\u662f\u6bd4\u7279\u5e01\u7684\u9ad8\u6ce2\u52a8\u6027\u548c\u76d1\u7ba1\u4e0d\u786e\u5b9a\u6027\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u622a\u81f3\u76ee\u524d\uff0c\u5fae\u7b56\u7565\u5df2\u6301\u6709\u8d85\u8fc7<\/span><\/span> 38.67<\/span><\/span>\u4e07\u679a\u6bd4\u7279\u5e01\uff0c\u7ea6\u5360\u6bd4\u7279\u5e01\u5168\u7403\u603b\u4f9b\u5e94\u91cf\u7684<\/span><\/span>1.8%<\/span><\/span>\uff0c\u6210\u4e3a\u5168\u7403\u6700\u5927\u7684\u4e0a\u5e02\u516c\u53f8\u6bd4\u7279\u5e01\u6301\u6709\u8005\u3002\u5c3d\u7ba1\u5fae\u7b56\u7565\u7684\u8d22\u62a5\u8fde\u7eed\u7b2c\u4e09\u4e2a\u5b63\u5ea6\u4e8f\u635f\uff0c\u8868\u73b0\u4e0d\u4f73\uff0c\u4f46\u8fd9\u5e76\u672a\u59a8\u788d\u5b83\u6210\u4e3a\u7f8e\u80a1\u7684\u4eca\u5e74\u7684\u8d85\u7ea7\u5927\u725b\u80a1\uff0c\u6210\u529f\u53d8\u6210\u4e86\u6bd4\u7279\u5e01\u7684\u5f71\u5b50\u80a1\u6216<\/span><\/span><\/span>\u8005<\/span><\/span><\/span>\u8bf4\u7f8e\u80a1\u4e2d\u5e26\u6760\u6746\u7684\u6bd4\u7279\u5e01\u3002<\/span><\/span><\/span> <\/span><\/p>\n

2024<\/span><\/span>\u5e74<\/span><\/span>12<\/span><\/span>\u6708<\/span><\/span>2<\/span><\/span>\u65e5\uff0c\u5fae\u7b56\u7565<\/span><\/span>Michael Saylor<\/span><\/span>\u53d1\u5e03\u4e86\u4e00\u4efd\u7ed9\u5fae\u8f6f\u7684\u63a8\u4ecb\u89c6\u9891\uff0c\u5728\u8fd9\u6bb5\u89c6\u9891\u4e2d\uff0c<\/span><\/span>Michael Saylor<\/span><\/span>\u63a2\u8ba8\u4e86\u6bd4\u7279\u5e01\u7684\u6218\u7565\u65b9\u9488\uff0c\u5f3a\u8c03\u4e86\u5fae\u8f6f\u4f5c\u4e3a\u5168\u7403\u6280\u672f\u521b\u65b0\u7684\u9886\u5bfc\u8005\uff0c\u4e0d\u5bb9\u9519\u8fc7\u7684\u4e0b\u4e00\u6ce2\u6280\u672f\u6d6a\u6f6e<\/span><\/span>\u2014\u2014<\/span><\/span><\/span>\u6bd4\u7279\u5e01<\/span><\/span><\/span>\u6570\u5b57\u8d44\u672c\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u5c3d\u7ba1\u5fae\u8f6f\u8463\u4e8b\u4f1a\u5728\u63d0\u4ea4\u7ed9<\/span><\/span> SEC<\/span><\/span>\u7684\u6587\u4ef6\u4e2d\uff0c\u660e\u786e\u8868\u8fbe\u4e86\u5bf9\u8be5\u63d0\u6848\u7684\u53cd\u5bf9\u6001\u5ea6\uff0c\u7406\u7531\u662f\u5fae\u8f6f\u7ba1\u7406\u5c42\u66fe\u7ecf\u8bc4\u4f30\u8fc7\u8fd9\u4e00\u8bdd\u9898\uff0c\u4f46\u8ba4\u4e3a\u4f01\u4e1a\u8d44\u91d1\u9700\u8981\u7a33\u5b9a\u548c\u53ef\u9884\u6d4b\u7684\u6295\u8d44\uff0c\u4ee5\u786e\u4fdd\u6d41\u52a8\u6027\u548c\u8fd0\u8425\u8d44\u91d1\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u4f46\u662f\u8fd9\u4e2a\u6682\u65f6\u7684\u53cd\u5bf9\u5e76\u4e0d\u59a8\u788d\u6211\u4eec\u4ece<\/span><\/span> Michael Saylor<\/span><\/span>\u7684\u89c6\u9891\u4e2d\u770b\u5230\uff0c\u5b83\u5bf9\u4e8e\u4f20\u7edf\u8d44\u672c\u7684\u7406\u89e3\uff0c\u5411\u6570\u5b57\u8d44\u672c\u8f6c\u53d8\u7684\u8bc9\u6c42\uff0c\u4ee5\u53ca\u6bd4\u7279\u5e01\u5bf9\u4e8e\u4f01\u4e1a\u8d44\u4ea7\u8d1f\u503a\u8868\u4f1a\u4ea7\u751f\u7684\u5f71\u54cd\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u89c6\u9891\u94fe\u63a5\uff1a<\/span><\/span>https:\/\/www.YouTube.com\/watch?v=cH2t6VOdgkE<\/span><\/span><\/span> <\/span><\/p>\n

