吉姆·瓦诺斯（Jim Chanos

他警告说，炒作驱动的BTC积累策略（如MicroStrategy的）可能会对公司冒险。

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.

资深的短售货员吉姆·瓦诺斯（Jim Chanos）以揭露安然（Enron）和他敏锐的发现高估的目光而闻名，他的钱将他的嘴放在加密货币市场上。

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投资会议上，Chanos透露了关于MicroStrategy（NASDAQ：MICRO）和长期对比特币（Crypto：BTC）的缺点，这强调了人们对与加密相关股票中猜测驱动的估值的日益关注。

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.

这一举动偏离了Chaonos的通常叙述，突出了市场上的紧迫问题，而在年度Sohn会议上，投资者的观众被广泛在线拍摄和广泛观看。

Here’s a closer look at why this matters.

这是一个更重要的事情。

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

吉姆·瓦诺斯（Jim Chanos）是谁，为什么他的举动很重要？

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的创始人，是希腊裔美国人的投资者，对冲基金经理，也是现代财务历史上最成功的短卖者之一。

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“销售”策略和隐藏债务来欺骗投资者的使用，以在2000年揭露安然丑闻而闻名。通过尽早短路安然并通过倒塌来保持职位，他获得了巨大的利润。

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.

在他的整个职业生涯中，Chanos通过卖空高估的公司和投资被低估的资产取得了巨大的成功。他是一个深刻的人，更喜欢在内部进行分析，并且在投资界得到了高度评​​价。

Why Chanos Is Long on Bitcoin but Short on Microstrategy

为什么Chanos长期使用比特币，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活动中，Chanos表示比特币被低估了，但微型股票却没有被低估。他认为，该公司的股价超过了比特币持有的实际价值。

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.

他认为最好直接购买比特币，而不是购买Microstrategy股票。他的理由是，零售猜测驱动了微观，而比特币仍然具有长期的基本价值。

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

他说：“这是一个极端的故事，突出了市场上的情绪波动。”

Microstrategy’s Massive Bitcoin Holdings

MicroStrategy的大量比特币持有

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

对于那些可能不知道的人，MicroStrategy已成为最大的公开交易的比特币持有者，并于2020年开始积累旗舰加密货币。

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.

仅到目前为止，仅在2023年，该公司就以每枚硬币54,000美元的平均价格向其资产负债表中增加了122,000 BTC。现在，MicroStrategy现在拥有156,000多个BTC，其价值超过33亿美元，目前的市场价格约为21,000美元。

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

该公司还鼓励其他主要公司（例如Microsoft（NASDAQ：MSFT））采用类似的比特币积累策略。

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

但是，Chanos警告说，与比特币相比，MicroStrategy的股票飙升太快了，这表明可能是过分买的。

The Warning: Bitcoin Strategy May Become a Risky Trend

警告：比特币策略可能会成为风险的趋势

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警告说，越来越多的公司可以尝试通过参与“炒作驱动” BTC购买的Sprees来模仿Microstrategy的模型。他认为，一旦兴奋消失，这些举动可能会导致财务损失。

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

他认为，MicroStrategy的估值并不能反映出强大的潜在业务，而是夸大了投资者的期望。

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

他总结说：“我相信，对于那些参与其中的人来说，这一举动会很糟糕。”

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.

最后，Chanos的评论是在投资者对加密货币的更广泛转变之中的。尽管许多机构投资者对资产类别仍然持怀疑态度，但散户投资者和较小的投资公司的兴趣激增。

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.

随着加密市场的不断发展，有趣的是，看到投资者如何对Chanos对微观环境和他对比特币的看涨赌注有何反应。