大衛艾因霍恩 (David Einhorn) 對最新一輪的加密貨幣狂熱並不感興趣

這位綠光資本的億萬富翁創始人在最近給投資者的信中表達了他的懷疑態度，他認為數位資產的炒作已經接近危險的程度。

Billionaire David Einhorn is skeptical about the latest crypto mania, which he says is approaching a dangerous level of hype.

億萬富翁大衛艾因霍恩 (David Einhorn) 對最新的加密貨幣狂熱持懷疑態度，他表示這種狂熱已經接近危險的炒作程度。

In his latest letter to investors, Einhorn points out the meteoric rise of meme coins like Fartcoin, which soared to a peak market cap of $2.5 billion this month.

艾因霍恩在給投資者的最新信中指出，Fartcoin 等迷因幣的迅速崛起，本月市值飆升至 25 億美元的峰值。

"We have now reached the 'Fartcoin' stage of the market cycle," Einhorn wrote on Tuesday, highlighting that the meme coin's only purpose appears to be enabling traders to speculate.

艾因霍恩週二寫道：「我們現在已經到達了市場週期的『Fartcoin』階段。」他強調，這種迷因幣的唯一目的似乎是讓交易者能夠進行投機。

Despite being up by nearly 60% year-to-date, Einhorn added that Fartcoin has no obvious purpose that's not served elsewhere.

儘管今年迄今已上漲近 60%，但 Einhorn 補充說，Fartcoin 沒有任何明顯的用途在其他地方無法實現。

The skepticism comes as President Donald Trump announced a $Trump coin late last week, which is described by its website as solely an "expression of support" and not an investment opportunity.

上週晚些時候，唐納德·特朗普總統宣布推出特朗普幣，其網站稱這只是“支持的表達”，而不是投資機會。

His wife, Melania, also announced her own token launch, with both coins soaring spectacularly before an aggressive sell-off days later that left some investors with big losses.

他的妻子梅蘭妮亞（Melania）也宣布推出自己的代幣，這兩種代幣都大幅飆升，幾天後出現大幅拋售，導致一些投資者蒙受巨大損失。

"Nothing stops the launch of many more tradable coins," Einhorn wrote, adding, "It's anyone's guess as to what will happen next, but it feels like it's going to be wild."

“沒有什麼能阻止更多可交易代幣的推出，”艾因霍恩寫道，並補充道，“每個人都在猜測接下來會發生什麼，但感覺會很瘋狂。”

Einhorn also criticized some of the bullish predictions that have propelled bitcoin to records.

艾因霍恩也批評了一些推動比特幣創下紀錄的樂觀預測。

Bitcoin bulls entered 2025 eyeing a host of tailwinds that could send the cryptocurrency to fresh highs by the end of the year. They're particularly excited about a strategic bitcoin reserve, which would involve the US government buying and holding the token, to offset rising national debt and inflation.

進入 2025 年，比特幣多頭著眼於一系列有利因素，這些因素可能會在年底前將加密貨幣推向新高。他們對比特幣戰略儲備感到特別興奮，這將涉及美國政府購買和持有該代幣，以抵消不斷上升的國家債務和通貨膨脹。

But Einhorn described a bitcoin reserve as a "dubious" use of taxpayer money that's unlikely to become a reality. Critics are similarly skeptical about financing the effort, with some arguing that the process itself would be inflationary.

但艾因霍恩將比特幣儲備描述為對納稅人資金的「可疑」使用，不太可能成為現實。批評者同樣對資助這項努力持懷疑態度，有些人認為這個過程本身會導致通貨膨脹。

"More likely, cooler heads will decide that the government should not borrow another trillion dollars in the bond market to speculate in Bitcoin and that there is, in fact, nothing strategic about doing so," Einhorn wrote.

艾因霍恩寫道：“更有可能的是，頭腦冷靜的人會決定，政府不應再在債券市場借入數萬億美元來投機比特幣，事實上，這樣做沒有任何戰略意義。”

He's also actively betting against some corners of the market. His letter said Greenlight had opened a short position against two levered ETFs tied to bitcoin's biggest corporate holder, MicroStrategy.

他也積極做空市場的某些角落。他的信中稱，Greenlight 已針對與比特幣最大企業持有者 MicroStrategy 相關的兩隻槓桿 ETF 開設了空頭部位。

The funds — the T-Rex 2x Long MSTR Daily Target ETF (NYSE Arca: TREX) and the Defiance Daily Target 2X Long MSTR ETF (NYSE Arca: MSTR2) — have become popular in trying to double MicroStrategy's returns.

這些基金——T-Rex 2x Long MSTR Daily Target ETF（NYSE Arca：TREX）和 Defiance Daily Target 2X Long MSTR ETF（NYSE Arca：MSTR2）——因試圖將 MicroStrategy 的回報翻倍而變得流行。

To do so, they've embraced call options on MicroStrategy, a stock that can be incredibly volatile. This makes options trading unsustainably expensive, Einhorn wrote.

為此，他們採用了 MicroStrategy 的看漲期權，該股票的波動性可能非常大。艾因霍恩寫道，這使得選擇交易的成本變得不可持續。

"These products are destined to fail. Over time, they are likely to bleed out their capital," he said. "During the quarter, the Partnerships established a new arbitrage position by shorting these ETFs, which we partially offset by owning MSTR. This position was a material winner in the quarter."

「這些產品注定會失敗。隨著時間的推移，它們的資本可能會流失，」他說。 「在本季度，合夥企業透過做空這些 ETF 建立了新的套利頭寸，我們透過持有 MSTR 部分抵消了這一頭寸。這個頭寸是本季度的實質性贏家。”

Einhorn isn't alone in his doubts about crypto; other Wall Street heavyweights are similarly unconvinced. This month, the AQR Capital cofounder Cliff Asness said crypto was in a bubble, telling CNBC that it needed to develop use cases beyond "speculation and criminality."

艾因霍恩並不是唯一一個對加密貨幣持懷疑態度的人。其他華爾街重量級人物同樣不相信。本月，AQR Capital 聯合創始人 Cliff Asness 表示，加密貨幣正處於泡沫之中，他告訴 CNBC，它需要開發「投機和犯罪」之外的用例。

The JPMorgan chief Jamie Dimon has made similar arguments about digital assets. "You know, bitcoin itself has no intrinsic value," he said this month. "It's used heavily by sex traffickers, money launderers, ransomware."

摩根大通執行長傑米戴蒙(Jamie Dimon)也對數位資產提出了類似的論點。 「你知道，比特幣本身沒有內在價值，」他本月表示。 “它被性販子、洗錢者和勒索軟體大量使用。”

The letter said Greenlight returned 7.2% for investors in 2024, compared with a return of 25% for the S&P 500. Einhorn said that while 2024 was marked by uncertainty about the presidential election, a new Trump administration brings "more uncertainty than ever."

信中稱，2024 年Greenlight 為投資者帶來了7.2% 的回報，而標準普爾500 指數的回報率為25%。朗普政府帶來了「比以往更多的不確定性」。

"We know who the President is, but it's anyone's guess as to what he will do," he wrote, adding that economic policy, tariffs, and Trump's mission to shrink government spending were clouding outlooks.

他寫道：「我們知道總統是誰，但任何人都猜測他會做什麼。」他補充說，經濟政策、關稅和川普縮減政府支出的使命給前景蒙上了陰影。