Nawfal
2021-02-09
Nice
Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
2
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":383190110,"tweetId":"383190110","gmtCreate":1612846895630,"gmtModify":1703765779585,"author":{"id":3570759460235131,"idStr":"3570759460235131","authorId":3570759460235131,"authorIdStr":"3570759460235131","name":"Nawfal","avatar":"https://static.tigerbbs.com/96dec3b50ae92744942b9153dced738c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Nice</p></body></html>","htmlText":"<html><head></head><body><p>Nice</p></body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/383190110","repostId":1143370300,"repostType":4,"repost":{"id":"1143370300","kind":"news","pubTimestamp":1612839933,"share":"https://www.laohu8.com/m/news/1143370300?lang=zh_CN&edition=full","pubTime":"2021-02-09 11:05","market":"us","language":"en","title":"Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143370300","media":"MarketWatch","summary":"Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.Bitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.But one of the key questions swirling around the decision by the manufacturer of electric ","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>MARKETWATCH 照片插图/GETTY IMAGES|，ISTOCKPHOTO</span></p></blockquote></p><p> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p><p><blockquote>特斯拉公司周一表示，该公司斥资 15 亿美元收购了比特币，此前首席执行官埃隆-马斯克（Elon Musk）最近几周一直在推广全球第一大数字资产以及其他加密货币。</blockquote></p><p> Bitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p><p><blockquote>比特币的股价已经飙升，这一消息又给这一消息带来了额外的提振，周一单一比特币易手至 42709 美元，涨幅超过 9%。价格触及45,000美元附近的历史峰值。</blockquote></p><p> But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p><p><blockquote>但围绕这家电动汽车制造商这一决定的关键问题之一是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的谨慎使用。鉴于特斯拉和比特币的股价都容易出现剧烈波动，这个问题尤为重要，即使这两家公司的股价几乎都在不间断地上涨。</blockquote></p><p> “I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p><p><blockquote>“加州大学欧文分校金融学副教授兼投资与财富管理中心系主任克里斯托弗-施瓦茨（Christopher Schwarz）在电子邮件评论中说：”我认为这在很多很多层面上都是一个糟糕的策略。</blockquote></p><p> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p><p><blockquote>“施瓦茨告诉 MarketWatch：”从本质上讲，这就像制造了（货币）风险，因为特斯拉的供应商都没有在比特币获得报酬。</blockquote></p><p> An email to the company for comment wasn’t immediately returned.</p><p><blockquote>向该公司发送的置评电子邮件没有立即得到回复。</blockquote></p><p> Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p><p><blockquote>马斯克此举正值特斯拉专注于提高电动汽车产量之际，其股价飙升，但尽管市值超过 8000 亿美元，这家汽车制造商仍然是一个相对小众的参与者。</blockquote></p><p> Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p><p><blockquote>特斯拉的股价在过去 12 个月中上涨了 472%，令人瞠目，是少数几只表现超过比特币同期 337% 涨幅的传统股票之一、</blockquote></p><p> The Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p><p><blockquote>《华尔街日报》指出，特斯拉利用其狂热的投资者基础和股价上涨来增强其现金状况，使其现金持有量从2019年底的约63亿美元增加到去年年底的约194亿美元。</blockquote></p><p> That means that its current bitcoin allocation represents about 8% of its cash holdings.</p><p><blockquote>这意味着其目前的比特币配置约占其现金持有量的 8%。</blockquote></p><p> “Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing director and partner at Treasury Partners, based in New York, told MarketWatch via email.</p><p><blockquote>“总部位于纽约的 Treasury Partners 董事总经理兼合伙人杰里-克莱恩（Jerry Klein）通过电子邮件告诉 MarketWatch：”特斯拉收购比特币是对企业现金的一种不同寻常的使用，企业现金通常持有在更安全、波动性较小的资产中，如短期固定收益证券，以确保流动性并限制波动性。</blockquote></p><p> “While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p><p><blockquote>“克莱因说：”虽然特斯拉股东对这一消息反应积极，但如果比特币股价下跌对特斯拉未来的盈利产生负面影响，股东会作何反应还有待观察。