Note<\/span><\/span>\uff1a\u672c\u6587\u6240\u6709\u89c2\u70b9\u4ec5\u4e3a <\/span><\/span>Michael Saylor <\/span><\/span>\u53ca <\/span><\/span>MicroStrategy <\/span><\/span>\u516c\u53f8\u7684\u89c2\u70b9\u3002\u672c\u6587\u4e0d\u6784\u6210\u4efb\u4f55\u91d1\u878d\u5de5\u5177\u7684\u53d1\u884c\u6216\u6cd5\u5f8b\u3001\u7a0e\u52a1\u3001\u91d1\u878d\u3001\u6295\u8d44\u6216\u5176\u4ed6\u5efa\u8bae\u6216\u63a8\u8350\u3002<\/span><\/span><\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\u4e00\u3001\u4e0b\u4e00\u6ce2\u6280\u672f\u6d6a\u6f6e<\/span><\/span>\u2014\u2014<\/span><\/span>\u6570\u5b57\u8d44\u672c<\/span><\/span><\/span> <\/span><\/p>\n

\u65e0\u8bba\u662f\u4ece\u6700\u65e9\u7684\u4e2a\u4eba\u8ba1\u7b97\u673a\uff0c\u56fe\u5f62\u7528\u6237\u754c\u9762\uff0c\u4e92\u8054\u7f51\uff0c\u5230\u79fb\u52a8\u8ba1\u7b97\uff0c\u4e91\u8ba1\u7b97\uff0c\u4eba\u5de5\u667a\u80fd\uff0c\u5fae\u8f6f\u603b\u80fd\u591f\u5c79\u7acb\u5728\u79d1\u6280\u6d6a\u6f6e\u4e4b\u5dc5\u3002<\/span><\/span>Michael Saylor<\/span><\/span>\u8868\u793a\uff1a<\/span><\/span>\u201c<\/span><\/span><\/span>\u5fae\u8f6f\u4e0d\u80fd\u9519\u8fc7\u4e0b\u4e00\u6ce2\u6280\u672f\u6d6a\u6f6e\uff0c\u8fd9\u6ce2\u6d6a\u6f6e\u6b63\u662f\u7531\u6bd4\u7279\u5e01\u5f15\u9886\u7684\u6570\u5b57\u8d44\u672c\uff08<\/span><\/span>Digital Capital<\/span><\/span>\uff09<\/span><\/span><\/span>\u3002<\/span><\/span>\u201d<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

21<\/span><\/span>\u4e16\u7eaa\u6700\u4f1f\u5927\u7684\u6570\u5b57\u53d8\u9769\uff0c\u662f\u8d44\u672c\u7684\u6570\u5b57\u53d8\u9769\uff0c\u800c\u6bd4\u7279\u5e01\u6b63\u662f\u8fd9\u6570\u5b57\u53d8\u9769\u7684\u4ee3\u8868<\/span><\/span>\u2014\u2014<\/span><\/span>\u6570\u5b57\u8d44\u672c\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u4f5c\u4e3a\u6570\u5b57\u8d44\u672c\u7684\u6bd4\u7279\u5e01\uff0c\u89c4\u6a21\u5df2\u7ecf\u8d85\u8fc7<\/span><\/span> 2<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\uff0c\u662f\u4e16\u754c\u4e0a\u7b2c\u4e03\u5927\u8d44\u4ea7\uff0c\u4ec5\u6b21\u4e8e\u9ec4\u91d1\u3001\u82f1\u4f1f\u8fbe\u3001\u82f9\u679c\u3001\u5fae\u8f6f\u3001\u4e9a\u9a6c\u900a\u3001\u8c37\u6b4c\u3002\u6bd4\u7279\u5e01\u662f\u4e00\u79cd\u5177\u6709\u6700\u5feb\u589e\u901f\uff08<\/span><\/span>BTC 62% ARR V.S. MSFT 18% ARR<\/span><\/span>\uff09\u3001\u6700\u53d7\u6b22\u8fce\u3001\u6700\u6709\u8da3\u3001\u6700\u6570\u5b57\u5316\u3001\u6700\u6709\u7528\u3001\u6700\u5168\u7403\u5316\u7684\u8d44\u4ea7\u7c7b\u522b\u3002<\/span><\/span><\/span><\/p>\n

