吉姆·瓦诺斯（Jim Chanos

资深投资者吉姆·瓦诺斯（Jim Chanos）透露，他正在卸载策略的股票，同时购买比特币（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.

资深投资者吉姆·瓦诺斯（Jim Chanos）透露，他正在销售策略（纳斯达克股票代码：微型）股票和购买比特币（BTC），因为他认为该公司的方法是风险的，并且受到零售热情的影响。

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

这与彼得·希夫（Peter Schiff）的思想相吻合，彼得·希夫（Peter Schiff）一直建议人们购买BTC而不是战略股票。

Veteran Investor Selling Strategy to Buy Bitcoin

资深投资者销售策略以购买比特币

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.

这位前对冲基金巨头表示，他的公司正在出售战略股票并购买比特币，因为他看到该公司的股价由于其庞大的比特币持有而变得膨胀了。

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

Chanos在谈到CNBC时说，他的公司正在出售战略股票和购买比特币。

“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.”

“我们正在按照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.

目的是利用他认为公司相对于其大量比特币的估计估值。

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

这一说法是在策略再次进行重大购买后几天，将其持股量达到了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以其成功的卖空记录而闻名，是一位经验丰富的投资者，敏锐地识别和从市场效率低下获得利润。

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.

在其联合创始人和前首席执行官迈克尔·塞勒（Michael Saylor）的领导下，战略越来越被许多人视为股票市场比特币暴露的代理。

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.

尽管该公司的股份在很大程度上是通过债务提供的，但该策略引起了许多零售投资者的共鸣，在过去一年中，策略的股价上涨了220％。在上下文中，BTC在同一时期增长了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认为这种溢价是不可持续的，并且是投机性热情的产物。他指出，“模仿公司”的出现试图模仿战略的战略，通过向散户投资者呼吁在公司结构中间接扩展比特币的承诺来筹集资金。

“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：“模仿公司正在做同样的事情。他们试图筹集资金来做同样的事情，即在公司结构内以溢价购买零售的比特币。”

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

“如果您想购买比特币，那就买比特币”

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.

似乎与这种观点一致的是经济学家和比特币评论家彼得·希夫（Peter Schiff），他一直攻击战略和媒体，他声称这是试图支撑公司股票的。

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

希夫在他的最新萨尔沃（Salvo）中告诉他的追随者购买比特币，而不是通过收购公司的股票来做。

“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.

他说：“唯一比购买比特币更荒谬的是购买一家比特币“财政”公司的股票，该公司的唯一业务目的是收购比特币。如果您想购买比特币，那就购买比特币。如果您想在股票市场上投资，请与一家实际企业购买一家公司，”他说。

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.

希夫的评估与Chanos的核心论点紧密相吻合，即战略的价值主张作为比特币代理是从根本上有缺陷的。两位投资者都建议寻求接触比特币的个人或机构应简单地购买加密货币本身。

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.

他们没有为主要资产是数字货币的公司支付溢价，而是建议对具有内在价值和产生潜力的实体进行投资。

"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：“他们正在以公司结构内的溢价购买比特币以将其出售给零售业。如果您想购买比特币，购买比特币。如果您想投资于股票市场，请以实际业务购买一家公司。”

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这样的经验丰富的短售货商和像Schiff这样的声乐比特币评论家之间的意见融合可能会使整个事情都带来有趣的兴趣。

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

作为公司董事长兼首席执行官，塞勒（Saylor）领导了一项大胆的企业，以积累大量的比特币。

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.

尽管在2015年进行了最初的投资，但该公司的加密货币之旅始于2019年，首次购买了250个比特币。从那时起，策略一直始终增加其数字资产储量。

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，该公司出售了一部分股票以资助购买更多比特币的购买，并且在2021年和2022年期间一直这样做。

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

这种策略可能被视为一种非常规的策略，尤其是考虑到策略的核心业务是软件技术。

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

但是，Saylor坚持认为，该公司的比特币持有量是投资者参与加密货币市场的独特机会。

"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.

塞勒说：“我们正在美国建立一个新市场。我们正在为无法投资比特币的机构和个人提供一种方式，但通过一家公开交易的公司参与了比特币的不合时宜的回报。”

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

尽管有这样的主张，但越来越多的既定投资者对战略以比特币驱动的方法表示怀疑。