Citron Research 左翼警告加密货币风险，瞄准 Coinbase 估值

因在 2021 年成功押注 GameStop 而闻名的卖空者 Andrew Left 对加密货币市场表达了不同的看法。虽然他仍然看好比特币，做空以太坊并预测其被指定为证券，但 Left 对 Coinbase 的估值感到担忧，质疑其在没有山寨币的情况下的商业前景。

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

Citron Research 创始人 Andrew Left 警告加密货币行业存在风险，并对 Coinbase 估值表示担忧

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 创始人 Andrew Left 表达了对加密货币领域的担忧，尤其是针对以太坊和 Coinbase，再次引发市场猜测。

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 而闻名，他描述了他目前对市值第二大加密货币以太坊的看跌情绪。尽管莱夫特此前改变了对比特币的立场，但他认为以太坊的估值是不可持续的。

"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 预测：“如果比特币下跌 20%，以太坊可能会下跌 30%。”他指出，潜在的监管风险可能会影响以太坊。他断言：“以太坊将被贴上证券的标签。”并认为它将不会获得与比特币相同的监管批准。

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.

美国证券交易委员会（SEC）最近批准了比特币 ETF，进一步加剧了 Left 的担忧。他对加密货币交易所的长期生存能力表示怀疑，尤其是 Coinbase，他认为 Coinbase 的价值被高估了。

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 对 Coinbase 的长期商业模式提出了质疑，该模式严重依赖于替代加密货币（他称之为“s-coins”）的交易。 Left 表示：“让我们摆脱 s 币吧，我不相信它们。”他暗示这些山寨币的衰落可能会严重影响 Coinbase 的收入来源。

"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 强调：“我仍然将 Coinbase 视为交易所。”他强调了其对交易量和加密货币市场波动性的依赖所带来的潜在风险。

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."

尽管他对以太坊和 Coinbase 持负面看法，但 Left 对比特币仍持谨慎乐观态度，他认为比特币具有更主流的采用潜力。 “我得到了比特币，”莱夫特承认道。 “我做多比特币。”

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.

莱夫发表此番言论之际，加密货币市场正经历大幅波动。比特币最近飙升至历史新高，而以太坊也取得了令人印象深刻的涨幅，但仍低于历史高点。 Coinbase 的股价也一直波动，反映出加密货币监管环境持续存在的不确定性。

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.

建议投资者在做出任何投资决定之前密切关注市场发展并进行彻底研究。加密货币行业仍然具有高度投机性，莱夫特的警告提醒人们所涉及的潜在风险。