\"\u5fae\u7b56\u7565<\/span><\/span> <\/span><\/p>\n

\u4e8c\u3001\u5168\u7403\u8d22\u5bcc\u5411\u6570\u5b57\u8d44\u672c\u7684\u8f6c\u53d8<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\u5168\u7403\u5927\u7ea6\u6709<\/span><\/span> 900<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\u89c4\u6a21\u7684\u8d22\u5bcc\u5206\u914d\u4e8e\u591a\u79cd\u8d44\u4ea7\u7c7b\u522b\uff0c\u5176\u4e2d<\/span><\/span>450<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\u8d44\u4ea7\u63d0\u4f9b\u6548\u7528\uff0c<\/span><\/span>450<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\u4f5c\u4e3a\u957f\u671f\u8d44\u672c\u63d0\u4f9b\u4ef7\u503c\u5b58\u50a8<\/span><\/span>\/<\/span><\/span>\u8d44\u672c\u4fdd\u503c\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u4f46\u662f\u7531\u4e8e\u76d1\u7ba1\u3001\u7a0e\u6536\u3001\u7ade\u4e89\u3001\u7ecf\u6d4e\u5468\u671f\u3001\u653f\u6cbb\u6df7\u4e71\u3001\u6c14\u5019\u7b49\u591a\u91cd\u98ce\u9669\u56e0\u7d20\u7684\u5f71\u54cd\uff0c\u6bcf\u5e74\u5927\u7ea6\u6709<\/span><\/span> 10<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u8d22\u5bcc\u88ab\u7a00\u91ca\u3002\u56e0\u6b64\uff0c\u6709\u8d8a\u6765\u8d8a\u591a\u7684\u6295\u8d44\u4eba\u5c06\u957f\u671f\u8d44\u672c\uff08<\/span><\/span>450<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\uff09\u8f6c\u53d8\u4e3a\u6bd4\u7279\u5e01\u8fd9\u79cd\u6570\u5b57\u8d44\u672c\uff0c\u4ee5\u4f5c\u4e3a\u4ef7\u503c\u5b58\u50a8<\/span><\/span>\/<\/span><\/span>\u8d44\u672c\u4fdd\u503c\u7684\u5de5\u5177\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u6570\u5b57\u8d44\u672c\u76f8\u8f83\u4e8e\u4f20\u7edf\u8d44\u672c\u5728\u7ecf\u6d4e\u548c\u6280\u672f\u4e0a\u66f4\u5177\u4f18\u52bf\uff0c\u4f8b\u5982\u6bd4\u7279\u5e01\u80fd\u63d0\u4f9b\u7c7b\u4f3c\u62e5\u6709\u623f\u4ea7\u7684\u6240\u6709\u6743\uff0c\u4f46\u662f\u6bd4\u7279\u5e01\u5e76\u6ca1\u6709\u663e\u773c\u3001\u4e0d\u53ef\u79fb\u52a8\u8d44\u4ea7\u7684\u8d1f\u503a\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u6bd4\u7279\u5e01\u662f\u4ef7\u503c\u5b58\u50a8<\/span><\/span>\/<\/span><\/span>\u8d44\u672c\u4fdd\u503c\u7684\u9769\u547d\u6027\u8fdb\u6b65\uff0c\u76f8\u8f83\u4e8e\u5982\u751f\u547d\u5468\u671f\u4ece<\/span><\/span>1<\/span><\/span>\u5e74<\/span><\/span>– 10<\/span><\/span>\u5e74\u7684\u8c6a\u8f66\u3001\u6e38\u8247\u7b49\u6d88\u8017\u578b\u8d44\u4ea7\uff0c\u4ee5\u53ca\u751f\u547d\u5468\u671f\u4e0a\u81f3\u767e\u5e74\u7684\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\uff0c\u7531\u4ee3\u7801\u6267\u884c\u7684\u6bd4\u7279\u5e01\u751f\u547d\u5468\u671f\u81f3\u5c11\u80fd\u591f\u8fbe\u5230\u4e0a\u5343\u5e74\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\"\u5fae\u7b56\u7565<\/span><\/span><\/p>\n

