Citron Research 左翼警告加密貨幣風險，瞄準 Coinbase 估值

因在 2021 年成功押注 GameStop 而聞名的賣空者 Andrew Left 對加密貨幣市場表達了不同的看法。雖然他仍然看好比特幣，做空以太坊並預測其被指定為證券，但 Left 對 Coinbase 的估值感到擔憂，質疑其在沒有山寨幣的情況下的商業前景。

Citron Research Founder Andrew Left Warns of Cryptocurrency Sector Risks, Expresses Concerns Over Coinbase Valuation

Citron Research 創辦人 Andrew Left 警告加密貨幣產業存在風險，並對 Coinbase 估值表示擔憂

March 10, 2024 - Andrew Left, the founder of Citron Research, has once again sparked market speculation by voicing his concerns over the cryptocurrency sector, particularly targeting Ethereum and Coinbase.

2024 年 3 月 10 日—Citron Research 創辦人 Andrew Left 表達了對加密貨幣領域的擔憂，尤其是針對以太坊和 Coinbase，再次引發市場猜測。

Left, known for his successful short position against GameStop in 2021, described his current bearish sentiment towards Ethereum, the second-largest cryptocurrency by market capitalization. While he has previously reversed his stance on Bitcoin, Left believes that Ethereum's valuation is unsustainable.

Left 因在 2021 年成功做空 GameStop 而聞名，他描述了他目前對市值第二大加密貨幣以太坊的看跌情緒。儘管萊夫特先前改變了對比特幣的立場，但他認為以太坊的估值是不可持續的。

"If Bitcoin goes down 20%, Ether could go down 30%," Left predicted, citing the potential regulatory risks that could impact Ethereum. "Ether will be labeled a security," he asserted, arguing that it will not receive the same regulatory approval as Bitcoin.

Left 預測：「如果比特幣下跌 20%，以太坊可能會下跌 30%。」他指出，潛在的監管風險可能會影響以太坊。他斷言：「以太坊將被貼上證券的標籤。」並認為它將不會獲得與比特幣相同的監管批准。

The U.S. Securities and Exchange Commission (SEC)'s recent approval of Bitcoin ETFs has further fueled Left's concerns. He expressed skepticism about the long-term viability of cryptocurrency exchanges, particularly Coinbase, which he believes is overvalued.

美國證券交易委員會（SEC）最近批准了比特幣 ETF，進一步加劇了 Left 的擔憂。他對加密貨幣交易所的長期生存能力表示懷疑，尤其是 Coinbase，他認為 Coinbase 的價值被高估了。

Left questioned the long-term business model of Coinbase, which relies heavily on trading in alternative cryptocurrencies, or "s—coins" as he referred to them. "Let's get rid of s—coins, I don't believe in them," Left stated, suggesting that the decline of these altcoins could significantly impact Coinbase's revenue stream.

Left 對 Coinbase 的長期商業模式提出了質疑，該模式嚴重依賴替代加密貨幣（他稱之為「s-coins」）的交易。 Left 表示：「讓我們擺脫 s 幣吧，我不相信它們。」他暗示這些山寨幣的衰落可能會嚴重影響 Coinbase 的收入來源。

"I still look at Coinbase as an exchange," Left emphasized, highlighting the potential risks associated with its dependence on trading volume and the volatility of the cryptocurrency market.

Left 強調：「我仍然將 Coinbase 視為交易所。」他強調了其對交易量和加密貨幣市場波動性的依賴所帶來的潛在風險。

Despite his negative outlook on Ethereum and Coinbase, Left remains cautiously optimistic about Bitcoin, which he believes has more mainstream adoption potential. "I get Bitcoin," Left acknowledged. "I'm long Bitcoin."

儘管他對以太坊和 Coinbase 持負面看法，但 Left 對比特幣仍持謹慎樂觀態度，他認為比特幣具有更主流的採用潛力。 「我得到了比特幣，」萊夫特承認。 “我做多比特幣。”

Left's comments come at a time when the cryptocurrency market has experienced significant fluctuations. Bitcoin has recently surged to record highs, while Ethereum has also posted impressive gains but remains below its all-time highs. Coinbase's stock price has also been volatile, reflecting the ongoing uncertainty surrounding the regulatory landscape for cryptocurrencies.

萊夫發表此番言論之際，加密貨幣市場正經歷大幅波動。比特幣最近飆升至歷史新高，以太坊也取得了令人印象深刻的漲幅，但仍低於歷史高點。 Coinbase 的股價也一直在波動，反映出加密貨幣監管環境持續存在的不確定性。

Investors are advised to closely monitor market developments and conduct thorough research before making any investment decisions. The cryptocurrency sector remains highly speculative, and Left's warnings serve as a reminder of the potential risks involved.

建議投資者在做出任何投資決定之前密切關注市場發展並進行徹底研究。加密貨幣產業仍然具有高度投機性，萊夫特的警告提醒人們所涉及的潛在風險。