安東尼·斯卡拉穆奇 (Anthony Scaramucci) 表示，即使比特幣崩盤，邁克爾·塞勒 (Michael Saylor) 的 MicroStrategy 也不會崩潰

對沖基金 SkyBridge Capital 的創始人兼管理合夥人 Anthony Scaramucci 表示，人們對大量比特幣購買感到擔憂。

Hedge fund manager Anthony Scaramucci on Friday downplayed concerns about the massive Bitcoin purchases and debt being taken on by Michael Saylor’s MicroStrategy Inc.

對沖基金經理 Anthony Scaramucci 週五淡化了對 Michael Saylor 的 MicroStrategy Inc. 大規模購買比特幣和承擔債務的擔憂。

“People think if Bitcoin crashes, he is going to implode, and as a result of it, leverage is going to unwind in the system and there’s going to be a collapse,” Scaramucci, founder and managing partner of SkyBridge Capital, said in an interview on the sidelines of the Milken Institute Asia Summit in Singapore.

SkyBridge Capital 創始人兼管理合夥人斯卡拉穆奇在一份報告中表示：「人們認為，如果比特幣崩盤，他就會內爆，結果，系統中的槓桿將會放鬆，從而導致崩潰。」在新加坡米爾肯研究所亞洲峰會期間接受採訪。

“But if you really study his balance sheet, he has long, long-term debt, and he has rolling long-term debt. You’d have to have a systemic collapse in Bitcoin, and you’d have it to last six or seven years to flash him out.”

「但如果你仔細研究他的資產負債表，你會發現他有長期債務，而且有滾動長期債務。比特幣必須出現系統性崩潰，而且要持續六七年才能把他淘汰。

The dot-com-era software maker turned Bitcoin proxy - whose shares are held in a fund that SkyBridge sub advises - has mesmerized Wall Street this year with a more than 400% share surge while gobbling up billions of dollars of Bitcoin financed through the sale of stock and convertible debt.

這家網路時代的軟體製造商轉型為比特幣代理公司（其股份由SkyBridge 子公司所顧問的基金持有）今年以超過400% 的股價飆升令華爾街著迷，同時吞併了透過出售融資的數十億美元比特幣股票和可轉換債務。

That has also given rise to concern that if Bitcoin's price were to drop, MicroStrategy could have trouble repaying its debt, and may need to offload its coin holdings, depressing Bitcoin price further.

這也引發了人們的擔憂，如果比特幣價格下跌，MicroStrategy 可能難以償還債務，並可能需要拋售其持有的代幣，從而進一步壓低比特幣價格。

“The narrative of him being forced to sell hundreds of thousands of tokens into the market, I think it’s a forced narrative,” Scaramucci said.

「關於他被迫向市場出售數十萬代幣的故事，我認為這是一個被迫的故事，」斯卡拉穆奇說。

“But I base that on having been on Wall Street for 35 years, I understand what imploded Lehman Brothers,” and that was their debt structure.

“但我在華爾街工作了 35 年，我了解雷曼兄弟的內爆原因”，這就是他們的債務結構。

MicroStrategy has about $7.2 billion in outstanding convertible debt, including around $6 billion sold this year.

MicroStrategy 擁有約 72 億美元的未償可轉換債務，其中包括今年出售的約 60 億美元。

The convertible securities have been a favorite with hedge funds, who use the notes in market-neutral arbitrage bets that exploit the surging volatility of the underlying asset.

可轉換證券一直是對沖基金的最愛，它們利用標的資產波動性的飆升進行市場中性套利押注。

First Trust SkyBridge Crypto Industry and Digital Economy ETF, sub advised by SkyBridge Capital II, LLC, lists MicroStrategy as a top-three holding, according to its website.

據其網站稱，由 SkyBridge Capital II, LLC 提供諮詢服務的 First Trust SkyBridge Crypto Industry and Digital Economy ETF 將 MicroStrategy 列為前三名持股。

Saylor, who wrote the foreword to Scaramucci’s new book on Bitcoin, “has really thought out how he is going to do this,” Scaramucci said. “He’s created this positive flywheel by issuing debt and equity.”

塞勒為斯卡拉姆奇關於比特幣的新書寫了前言，斯卡拉姆奇說，他「已經真正考慮過他將如何做到這一點」。 “他通過發行債務和股票創造了這個積極的飛輪。”

Bitcoin retreated after reaching its all-time high of more than $108,000 on Tuesday amid optimism about President-elect Donald Trump’s pro-crypto policies.

由於對當選總統唐納德·川普的支持加密貨幣政策持樂觀態度，比特幣在周二觸及超過 108,000 美元的歷史高點後回落。

While many advocates predict the original cryptocurrency — with a total market value of around $1.9 trillion - will resume its record-breaking surge, Scaramucci said it’s hard to predict price moves.

儘管許多支持者預測原始加密貨幣（總市值約為 1.9 兆美元）將恢復創紀錄的飆升，但斯卡拉穆奇表示很難預測價格走勢。

“The big problem is, you can never really predict what it’s going to be,” Scaramucci said. “But if you said to me, could we have a 30% to 40% correction in crypto next year, bring it back to $60,000-$70,000, — absolutely.”

「最大的問題是，你永遠無法真正預測它會是什麼，」斯卡拉穆奇說。 「但如果你對我說，明年我們能否對加密貨幣進行 30% 到 40% 的調整，使其回到 60,000 美元至 70,000 美元——絕對可以。”

Still, he said, the introduction of US exchange-traded funds investing directly into Bitcoin earlier this year, and likely upcoming favorable legislative actions should keep Bitcoin’s price above $50,000. And the coin is likely to continue appreciating longer term, he said.

不過，他表示，今年稍早美國交易所交易基金直接投資比特幣，以及可能即將採取的有利立法行動，應該會使比特幣的價格保持在 5 萬美元以上。他表示，從長遠來看，硬幣可能會繼續升值。

“Could it get to $18 trillion dollars” in market cap, Scaramucci said. “We believe that it could. Is it a direct line to $18 trillion? No.”

斯卡拉穆奇表示，其市值「能否達到 18 兆美元」。 「我們相信它可以。是否直接達到 18 兆美元？不。