\u4e09\u3001\u6bd4\u7279\u5e01\u5bf9\u4e8e\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u5f71\u54cd<\/span><\/span><\/span> <\/span><\/p>\n

Michael Saylor<\/span><\/span>\u9884\u8ba1<\/span><\/span>21<\/span><\/span>\u5e74\u4e4b\u540e\uff0c\u5230<\/span><\/span>2045<\/span><\/span>\u5e74\uff0c\u6bd4\u7279\u5e01\u7684\u8d44\u4ea7\u89c4\u6a21\u5c06\u4ece<\/span><\/span>2024<\/span><\/span>\u5e74\u7684<\/span><\/span>2<\/span><\/span>\u4e07\u4ebf\u7f8e\u91d1\u589e\u957f\u5230<\/span><\/span>200<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\u4ee5\u4e0a\u3002\u8fd9\u79cd\u589e\u957f\u80cc\u540e\u7684\u52a8\u529b\u7531\u6570\u5b57\u3001\u653f\u6cbb\u548c\u7ecf\u6d4e\u529b\u91cf\u4fdd\u969c\uff0c\u5305\u62ec<\/span><\/span>750 Exahash<\/span><\/span>\u3001<\/span><\/span>20 Gigawatts<\/span><\/span>\u3001<\/span><\/span>8500<\/span><\/span>\u4ebf\u7f8e\u5143\u6295\u8d44\u3001<\/span><\/span>4<\/span><\/span>\u4ebf\u6bd4\u7279\u5e01\u6301\u6709\u8005\u4e0e<\/span><\/span>6.22<\/span><\/span>\u4ebf\u52a0\u5bc6\u8d27\u5e01\u7528\u6237\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\u5728\u8fd9\u6837\u7684\u80cc\u666f\u4e0b\uff0c<\/span><\/span>Michael Saylor<\/span><\/span>\u5efa\u8bae\uff1a<\/span><\/span>\u201c<\/span><\/span><\/span>\u5fae\u8f6f\u5e94\u4ee5\u6570\u5b57\u8d44\u672c\u4e3a\u4e3b\u8981\u9a71\u52a8\u529b\u3002<\/span><\/span><\/span>\u201d<\/span><\/span><\/span> <\/span><\/p>\n

\u6bd4\u7279\u5e01\u662f\u4f01\u4e1a\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u53ef\u6301\u6709\u7684\uff0c<\/span><\/span><\/span>\u4e1a\u7ee9<\/span><\/span><\/span>\u8868\u73b0\u6700\u4f73\uff0c\u4f46\u662f\u53c8\u4e0e\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0d\u76f8\u5173\u8054\u7684\u8d44\u4ea7\u7c7b\u522b\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u81ea<\/span><\/span> 2020<\/span><\/span>\u5e74<\/span><\/span>8<\/span><\/span>\u6708<\/span><\/span>10<\/span><\/span>\u65e5<\/span><\/span>MicroStrategy<\/span><\/span>\u91c7\u7528\u6bd4\u7279\u5e01\u7b56\u7565\u4ee5\u6765\uff0c\u6bd4\u7279\u5e01\u7684\u8868\u73b0\u4f18\u4e8e\u5fae\u8f6f<\/span><\/span>10<\/span><\/span>\u500d\u3002\u516c\u53f8\u5229\u7528\u5229\u6da6\u6765\u8d2d\u4e70\u6bd4\u7279\u5e01\u5e26\u6765\u7684\u6536\u76ca\uff0c\u8fdc\u6bd4\u53bb\u56de\u8d2d\u81ea\u8eab\u80a1\u7968\u3001\u6301\u6709\u503a\u5238\u7684\u6536\u76ca\u66f4\u9ad8\uff0c\u8fd9\u4e00\u70b9\u5b8c\u7f8e<\/span><\/span><\/span>\u7684<\/span><\/span><\/span>\u5728<\/span><\/span> MicroStrategy<\/span><\/span>\u7684\u80a1\u4ef7\u4e0a\u4f53\u73b0\u3002<\/span><\/span><\/span> <\/span><\/p>\n