“首席财务官愿意接受整体业务中的风险，但不愿意接受资产负债表上的现金。虽然比特币在最近几个月一直在飙升，但在过去几年中却非常不稳定，”他说。</blockquote></p><p> To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company MicroStrategy Inc. last year acquired somce bitcoin and has been a champion of other corporations do so.</p><p><blockquote>可以肯定的是，特斯拉不是第一家，也不可能是最后一家向比特币分配部分股份的公司。软件公司MicroStrategy Inc.去年收购了somce比特币，并一直是其他公司这样做的拥护者。</blockquote></p><p> MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from BitcoinTreasuries.org.</p><p><blockquote>MicroStrategy 最近举办了一场关于比特币对企业的效用的虚拟会议，援引 BitcoinTreasuries.org 的数据估计，私营和上市公司拥有价值约 500 亿美元的比特币。</blockquote></p><p> MicroStrategy reported that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p><p><blockquote>MicroStrategy 报告称，来自近 7,000 家公司的约 8,200 人参加了周末会议。</blockquote></p><p> Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p><p><blockquote>回到特斯拉，JMP Securities 特斯拉分析师乔·奥沙 (Joe Osha) 在周一下午的电话采访中告诉 MarketWatch，这家电动汽车制造商经常被认为存在现金管理问题，但他认为这是一个虚假的评估。</blockquote></p><p> “I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p><p><blockquote>“Osha 说：”我认为，围绕特斯拉的流动性有一种非常陈旧的说法，这种说法在其资产负债表或现金流产生方面不再保持一致。</blockquote></p><p> He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p><p><blockquote>他认为，与公司产生现金的能力相比，两家公司在比特币的投资微不足道，这符合公司成为颠覆者的战略。</blockquote></p><p> “I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p><p><blockquote>“Osha 说：”我认为这是特斯拉努力重塑汽车销售和交付给人们的方式的又一步，他指的是特斯拉直接面向客户的销售模式。Osha 估计特斯拉在 12 月份季度产生了约 18.68 亿美元的自由现金流。</blockquote></p><p> Chester Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p><p><blockquote>卡内基梅隆大学泰珀商学院教授 Chester Spatt 告诉 MarketWatch，比特币的波动性使其很难作为企业的储备资产或交易媒介。</blockquote></p><p></p><p> “You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p><p><blockquote>“这位曾在 2004-07 年担任经济学家和美国证券交易委员会经济分析办公室主任的教授说：”这里的波动性大约是欧元的 10 倍。</blockquote></p><p> “That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p><p><blockquote>“他说：”这一举措给企业在资产负债表上保留[比特币]带来了许多挑战，但从消费者的角度来看，这也带来了挑战。</blockquote></p><p> Shares of Tesla closed up 1.3% on Monday.</p><p><blockquote>特斯拉股价周一收盘上涨 1.3%。</blockquote></p><p> Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p><p><blockquote>加密货币贷款机构 Nexo 的联合创始人兼管理合伙人安东尼-特伦切夫（Antoni Trenchev）表示，企业将一些 “干粉 ”投入比特币可能是有道理的，尤其是在利率接近 0%、美元承压的情况下，FactSet 数据显示，ICE 美元指数在过去一年中下跌了近 8%。</blockquote></p><p> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p><p><blockquote>“特伦切夫告诉 MarketWatch：”干粉不断增加的公司有一个最明显的现金管理选择：部分比特币分配。</blockquote></p><p> “Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p><p><blockquote>“坐拥成堆的现金几乎没有回报，而且会因为央行过度的量化宽松措施而不断贬值。制定风险和回报分散的财政政策，以及关注'最快的马'，不仅是一项合理的政策，也是最坚持股东价值最大化这一关键原则的政策，”他说。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Tesla’s $1.5 billion bitcoin buy smart corporate finance? Experts weigh in<blockquote>特斯拉斥资 15 亿美元收购比特币是明智的企业融资吗？专家权衡</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-02-09 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\"><span>MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>MARKETWATCH 照片插图/GETTY IMAGES|，ISTOCKPHOTO</span></p></blockquote></p><p> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.</p><p><blockquote>特斯拉公司周一表示，该公司斥资 15 亿美元收购了比特币，此前首席执行官埃隆-马斯克（Elon Musk）最近几周一直在推广全球第一大数字资产以及其他加密货币。</blockquote></p><p> Bitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.</p><p><blockquote>比特币的股价已经飙升，这一消息又给这一消息带来了额外的提振，周一单一比特币易手至 42709 美元，涨幅超过 9%。价格触及45,000美元附近的历史峰值。</blockquote></p><p> But one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.</p><p><blockquote>但围绕这家电动汽车制造商这一决定的关键问题之一是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的谨慎使用。