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2021-02-10

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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？专家发表意见</blockquote>

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

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？专家发表意见</blockquote>

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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？专家发表意见</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":"<img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\">MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO<blockquote>MARKETWATCH照片插图/GETTY IMAGES|，ISTOCKPHOTO</blockquote> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.<blockquote>特斯拉公司周一表示，它以15亿美元的价格收购了比特币，此前首席执行官Elon Musk最近几周推广了全球第一大数字资产以及其他加密货币。</blockquote> Bitcoin’s price&nbsp;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.<blockquote>比特币的价格已经大幅上涨，这一消息进一步刺激了比特币的价格，周一一只比特币易手，价格为42,709美元，涨幅超过9%。价格创下近45,000美元的历史新高。</blockquote> 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&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.<blockquote>但围绕这家电动汽车制造商决定的一个关键问题是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的审慎使用。考虑到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，即使这些资产都几乎不间断地走高。</blockquote> “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.<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主任克里斯托弗·施瓦茨(Christopher Schwarz)在电子邮件评论中表示：“我认为这在很多很多层面上都是糟糕的策略。”</blockquote> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.<blockquote>施瓦茨告诉MarketWatch：“从本质上讲，这就像制造[货币]风险，因为特斯拉的供应商都没有在比特币获得付款。”</blockquote> An email to the company for comment wasn’t immediately returned.<blockquote>发给该公司征求评论的电子邮件没有立即得到回复。</blockquote> 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.<blockquote>马斯克采取这些举措之际，特斯拉正专注于提高电动汽车产量，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> 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,<blockquote>特斯拉的股价在过去12个月内上涨了令人瞠目结舌的472%，使其成为少数表现优于比特币同期337%涨幅的传统股票之一。</blockquote> The&nbsp;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.<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头寸，使其现金持有量从去年年底的约63亿美元增至去年年底的约194亿美元。2019年。</blockquote> That means that its current bitcoin allocation represents about 8% of its cash holdings.<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> “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&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.<blockquote>Treasury董事总经理兼合伙人Jerry Klein表示：“特斯拉购买比特币是对企业现金的不同寻常的使用，这些现金通常持有在更安全、波动性更小的资产中，例如短期固定收益证券，以确保流动性并限制波动性。”总部位于纽约的合伙人通过电子邮件告诉MarketWatch。</blockquote> “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.<blockquote>Klein表示：“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盈利产生负面影响，股东将如何反应还有待观察。”“首席财务官愿意接受整体业务的风险，但不愿意接受资产负债表上的现金。虽然比特币近几个月来一直在飙升，但过去几年一直非常不稳定，”他说。</blockquote> 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&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.<blockquote>可以肯定的是，特斯拉不是第一家，也不太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比特币公司，并一直是其他公司这样做的倡导者。</blockquote> 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&nbsp;BitcoinTreasuries.org.<blockquote>MicroStrategy最近举办了一次关于企业比特币效用的虚拟会议，援引BitcoinTreasuries.org的数据估计，价值约500亿美元的比特币归私营和上市公司所有。</blockquote> MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.<blockquote>MicroStrategy报告称，来自近7,000家公司的约8,200人参加了其周末会议。</blockquote> 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.<blockquote>回到特斯拉，JMP证券(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> “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.<blockquote>Osha表示：“我认为，围绕特斯拉流动性的叙述非常陈旧，其资产负债表或现金流生成不再一致。”</blockquote> 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.<blockquote>他认为，相对于其产生现金的能力规模，该公司在比特币的投资微不足道，并且符合该公司成为颠覆者的战略。</blockquote> “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.<blockquote>“我认为这是特斯拉重塑汽车销售和交付方式的又一步，”Osha说，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> Chester&nbsp;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.<blockquote>卡耐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> “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.<blockquote>2004-07年度曾担任美国证券交易委员会经济分析办公室经济学家、主任的教授说，\"你们这里的波动率约为欧元的10倍。\"</blockquote> “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.<blockquote>“这一运动给公司在资产负债表上保留[比特币]带来了很多挑战，但从消费者的角度来看，它也带来了挑战，”他说。</blockquote> Shares of Tesla closed up 1.3% on Monday.<blockquote>特斯拉股价周一收盘上涨1.3%。</blockquote> Antoni Trenchev, co-founder and managing partner of&nbsp;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.<blockquote>加密货币贷款机构Nexo的联合创始人兼管理合伙人Antoni Trenchev表示，对于企业来说，将一些“干粉”放在比特币可能有一定意义，特别是在利率接近0%且美元面临压力的情况下FactSet数据显示，ICE美元指数在过去一年中下跌了近8%。</blockquote> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.<blockquote>Trenchev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BTC分配。”</blockquote> “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.<blockquote>“坐拥大量现金几乎没有回报，并且因央行过度的量化宽松措施而不断贬值。制定分散风险和回报的财政部政策，以及寻找‘最快的马’，不仅是一项合理的政策，但也是最坚持股东价值最大化关键原则的政策，”他说。</blockquote>","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？专家发表意见</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？