2024<\/span><\/span>\u5e74\uff0c\u6bd4\u7279\u5e01\u5df2\u6210\u4e3a\u4e00\u79cd\u673a\u6784\u8d44\u4ea7\uff0c\u73b0\u5728\u662f\u4e0a\u5e02\u516c\u53f8\u503a\u5238\u7684\u53ef\u884c\u66ff\u4ee3\u54c1\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565
\n \"\u5fae\u7b56\u7565
\n \"\u5fae\u7b56\u7565 <\/p>\n

\"\u5fae\u7b56\u7565<\/span><\/p>\n

\u56db\u3001\u6b22\u8fce\u6765\u5230\u6bd4\u7279\u5e01\u52a0\u5bc6\u6587\u827a\u590d\u5174<\/span><\/span><\/span> <\/span><\/p>\n

\u6211\u4eec\u80fd\u591f\u770b\u5230\u5728\u672c\u6b21\u7684\u7f8e\u56fd\u5927\u9009\uff0c\u4ee5\u53ca\u5982\u4eca\u7684\u7f8e\u56fd\u653f\u5e9c\u9886\u5bfc\u7ec4\u6210\u4e2d\uff0c\u652f\u6301\u6bd4\u7279\u5e01\u7684\u6210\u5458\u5360\u7edd\u5927\u591a\u6570\u3002\u767d\u5bab\u3001\u53c2\u8bae\u9662\u3001\u4f17\u8bae\u9662\u3001\u534e\u5c14\u8857\u90fd\u6b63\u5728\u652f\u6301\u6bd4\u7279\u5e01\u3002\u540c\u6837\uff0c\u7edd\u5927\u591a\u6570\u653f\u754c\u3001\u5546\u754c\u9886\u8896\u90fd\u5728\u652f\u6301\u6bd4\u7279\u5e01\u3002\u6b64\u5916\uff0c\u5bf9\u7f8e\u56fd\u5c06\u6bd4\u7279\u5e01\u7eb3\u5165\u6218\u7565\u50a8\u5907\u7684\u652f\u6301\u6d6a\u6f6e\u9ad8\u6da8\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u7f8e\u56fd\u603b\u7edf\u7279\u6717\u666e\u5c31\u5728\u4e00\u6b21\u4f1a\u8bae\u4e0a\u660e\u786e\u8868\u793a\uff1a<\/span><\/span>\u201c<\/span><\/span>\u6c38\u8fdc\u4e0d\u8981\u51fa\u552e\u4f60\u7684\u6bd4\u7279\u5e01\u3002<\/span><\/span>\u201d<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

Michael Saylor<\/span><\/span>\u9884\u8ba1 <\/span><\/span>2025<\/span><\/span>\u5e74\uff0c\u4ee5\u4e0b\u4e8b\u4ef6\u4f1a\u8fdb\u4e00\u6b65\u63a8\u52a8\u4ee5\u6bd4\u7279\u5e01\u4e3a\u4ee3\u8868\u7684\u6570\u5b57\u8d44\u672c\u7684\u91c7\u7528\uff1a\u534e\u5c14\u8857<\/span><\/span>ETF<\/span><\/span>\u3001\u7f8e\u56fd\u8d22\u52a1\u4f1a\u8ba1\u51c6\u5219\u59d4\u5458\u4f1a\uff08<\/span><\/span>FASB<\/span><\/span>\uff09\u516c\u5141\u4ef7\u503c\u4f1a\u8ba1\u3001\u6bd4\u7279\u5e01\u603b\u7edf\u4e0e\u5185\u9601\u3001\u56fd\u4f1a\u4e2d\u6709<\/span><\/span>250<\/span><\/span>\u591a\u540d\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u4eba\u58eb\u3001\u6bd4\u7279\u5e01\u6218\u7565\u50a8\u5907\u6cd5\u6848\u3001\u5e9f\u9664<\/span><\/span>SAB 121<\/span><\/span>\u6cd5\u6848\u3001\u7ed3\u675f\u52a0\u5bc6\u8d27\u5e01\u6218\u4e89\u3001\u6570\u5b57\u8d44\u4ea7\u6846\u67b6\u3001\u6bd4\u7279\u5e01\u6807\u51c6\u516c\u53f8\u3002<\/span><\/span><\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\"\u5fae\u7b56\u7565<\/span><\/span><\/p>\n

\u4e94\u3001\u5fae\u8f6f\u8be5\u5982\u4f55\u4f5c\u51fa\u9009\u62e9<\/span><\/span><\/span>
<\/span><\/span> <\/span><\/p>\n