鉴于特斯拉和比特币的股价都容易出现剧烈波动，这个问题尤为重要，即使这两家公司的股价几乎都在不间断地上涨。</blockquote></p><p> “I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.</p><p><blockquote>“加州大学欧文分校金融学副教授兼投资与财富管理中心系主任克里斯托弗-施瓦茨（Christopher Schwarz）在电子邮件评论中说：”我认为这在很多很多层面上都是一个糟糕的策略。</blockquote></p><p> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.</p><p><blockquote>“施瓦茨告诉 MarketWatch：”从本质上讲，这就像制造了（货币）风险，因为特斯拉的供应商都没有在比特币获得报酬。</blockquote></p><p> An email to the company for comment wasn’t immediately returned.</p><p><blockquote>向该公司发送的置评电子邮件没有立即得到回复。</blockquote></p><p> Musk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.</p><p><blockquote>马斯克此举正值特斯拉专注于提高电动汽车产量之际，其股价飙升，但尽管市值超过 8000 亿美元，这家汽车制造商仍然是一个相对小众的参与者。</blockquote></p><p> Shares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,</p><p><blockquote>特斯拉的股价在过去 12 个月中上涨了 472%，令人瞠目，是少数几只表现超过比特币同期 337% 涨幅的传统股票之一、</blockquote></p><p> The Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.</p><p><blockquote>《华尔街日报》指出，特斯拉利用其狂热的投资者基础和股价上涨来增强其现金状况，使其现金持有量从2019年底的约63亿美元增加到去年年底的约194亿美元。</blockquote></p><p> That means that its current bitcoin allocation represents about 8% of its cash holdings.</p><p><blockquote>这意味着其目前的比特币配置约占其现金持有量的 8%。</blockquote></p><p> “Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing director and partner at Treasury Partners, based in New York, told MarketWatch via email.</p><p><blockquote>“总部位于纽约的 Treasury Partners 董事总经理兼合伙人杰里-克莱恩（Jerry Klein）通过电子邮件告诉 MarketWatch：”特斯拉收购比特币是对企业现金的一种不同寻常的使用，企业现金通常持有在更安全、波动性较小的资产中，如短期固定收益证券，以确保流动性并限制波动性。</blockquote></p><p> “While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.</p><p><blockquote>“克莱因说：”虽然特斯拉股东对这一消息反应积极，但如果比特币股价下跌对特斯拉未来的盈利产生负面影响，股东会作何反应还有待观察。“首席财务官愿意接受整体业务中的风险，但不愿意接受资产负债表上的现金。虽然比特币在最近几个月一直在飙升，但在过去几年中却非常不稳定，”他说。</blockquote></p><p> To be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company MicroStrategy Inc. last year acquired somce bitcoin and has been a champion of other corporations do so.</p><p><blockquote>可以肯定的是，特斯拉不是第一家，也不可能是最后一家向比特币分配部分股份的公司。软件公司MicroStrategy Inc.去年收购了somce比特币，并一直是其他公司这样做的拥护者。</blockquote></p><p> MicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from BitcoinTreasuries.org.</p><p><blockquote>MicroStrategy 最近举办了一场关于比特币对企业的效用的虚拟会议，援引 BitcoinTreasuries.org 的数据估计，私营和上市公司拥有价值约 500 亿美元的比特币。</blockquote></p><p> MicroStrategy reported that about 8,200 people attended its weekend conference from nearly 7,000 companies.</p><p><blockquote>MicroStrategy 报告称，来自近 7,000 家公司的约 8,200 人参加了周末会议。</blockquote></p><p> Back to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.</p><p><blockquote>回到特斯拉，JMP Securities 特斯拉分析师乔·奥沙 (Joe Osha) 在周一下午的电话采访中告诉 MarketWatch，这家电动汽车制造商经常被认为存在现金管理问题，但他认为这是一个虚假的评估。</blockquote></p><p> “I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.</p><p><blockquote>“Osha 说：”我认为，围绕特斯拉的流动性有一种非常陈旧的说法，这种说法在其资产负债表或现金流产生方面不再保持一致。</blockquote></p><p> He makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.</p><p><blockquote>他认为，与公司产生现金的能力相比，两家公司在比特币的投资微不足道，这符合公司成为颠覆者的战略。</blockquote></p><p> “I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.</p><p><blockquote>“Osha 说：”我认为这是特斯拉努力重塑汽车销售和交付给人们的方式的又一步，他指的是特斯拉直接面向客户的销售模式。Osha 估计特斯拉在 12 月份季度产生了约 18.68 亿美元的自由现金流。</blockquote></p><p> Chester Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.</p><p><blockquote>卡内基梅隆大学泰珀商学院教授 Chester Spatt 告诉 MarketWatch，比特币的波动性使其很难作为企业的储备资产或交易媒介。</blockquote></p><p></p><p> “You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.