专家发表意见</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-02-09 11:05\n\n</h4>\n</header>\n<article>\n<img src=\"https://static.tigerbbs.com/4d612c15beca2f2d4d56a304cff74080\" tg-width=\"1260\" tg-height=\"876\">MARKETWATCH PHOTO ILLUSTRATION/GETTY IMAGES|, ISTOCKPHOTO<blockquote>MARKETWATCH照片插图/GETTY IMAGES|，ISTOCKPHOTO</blockquote> Tesla Inc. on Monday said that it bought $1.5 billion in bitcoin, a purchase that comes after CEO&nbsp;Elon Musk&nbsp;has promoted the world’s No. 1 digital asset,along with other cryptos, in recent weeks.<blockquote>特斯拉公司周一表示，它以15亿美元的价格收购了比特币，此前首席执行官Elon Musk最近几周推广了全球第一大数字资产以及其他加密货币。</blockquote> Bitcoin’s price&nbsp;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.<blockquote>比特币的价格已经大幅上涨，这一消息进一步刺激了比特币的价格，周一一只比特币易手，价格为42,709美元，涨幅超过9%。价格创下近45,000美元的历史新高。</blockquote> 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&nbsp;and bitcoin are prone to, even if those assets have both been on a nearly uninterrupted ride higher.<blockquote>但围绕这家电动汽车制造商决定的一个关键问题是，此举（包括最终允许以比特币销售其产品的决定）是否是对资本的审慎使用。考虑到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，即使这些资产都几乎不间断地走高。</blockquote> “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.<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主任克里斯托弗·施瓦茨(Christopher Schwarz)在电子邮件评论中表示：“我认为这在很多很多层面上都是糟糕的策略。”</blockquote> “In essence, this is like creating [currency] risk since none of Tesla’s suppliers are paid in bitcoin,” Schwarz told MarketWatch.<blockquote>施瓦茨告诉MarketWatch：“从本质上讲，这就像制造[货币]风险，因为特斯拉的供应商都没有在比特币获得付款。”</blockquote> An email to the company for comment wasn’t immediately returned.<blockquote>发给该公司征求评论的电子邮件没有立即得到回复。</blockquote> 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.<blockquote>马斯克采取这些举措之际，特斯拉正专注于提高电动汽车产量，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> 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,<blockquote>特斯拉的股价在过去12个月内上涨了令人瞠目结舌的472%，使其成为少数表现优于比特币同期337%涨幅的传统股票之一。</blockquote> The&nbsp;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.<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头寸，使其现金持有量从去年年底的约63亿美元增至去年年底的约194亿美元。2019年。</blockquote> That means that its current bitcoin allocation represents about 8% of its cash holdings.<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> “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&nbsp;director and partner at Treasury Partners,&nbsp;based in New York, told MarketWatch via email.<blockquote>Treasury董事总经理兼合伙人Jerry Klein表示：“特斯拉购买比特币是对企业现金的不同寻常的使用，这些现金通常持有在更安全、波动性更小的资产中，例如短期固定收益证券，以确保流动性并限制波动性。”总部位于纽约的合伙人通过电子邮件告诉MarketWatch。</blockquote> “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.<blockquote>Klein表示：“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盈利产生负面影响，股东将如何反应还有待观察。”“首席财务官愿意接受整体业务的风险，但不愿意接受资产负债表上的现金。虽然比特币近几个月来一直在飙升，但过去几年一直非常不稳定，”他说。</blockquote> 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&nbsp;MicroStrategy Inc.&nbsp;last year&nbsp;acquired somce bitcoin and has been a champion of other corporations do so.<blockquote>可以肯定的是，特斯拉不是第一家，也不太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比特币公司，并一直是其他公司这样做的倡导者。</blockquote> 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&nbsp;BitcoinTreasuries.org.<blockquote>MicroStrategy最近举办了一次关于企业比特币效用的虚拟会议，援引BitcoinTreasuries.org的数据估计，价值约500亿美元的比特币归私营和上市公司所有。</blockquote> MicroStrategy reported&nbsp;that about 8,200 people attended its weekend conference from nearly 7,000 companies.<blockquote>MicroStrategy报告称，来自近7,000家公司的约8,200人参加了其周末会议。</blockquote> 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.<blockquote>回到特斯拉，JMP证券(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> “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.<blockquote>Osha表示：“我认为，围绕特斯拉流动性的叙述非常陈旧，其资产负债表或现金流生成不再一致。”</blockquote> 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.<blockquote>他认为，相对于其产生现金的能力规模，该公司在比特币的投资微不足道，并且符合该公司成为颠覆者的战略。</blockquote> “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.<blockquote>“我认为这是特斯拉重塑汽车销售和交付方式的又一步，”Osha说，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> Chester&nbsp;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.<blockquote>卡耐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> “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.<blockquote>2004-07年度曾担任美国证券交易委员会经济分析办公室经济学家、主任的教授说，\"你们这里的波动率约为欧元的10倍。\"</blockquote> “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.<blockquote>“这一运动给公司在资产负债表上保留[比特币]带来了很多挑战，但从消费者的角度来看，它也带来了挑战，”他说。</blockquote> Shares of Tesla closed up 1.3% on Monday.<blockquote>特斯拉股价周一收盘上涨1.3%。</blockquote> Antoni Trenchev, co-founder and managing partner of&nbsp;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.<blockquote>加密货币贷款机构Nexo的联合创始人兼管理合伙人Antoni Trenchev表示，对于企业来说，将一些“干粉”放在比特币可能有一定意义，特别是在利率接近0%且美元面临压力的情况下FactSet数据显示，ICE美元指数在过去一年中下跌了近8%。</blockquote> “Corporations with ever increasing dry powder have a most obvious cash management option: partial BTC allocation,” Trenchev told MarketWatch.<blockquote>Trenchev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BTC分配。”</blockquote> “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.<blockquote>“坐拥大量现金几乎没有回报，并且因央行过度的量化宽松措施而不断贬值。制定分散风险和回报的财政部政策，以及寻找‘最快的马’，不仅是一项合理的政策，但也是最坚持股东价值最大化关键原则的政策，”他说。</blockquote>\n<div class=\"bt-text\">\n\n\n 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>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","TSLA":"特斯拉"},"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,"TSLA":0.9,"BTCmain":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":1547,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}