吉姆·瓦諾斯（Jim Chanos

他警告說，炒作驅動的BTC積累策略（如MicroStrategy的）可能會對公司冒險。

Veteran short-seller Jim Chanos, known for exposing Enron and his keen eye for spotting overvaluation, is putting his money where his mouth is in the crypto market.

資深的短售貨員吉姆·瓦諾斯（Jim Chanos）以揭露安然（Enron）和他敏銳的發現高估的目光而聞名，他的錢將他的嘴放在加密貨幣市場上。

At the Sohn Investment Conference, Chanos revealed a short on Microstrategy (NASDAQ:MICRO) and a long on Bitcoin (CRYPTO: BTC), highlighting the growing concerns about speculation-driven valuations in crypto-related stocks.

在Sohn投資會議上，Chanos透露了關於MicroStrategy（NASDAQ：MICRO）和長期對比特幣（Crypto：BTC）的缺點，這強調了人們對與加密相關股票中猜測驅動的估值的日益關注。

This move deviates from the usual narrative of Chaonos highlighting pressing issues in the market to an audience of investors at the annual Sohn Conference, which is filmed and viewed widely online.

這一舉動偏離了Chaonos的通常敘述，突出了市場上的緊迫問題，而在年度Sohn會議上，投資者的觀眾被廣泛在線拍攝和廣泛觀看。

Here’s a closer look at why this matters.

這是一個更重要的事情。

Who Is Jim Chanos, and Why Does His Move Matter?

吉姆·瓦諾斯（Jim Chanos）是誰，為什麼他的舉動很重要？

Chanos, the founder of Kynikos Associates, is a Greek-American investor, hedge fund manager, and one of the most successful short-sellers in modern financial history.

Chanos是Kynikos Associates的創始人，是希臘裔美國人的投資者，對沖基金經理，也是現代財務歷史上最成功的短賣者之一。

He is best known for exposing the Enron scandal in 2000 by identifying the company’s use of "gain-on-sale" tactics and hidden debt to deceive investors. By shorting Enron early and holding the position through the collapse, he secured massive profits.

他以2000年揭示了公司的“銷售”策略和隱藏債務來欺騙投資者的使用，以在2000年揭露安然醜聞而聞名。通過儘早短路安然並通過倒塌來保持職位，他獲得了巨大的利潤。

Throughout his career, Chanos has achieved significant success by shorting overvalued companies and investing in undervalued assets. He is a deep-thinking individual who prefers to perform his analysis in-house, and his insights are highly regarded in the investment community.

在他的整個職業生涯中，Chanos通過賣空高估的公司和投資被低估的資產取得了巨大的成功。他是一個深刻的人，更喜歡在內部進行分析，並且在投資界得到了高度評​​價。

Why Chanos Is Long on Bitcoin but Short on Microstrategy

為什麼Chanos長期使用比特幣，但在MicroStrategy上很短

At the Sohn event, Chanos stated that Bitcoin is undervalued, but Microstrategy stock is not. He argued that the company’s share price has outpaced the actual value of its Bitcoin holdings.

在Sohn活動中，Chanos表示比特幣被低估了，但微型股票卻沒有被低估。他認為，該公司的股價超過了比特幣持有的實際價值。

Instead of buying Microstrategy stock, he believes it’s better to buy Bitcoin directly. His reasoning is that Microstrategy is being driven by retail speculation, while Bitcoin still holds long-term fundamental value.

他認為最好直接購買比特幣，而不是購買Microstrategy股票。他的理由是，零售猜測驅動了微觀，而比特幣仍然具有長期的基本價值。

"It's a tale of two extremes highlighting the mood swings in the market," he said.

他說：“這是一個極端的故事，突出了市場上的情緒波動。”

Microstrategy’s Massive Bitcoin Holdings

MicroStrategy的大量比特幣持有

For those who may not know, Microstrategy has become the largest publicly traded Bitcoin holder, having started accumulating the flagship cryptocurrency in 2020.

對於那些可能不知道的人，MicroStrategy已成為最大的公開交易的比特幣持有者，並於2020年開始積累旗艦加密貨幣。

So far in 2023 alone, the company has added over 122,000 BTC to its balance sheet at an average price of around $54,000 per coin. In total, Microstrategy now holds over 156,000 BTC, which is valued at over $3.3 billion at the current market price of around $21,000.

僅到目前為止，僅在2023年，該公司就以每枚硬幣54,000美元的平均價格向其資產負債表中增加了122,000 BTC。現在，MicroStrategy現在擁有156,000多個BTC，其價值超過33億美元，目前的市場價格約為21,000美元。

The company has also encouraged other major corporations, such as Microsoft (NASDAQ:MSFT), to adopt a similar Bitcoin accumulation strategy.

該公司還鼓勵其他主要公司（例如Microsoft（NASDAQ：MSFT））採用類似的比特幣積累策略。

However, Chanos warns that Microstrategy’s stock has surged too quickly compared to Bitcoin, suggesting it may be overbought.

但是，Chanos警告說，與比特幣相比，MicroStrategy的股票飆升太快了，這表明可能是過分買的。

The Warning: Bitcoin Strategy May Become a Risky Trend

警告：比特幣策略可能會成為風險的趨勢

Furthermore, Chanos cautioned that more companies could try to mimic Microstrategy’s model by engaging in "hype-driven" BTC-buying sprees. He believes that these moves could result in financial losses once the excitement fades.

此外，Chanos警告說，越來越多的公司可以嘗試通過參與“炒作驅動” BTC購買的Sprees來模仿Microstrategy的模型。他認為，一旦興奮消失，這些舉動可能會導致財務損失。

In his view, Microstrategy’s valuation does not reflect a strong underlying business but rather exaggerated investor expectations.

他認為，MicroStrategy的估值並不能反映出強大的潛在業務，而是誇大了投資者的期望。

"I believe this move will turn out badly for those who participate in it," he concluded.

他總結說：“我相信，對於那些參與其中的人來說，這一舉動會很糟糕。”

Finally, Chanos's comments come amid a broader shift in investor sentiment towards cryptocurrencies. While many institutional investors have remained skeptical of the asset class, there has been a surge in interest from retail investors and smaller investment firms.

最後，Chanos的評論是在投資者對加密貨幣的更廣泛轉變之中的。儘管許多機構投資者對資產類別仍然持懷疑態度，但散戶投資者和較小的投資公司的興趣激增。

As the crypto market continues to evolve, it will be interesting to see how investors react to Chanos's bearish outlook on Microstrategy and his bullish bet on Bitcoin.

隨著加密市場的不斷發展，有趣的是，看到投資者如何對Chanos對微觀環境和他對比特幣的看漲賭注有何反應。