吉姆·瓦諾斯（Jim Chanos

資深投資者吉姆·瓦諾斯（Jim Chanos）透露，他正在卸載策略的股票，同時購買比特幣（BTC）。

Veteran investor Jim Chanos has revealed that he is selling Strategy (NASDAQ:MICRO) stock and buying bitcoin ( BTC) as he sees the company's approach being risky and fueled by retail enthusiasm.

資深投資者吉姆·瓦諾斯（Jim Chanos）透露，他正在銷售策略（納斯達克股票代碼：微型）股票和購買比特幣（BTC），因為他認為該公司的方法是風險的，並且受到零售熱情的影響。

This aligns with the thinking of Peter Schiff, who has been advising people to buy BTC rather than Strategy stock.

這與彼得·希夫（Peter Schiff）的思想相吻合，彼得·希夫（Peter Schiff）一直建議人們購買BTC而不是戰略股票。

Veteran Investor Selling Strategy to Buy Bitcoin

資深投資者銷售策略以購買比特幣

The former hedge fund magnate said that his firm is selling Strategy stock and buying bitcoin as he sees the company’s stock price getting inflated due to its large bitcoin holdings.

這位前對沖基金巨頭表示，他的公司正在出售戰略股票併購買比特幣，因為他看到該公司的股價由於其龐大的比特幣持有而變得膨脹了。

Speaking on CNBC, Chanos said that his firm is selling Strategy stock and buying bitcoin.

Chanos在談到CNBC時說，他的公司正在出售戰略股票和購買比特幣。

“We’re doing exactly what MicroStrategy and Michael Saylor are doing. We’re selling MicroStrategy stock and buying bitcoin and basically buying something for $1 selling it for two and a half dollars.”

“我們正在按照Microstrategy和Michael Saylor在做的事情。

The goal is to capitalize on what he perceives as an inflated valuation of the company relative to its substantial bitcoin exposure.

目的是利用他認為公司相對於其大量比特幣的估計估值。

This statement comes just days after Strategy made another significant purchase, which brought its holdings to 568,840 BTC.

這一說法是在策略再次進行重大購買後幾天，將其持股量達到了568,840 BTC。

Known for his successful short-selling track record, Chanos is a seasoned investor with a keen eye for identifying and profiting from market inefficiencies.

Chanos以其成功的賣空記錄而聞名，是一位經驗豐富的投資者，敏銳地識別和從市場效率低下獲得利潤。

Under the leadership of its co-founder and former CEO Michael Saylor, Strategy is increasingly seen by many as a proxy for bitcoin exposure in the stock market.

在其聯合創始人和前首席執行官邁克爾·塞勒（Michael Saylor）的領導下，戰略越來越被許多人視為股票市場比特幣暴露的代理。

While the company’s holdings are largely financed through debt, the strategy has resonated with many retail investors, driving Strategy’s share price up by an astounding 220% over the past year. For context, BTC grew by 70% during the same period.

儘管該公司的股份在很大程度上是通過債務提供的，但該策略引起了許多零售投資者的共鳴，在過去一年中，策略的股價上漲了220％。在上下文中，BTC在同一時期增長了70％。

However, Chanos argues that this premium is unsustainable and a product of speculative fervor. He pointed to the emergence of “copycat companies” attempting to emulate Strategy’s strategy, raising capital by appealing to retail investors with the promise of indirect bitcoin exposure within a corporate structure.

但是，Chanos認為這種溢價是不可持續的，並且是投機性熱情的產物。他指出，“模仿公司”的出現試圖模仿戰略的戰略，通過向散戶投資者呼籲在公司結構中間接擴展比特幣的承諾來籌集資金。

“It’s getting ridiculous, copycat companies are doing the same thing. They’re trying to raise money to do the same thing, which is buy bitcoin at a premium within a company structure to sell to retail,” stated Chanos, dismissing this line of thinking.

Chanos表示：“模仿公司正在做同樣的事情。他們試圖籌集資金來做同樣的事情，即在公司結構內以溢價購買零售的比特幣。”

"If You Want to Buy Bitcoin, Then Buy Bitcoin"

“如果您想購買比特幣，那就買比特幣”

Seemingly in agreement with this sentiment is economist and bitcoin critic Peter Schiff, who has persistently attacked Strategy and the media, which he claims is attempting to prop up the company’s stock.