</p><p><blockquote>“这位曾在 2004-07 年担任经济学家和美国证券交易委员会经济分析办公室主任的教授说：”这里的波动性大约是欧元的 10 倍。</blockquote></p><p> “That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.</p><p><blockquote>“他说：”这一举措给企业在资产负债表上保留[比特币]带来了许多挑战，但从消费者的角度来看，这也带来了挑战。</blockquote></p><p> Shares of Tesla closed up 1.3% on Monday.</p><p><blockquote>特斯拉股价周一收盘上涨 1.3%。</blockquote></p><p> Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.</p><p><blockquote>加密货币贷款机构 Nexo 的联合创始人兼管理合伙人安东尼-特伦切夫（Antoni Trenchev）表示，企业将一些 “干粉 ”投入比特币可能是有道理的，尤其是在利率接近 0%、美元承压的情况下，FactSet 数据显示，ICE 美元指数在过去一年中下跌了近 8%。</blockquote></p><p> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.</p><p><blockquote>“特伦切夫告诉 MarketWatch：”干粉不断增加的公司有一个最明显的现金管理选择：部分比特币分配。</blockquote></p><p> “Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.</p><p><blockquote>“坐拥成堆的现金几乎没有回报，而且会因为央行过度的量化宽松措施而不断贬值。制定风险和回报分散的财政政策，以及关注'最快的马'，不仅是一项合理的政策，也是最坚持股东价值最大化这一关键原则的政策，”他说。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.marketwatch.com/story/is-teslas-1-5-billion-bitcoin-buy-smart-corporate-finance-experts-weigh-in-11612817269?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1143370300","content_text":"MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO\nTesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO Elon Musk has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.\nBitcoin’s price already on a stratospheric rise, garnered an additional fillip from the announcement, with a single bitcoin changing hands on Monday at $42,709, up over 9%. Prices touched a record peak near $45,000.\nBut one of the key questions swirling around the decision by the manufacturer of electric vehicles is whether the move, including the decision to eventually allow for the sale of its products to take place in bitcoins, is a prudent use of capital. It’s a question that’s particularly important given the wild swings that both shares of Tesla and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.\n“I think this is awful strategy on many, many levels,” Christopher Schwarz, associate professor of finance and faculty director of the Center for Investment and Wealth Management at the University of California at Irvine in emailed comments.\n“In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.\nAn email to the company for comment wasn’t immediately returned.\nMusk’s moves come as Tesla focuses on ramping up its production of electric vehicles, with its share price soaring but the auto maker still a relatively niche player despite its market value of over $800 billion.\nShares of Tesla are up an eye-popping 472% over the past 12 months, making it one of the few traditional stocks that have outperformed bitcoin’s gain of 337% over the same stretch,\nThe Wall Street Journal notedthat Tesla has taken advantage of its rabid investor base and its share price rally to bolster its cash position, bringing its cash holdings to around $19.4 billion at the end of last year, up from around $6.3 billion at the end of 2019.\nThat means that its current bitcoin allocation represents about 8% of its cash holdings.\n“Tesla’s purchase of bitcoin is an unusual use of corporate cash, which is typically held in safer and less volatile assets, such as short-term fixed income securities to ensure liquidity and limit volatility,” Jerry Klein, managing director and partner at Treasury Partners, based in New York, told MarketWatch via email.