\u76ee\u524d\u5bf9\u4e8e\u624b\u63e1<\/span><\/span> 700 <\/span><\/span>\u591a\u4ebf\u73b0\u91d1\u7684\u5fae\u8f6f\u6765\u8bf4\uff0c<\/span><\/span>Michael Saylor<\/span><\/span>\u8ba4\u4e3a\u6709\u4e24\u6761\u8def\u5f84\uff1a<\/span><\/span><\/span> <\/span><\/p>\n

\u7b56\u7565<\/span><\/span> 1<\/span><\/span>\uff1a\u6267\u7740\u4e8e\u8fc7\u53bb\uff0c\u57fa\u4e8e\u56fd\u503a\u3001\u56de\u8d2d\u548c\u80a1\u606f\u7684\u4f20\u7edf\u8d22\u52a1\u7b56\u7565\u3002\u8fd9\u79cd\u7b56\u7565\u65e8\u5728\u5c06<\/span><\/span>1000<\/span><\/span>\u4ebf\u7f8e\u91d1\u5206\u6563\u6295\u8d44\u4e8e\u5404\u79cd\u8d44\u4ea7\uff0c\u589e\u52a0\u6295\u8d44\u8005\u98ce\u9669\uff0c\u51cf\u7f13\u589e\u957f\u3002\u5728\u8fc7\u53bb\u7684\u4e94\u5e74\u5185\uff0c\u5fae\u8f6f\u635f\u5931\u4e86<\/span><\/span>2000<\/span><\/span>\u4ebf\u7f8e\u5143\u7684\u8d44\u672c\uff0c\u540c\u6837\u56de\u8d2d\u548c\u80a1\u606f\u5206\u914d\u4e5f\u653e\u5927\u4e86\u5fae\u8f6f\u7684\u98ce\u9669\u56e0\u7d20\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

\u7b56\u7565<\/span><\/span> 2<\/span><\/span>\uff1a\u62e5\u62b1\u672a\u6765\uff0c\u57fa\u4e8e\u6bd4\u7279\u5e01\u4f5c\u4e3a\u6570\u5b57\u8d44\u672c\u8d44\u4ea7\u7684\u521b\u65b0\u8d22\u52a1\u7b56\u7565\u3002\u6bd4\u7279\u5e01\u662f\u6446\u8131\u8fd9\u4e9b\u98ce\u9669\u56e0\u7d20\u7684\u6700\u4f73\u65b9\u5f0f\uff0c\u8fd9\u79cd\u7b56\u7565\u80fd\u591f\u964d\u4f4e\u6295\u8d44\u8005\u98ce\u9669\uff0c\u52a0\u901f\u589e\u957f\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u6bd4\u7279\u5e01\u662f\u4e00\u79cd\u8d44\u4ea7\uff08<\/span><\/span>Asset<\/span><\/span>\uff09\uff0c\u5e76\u4e0d\u662f\u4e00\u5bb6\u516c\u53f8\uff0c\u6ca1\u6709\u6765\u81ea\u7ade\u4e89\u5bf9\u624b\u3001\u56fd\u5bb6\u3001\u4f01\u4e1a\u3001\u503a\u6743\u4eba\u3001\u6587\u5316\u6216\u8d27\u5e01\u7684\u4ea4\u6613\u5bf9\u624b\u98ce\u9669\uff08<\/span><\/span>Counterparty Risk<\/span><\/span>\uff09\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u5982\u679c\u4f60\u80fd\u4ee5<\/span><\/span> 1<\/span><\/span>\u500d\u6536\u5165\u8d2d\u4e70\u4e00\u5bb6\u6bcf\u5e74\u589e\u957f<\/span><\/span>60%<\/span><\/span>\u7684<\/span><\/span>1000<\/span><\/span>\u4ebf\u7f8e\u5143\u516c\u53f8\u5462\uff1f\u5982\u679c\u8fd9\u5bb6\u516c\u53f8\u6bd4\u4f60\u81ea\u5df1\u7684\u516c\u53f8\u66f4\u6709\u5229\u53ef\u56fe\u5462\uff1f\u5982\u679c\u4f60\u80fd\u8f7b\u677e\u5730\u6bcf\u5e74\u90fd\u8fd9\u6837\u505a\uff0c\u6c38\u8fdc\u5982\u6b64\u5462\uff1f\u6bd4\u7279\u5e01\u662f\u901a\u7528\u3001\u6c38\u4e45\u3001\u6709\u5229\u53ef\u56fe\u7684\u6807\u7684\u3002<\/span><\/span><\/span><\/p>\n