似乎與這種觀點一致的是經濟學家和比特幣評論家彼得·希夫（Peter Schiff），他一直攻擊戰略和媒體，他聲稱這是試圖支撐公司股票的。

In his latest salvo, Schiff told his followers to buy bitcoin rather than doing it via acquiring the company’s stock.

希夫在他的最新薩爾沃（Salvo）中告訴他的追隨者購買比特幣，而不是通過收購公司的股票來做。

“The only thing more ridiculous than buying bitcoin is buying shares of a bitcoin 'treasury' company whose sole business purpose is to acquire bitcoin. If you want to buy bitcoin, then buy bitcoin. If you want to invest in the stock market, buy a company with an actual business,” he stated.

他說：“唯一比購買比特幣更荒謬的是購買一家比特幣“財政”公司的股票，該公司的唯一業務目的是收購比特幣。如果您想購買比特幣，那就購買比特幣。如果您想在股票市場上投資，請與一家實際企業購買一家公司，”他說。

Schiff’s assessment aligns closely with Chanos’s core argument that Strategy’s value proposition as a bitcoin proxy is fundamentally flawed. Both investors suggest that individuals or institutions seeking exposure to bitcoin should simply purchase the cryptocurrency itself.

希夫的評估與Chanos的核心論點緊密相吻合，即戰略的價值主張作為比特幣代理是從根本上有缺陷的。兩位投資者都建議尋求接觸比特幣的個人或機構應簡單地購買加密貨幣本身。

Instead of paying a premium for a company whose primary asset is the digital currency, they advise investing in entities with intrinsic value and the potential for earnings generation.

他們沒有為主要資產是數字貨幣的公司支付溢價，而是建議對具有內在價值和產生潛力的實體進行投資。

"They're buying bitcoin at a premium within a company structure to sell to retail. And if you want to buy bitcoin, buy bitcoin. If you want to invest in the stock market, buy a company with an actual business," stated Schiff.

Schiff表示：“他們正在以公司結構內的溢價購買比特幣以將其出售給零售業。如果您想購買比特幣，購買比特幣。如果您想投資於股票市場，請以實際業務購買一家公司。”

This convergence of opinion between a seasoned short-seller like Chanos and a vocal bitcoin critic like Schiff might place an interesting spin on the whole matter.

像Chanos這樣的經驗豐富的短售貨商和像Schiff這樣的聲樂比特幣評論家之間的意見融合可能會使整個事情都帶來有趣的興趣。

As the chairman and CEO of the company, Saylor has led Strategy on a bold venture to accumulate a significant stash of bitcoins.

作為公司董事長兼首席執行官，塞勒（Saylor）領導了一項大膽的企業，以積累大量的比特幣。

Despite an initial investment in 2015, the company's journey into cryptocurrency began in earnest in 2019 with an initial purchase of 250 bitcoins. Since then, Strategy has been consistently adding to its digital asset reserves.

儘管在2015年進行了最初的投資，但該公司的加密貨幣之旅始於2019年，首次購買了250個比特幣。從那時起，策略一直始終增加其數字資產儲量。

In 2020, the company sold a portion of its stock to fund the purchase of more bitcoins, and it has continued to do so throughout 2021 and 2022.

2020年，該公司出售了一部分股票以資助購買更多比特幣的購買，並且在2021年和2022年期間一直這樣做。

This strategy might be seen as an unconventional one, especially considering that Strategy's core business is software technology.

這種策略可能被視為一種非常規的策略，尤其是考慮到策略的核心業務是軟件技術。

However, Saylor maintains that the company's bitcoin holdings represent a unique opportunity for investors to participate in the cryptocurrency market.

但是，Saylor堅持認為，該公司的比特幣持有量是投資者參與加密貨幣市場的獨特機會。

"We are making a new market in the United States. We are offering a way for institutions and individuals who cannot invest in bitcoin to nevertheless participate in the unrvalled returns of bitcoin through a publicly traded company," said Saylor.

塞勒說：“我們正在美國建立一個新市場。我們正在為無法投資比特幣的機構和個人提供一種方式，但通過一家公開交易的公司參與了比特幣的不合時宜的回報。”

Despite this assertion, an increasing number of established investors are expressing skepticism regarding Strategy's bitcoin-driven approach.

儘管有這樣的主張，但越來越多的既定投資者對戰略以比特幣驅動的方法表示懷疑。