\n“While Tesla shareholders are reacting positively to the news, it remains to be seen how shareholders would react if a decline in bitcoin’s price negatively affects Tesla’s future earnings,” Klein said. “CFOs are willing to accept risk in their overall business, but not with the cash on their balance sheet. While bitcoin has been surging in recent months, it’s been very volatile over the past few years,” he said.\nTo be sure, Tesla isn’t the first company, and isn’t likely to be the last, to apportion some share of holdings to bitcoin. Software company MicroStrategy Inc. last year acquired somce bitcoin and has been a champion of other corporations do so.\nMicroStrategy, which recently hosted a virtual conference on the utility of bitcoin for corporations, estimates that roughly $50 billion worth of bitcoin is owned by private and publicly traded companies, citing data from BitcoinTreasuries.org.\nMicroStrategy reported that about 8,200 people attended its weekend conference from nearly 7,000 companies.\nBack to Tesla, Joe Osha, a Tesla analyst at JMP Securities told MarketWatch in a Monday afternoon phone interview that the electric-vehicle maker is often framed as having cash management troubles but believes that that is a bogus assesment.\n“I think that there’s this very stale narrative around Tesla’s liquidity that is no longer consistent around its balance sheet or its cash flow generation,” Osha said.\nHe makes the case that the companies investment in bitcoin is trivial against the scale of its ability to generate cash, and aligns with the company’s strategy of being a disrupter.\n“I see it as another step in Tesla’s effort to reinvent how cars are sold and delivered to people,” said Osha, who is referring to Tesla’s direct-to-customer sales model. Osha estimates that Tesla generated about $1.868 billion in free cash flow in the December quarter.\nChester Spatt, professor at Carnegie Mellon University’s Tepper School of Business, told MarketWatch that bitcoin’s volatility makes it a tough asset to serve as a reserve asset for corporations or a medium of exchange.\n“You have volatility here that’s about 10 times that of the euro ,” the professor, who served as economist and director of the Securities and Exchange Commission’s Office of Economic Analysis from 2004-07 , said.\n“That movement poses a lot of challenges for a corporation to hold [bitcoin] on their balance sheet but it also poses challenges from the point of the consumer,” he said.\nShares of Tesla closed up 1.3% on Monday.\nAntoni Trenchev, co-founder and managing partner of Nexo, a crypto lender, said that it may make some sense for corporations to put some of their “dry powder” in bitcoin, especially with interest rates near 0% and the U.S. dollar under pressure, as measured by the ICE U.S. Dollar Index,which is down nearly 8% over the past year, FactSet data show.\n“Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.\n“Sitting on piles of cash offers little to no return and gets constantly devalued by central banks’ excessive QE measures. Having a treasury policy that diversifies risk and return, as well as looking into ‘the fastest horse’, is not only a sound policy, but is also the one that most adheres to the key principle of maximizing shareholder value,” he said.","news_type":1,"symbols_score_info":{"XBTmain":0.9,"BTCmain":0.9,"TSLA":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2730,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/383190110"}
精彩评论