\"\u5fae\u7b56\u7565 <\/p>\n

Michael Saylor<\/span><\/span>\u901a\u8fc7\u5176\u5f00\u6e90\u7684\u6bd4\u7279\u5e01<\/span><\/span>24<\/span><\/span>\u6a21\u578b\uff0c\u6765\u8bc4\u4f30\u5fae\u8f6f\u7684\u6bd4\u7279\u5e01\u6218\u7565\u9009\u62e9\uff0c\u9884\u6d4b\u672a\u6765<\/span><\/span>21<\/span><\/span>\u5e74\u8d44\u4ea7\u589e\u957f\u548c\u6bd4\u7279\u5e01\u91c7\u7528\u60c5\u51b5\uff0c\u4ee5\u53ca\u7528\u4e8e\u8bc4\u4f30\u4e2a\u4eba\u3001\u4f01\u4e1a\u3001\u673a\u6784\u548c\u56fd\u5bb6\u5404\u79cd\u6bd4\u7279\u5e01\u7b56\u7565\u7684\u5fae\u89c2\u6a21\u578b\u3002<\/span><\/span><\/span> <\/span><\/p>\n

\u76ee\u524d\u5fae\u8f6f\u7684\u4e1a\u52a1\u6a21\u578b\u5047\u8bbe\u4e3a\uff1a<\/span><\/span><\/span> <\/span><\/p>\n

    \n
  • \n

    3.0<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\u4f01\u4e1a\u4ef7\u503c\uff08\u7ea6<\/span><\/span>26<\/span><\/span>\u500d\u4f01\u4e1a\u4ef7\u503c<\/span><\/span>\/<\/span><\/span>\u606f\u7a0e\u524d\u5229\u6da6\uff09<\/span><\/span><\/span> <\/span><\/p>\n<\/li>\n

  • \n

    \u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u51c0\u73b0\u91d1<\/span><\/span>270<\/span><\/span>\u4ebf\u7f8e\u5143<\/span><\/span><\/span> <\/span><\/p>\n<\/li>\n

  • \n

    700<\/span><\/span>\u4ebf\u7f8e\u5143\u73b0\u91d1\u6d41\u4ee5<\/span><\/span>10%<\/span><\/span>\u7684<\/span><\/span>ARR<\/span><\/span>\u589e\u957f<\/span><\/span><\/span> <\/span><\/p>\n<\/li>\n

  • \n

    30%<\/span><\/span>\u7684\u73b0\u91d1\u6d41\u7528\u4e8e\u80a1\u606f<\/span><\/span><\/span> <\/span><\/p>\n<\/li>\n

  • \n

    40%<\/span><\/span>\u7684\u73b0\u91d1\u6d41\u7528\u4e8e\u56de\u8d2d<\/span><\/span><\/span> <\/span><\/p>\n<\/li>\n

  • \n

    2024<\/span><\/span>\u5e74\u80a1\u4ef7<\/span><\/span>=<\/span><\/span>\u6bcf\u80a1<\/span><\/span>420<\/span><\/span>\u7f8e\u5143<\/span><\/span><\/span> <\/span><\/p>\n<\/li>\n<\/ul>\n

    \u6bd4\u7279\u5e01<\/span><\/span> 24<\/span><\/span>\u6a21\u578b\u8ba1\u7b97\u516c\u53f8\u4e1a\u52a1\u6a21\u578b\u4e2d\u5404\u9879\u6307\u6807\u5bf9\u4e8e<\/span><\/span>BTC<\/span><\/span>\u7684\u91c7\u7528\u7387\u3002\u5982\u679c\u91c7\u7528\u6bd4\u7279\u5e01\u7b56\u7565\u7684\u8bdd\uff08\u6bd4\u7279\u5e01\u57fa\u672c\u60c5\u51b5<\/span><\/span>= 30% ARR<\/span><\/span>\uff09\uff0c\u968f\u7740\u5fae\u8f6f\u52a0\u901f\u5c06\u7f8e\u5143\u73b0\u91d1\u6d41\u8f6c\u6362\u4e3a\u6bd4\u7279\u5e01\uff0c\u5176\u8d44\u672c\u7ed3\u6784\u5c06\u5f97\u5230\u52a0\u5f3a\u3002<\/span><\/span><\/span> <\/span><\/p>\n

