安东尼·斯卡拉穆奇 (Anthony Scaramucci) 表示，即使比特币崩盘，迈克尔·塞勒 (Michael Saylor) 的 MicroStrategy 也不会崩溃

对冲基金 SkyBridge Capital 的创始人兼管理合伙人安东尼·斯卡拉穆奇 (Anthony Scaramucci) 表示，人们对大量比特币购买感到担忧。

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.

对冲基金经理 Anthony Scaramucci 周五淡化了对 Michael Saylor 的 MicroStrategy Inc. 大规模购买比特币和承担债务的担忧。

“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 创始人兼管理合伙人斯卡拉穆奇在一份报告中表示：“人们认为，如果比特币崩盘，他就会内爆，结果，系统中的杠杆将会放松，从而导致崩溃。”在新加坡米尔肯研究所亚洲峰会期间接受采访。

“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.”

“但如果你仔细研究他的资产负债表，就会发现他有长期债务，而且有滚动长期债务。比特币必须出现系统性崩溃，而且要持续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.

这家互联网时代的软件制造商转型为比特币代理公司（其股份由 SkyBridge 子公司所顾问的基金持有）今年以超过 400% 的股价飙升震惊了华尔街，同时吞并了通过出售融资的数十亿美元比特币股票和可转换债务。

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.

这也引发了人们的担忧，即如果比特币价格下跌，MicroStrategy 可能难以偿还债务，并可能需要抛售其持有的代币，从而进一步压低比特币价格。

“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.

“关于他被迫向市场出售数十万代币的故事，我认为这是一个被迫的故事，”斯卡拉穆奇说。

“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.

“但我在华尔街工作了 35 年，我了解雷曼兄弟的内爆原因”，这就是他们的债务结构。

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

MicroStrategy 拥有约 72 亿美元的未偿可转换债务，其中包括今年出售的约 60 亿美元。

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.

可转换证券一直是对冲基金的最爱，它们利用标的资产波动性的飙升进行市场中性套利押注。

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.

据其网站称，由 SkyBridge Capital II, LLC 提供咨询服务的 First Trust SkyBridge Crypto Industry and Digital Economy ETF 将 MicroStrategy 列为前三名持股。

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.”

塞勒为斯卡拉姆奇关于比特币的新书写了前言，斯卡拉姆奇说，他“已经真正考虑过他将如何做到这一点”。 “他通过发行债务和股票创造了这个积极的飞轮。”

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.

由于对当选总统唐纳德·特朗普的支持加密货币政策持乐观态度，比特币在周二触及超过 108,000 美元的历史高点后回落。

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.

尽管许多拥护者预测原始加密货币（总市值约为 1.9 万亿美元）将恢复创纪录的飙升，但斯卡拉穆奇表示很难预测价格走势。

“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.”

“最大的问题是，你永远无法真正预测它会是什么，”斯卡拉穆奇说。 “但如果你对我说，明年我们能否对加密货币进行 30% 到 40% 的调整，使其回到 60,000 美元至 70,000 美元——绝对可以。”

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.

不过，他表示，今年早些时候美国交易所交易基金直接投资比特币，以及可能即将采取的有利立法行动，应该会使比特币的价格保持在 50,000 美元以上。他表示，从长远来看，硬币可能会继续升值。

“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“能否达到 18 万亿美元”。 “我们相信它可以。是否直接达到 18 万亿美元？不。”