    \u4ee5\u4e0b\u4e3a\u6bd4\u7279\u5e01\u7b56\u7565\u5bf9\u5fae\u8f6f\u80a1\u4ef7\u7684\u63d0\u5347\u5047\u8bbe\uff0c\u6bd4\u7279\u5e01\u7684\u5927\u89c4\u6a21\u91c7\u7528\u6709\u53ef\u80fd\u4f7f\u5fae\u8f6f\u6bcf\u80a1\u8d21\u732e\u589e\u52a0<\/span><\/span> 155 – 584<\/span><\/span>\u7f8e\u5143\uff0c\u4f7f\u5f97\u4f01\u4e1a\u5e02\u503c\u589e\u52a0<\/span><\/span>1 – 4.9<\/span><\/span>\u4e07\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u964d\u4f4e\u80a1\u4e1c\u9762\u4e34\u5206\u6563\u8d44\u4ea7\u6295\u8d44\u7684\u98ce\u9669\u3002<\/span><\/span><\/span> <\/span><\/p>\n

    \"\u5fae\u7b56\u7565
    \n \"\u5fae\u7b56\u7565
    \n \"\u5fae\u7b56\u7565 <\/p>\n

    \"\u5fae\u7b56\u7565<\/span><\/p>\n

    \u516d\u3001\u6bd4\u7279\u5e01\u91c7\u7528\u7684\u7ed3\u8bba<\/span><\/span><\/span> <\/span><\/p>\n

    \u57fa\u4e8e\u6b64\uff0c\u5fae\u8f6f\u5728\u6bd4\u7279\u5e01\u6a21\u578b\u4e0b\u6709\u671b\u7e41\u8363\uff0c\u5efa\u8bae\u5fae\u8f6f\u4e3a\u5404\u65b9\u5229\u76ca\u8003\u8651\u91c7\u7528\u6bd4\u7279\u5e01\u7b56\u7565\u3002<\/span><\/span><\/span> <\/span><\/p>\n

    \"\u5fae\u7b56\u7565 <\/p>\n

    \"\u5fae\u7b56\u7565<\/span><\/strong><\/span><\/strong><\/strong><\/p>\n

    Note<\/span><\/span>\uff1a\u672c\u6587\u6240\u6709\u89c2\u70b9\u4ec5\u4e3a <\/span><\/span>Michael Saylor <\/span><\/span>\u53ca <\/span><\/span>MicroStrategy <\/span><\/span>\u516c\u53f8\u7684\u89c2\u70b9\u3002\u672c\u6587\u4e0d\u6784\u6210\u4efb\u4f55\u91d1\u878d\u5de5\u5177\u7684\u53d1\u884c\u6216\u6cd5\u5f8b\u3001\u7a0e\u52a1\u3001\u91d1\u878d\u3001\u6295\u8d44\u6216\u5176\u4ed6\u5efa\u8bae\u6216\u63a8\u8350\u3002<\/span><\/span><\/span><\/strong><\/p>\n

    \u5168\u6587\u5b8c<\/span><\/span><\/strong><\/p>\n


    <\/span>
    \n
    <\/span>
    \n
    <\/span>
    \n
    <\/span>
    \n
    <\/span>
    \n \u672c\u6587\u4ec5\u4f9b\u5b66\u4e60\u3001\u53c2\u8003\uff0c\u5e0c\u671b\u5bf9\u60a8\u6709\u6240\u5e2e\u52a9\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6cd5\u5f8b\u3001\u6295\u8d44\u610f\u89c1\uff0c<\/span><\/span>not your lawyer<\/span><\/span>\uff0c<\/span><\/span>DYOR\u3002<\/span><\/span><\/span>
    \n \"\u5fae\u7b56\u7565<\/span><\/span><\/span>
    \n \"\u5fae\u7b56\u7565 <\/p>\n

     <\/span><\/span><\/strong><\/span><\/strong><\/strong><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    \u5fae\u7b56\u7565\uff08MicroStrategy\uff09\u662f\u4e00\u5bb6\u6210\u7acb\u4e8e1989\u5e74\u7684\u4f01\u4e1a\u5206\u6790\u8f6f\u4ef6\u516c\u53f8\uff0c1998\u5e74\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u3002\u5b83\u6700\u521d […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-928","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=928"}],"version-history":[{"count":1,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/928\/revisions"}],"predecessor-version":[{"id":2633,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=\/wp\/v2\/posts\/928\/revisions\/2633"}],"wp:attachment":[{"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yunsiwang.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}