一位知名的經濟學家再次批評了邁克爾·塞勒（Michael Saylor）戰略公司的債務驅動的比特幣收購策略，儘管該公司的股價下降。

領先的經濟學家彼得·希夫（Peter Schiff）辯稱，戰略有限公司決定進行長子加密貨幣的狂歡的決定導致了股東稀釋，從而降低了該公司BTC持有的溢價。

Known economist Peter Schiff has once again criticized the debt-fueled Bitcoin (BTC) acquisition strategy of Michael Saylor's Strategy Inc (NASDAQ:MSTR) despite the company's decreasing share price.

儘管公司的股價下跌，但知名的經濟學家彼得·希夫（Peter Schiff）再次批評了邁克爾·塞勒（Michael Saylor）的戰略公司（NASDAQ：MSTR）的債務驅動比特幣（BTC）收購策略。

What Happened: Taking to X, Schiff gave his take on the Saylor-led company's Bitcoin investment strategy as the firm's share price and Net Asset Value (NAV) premium decreased.

發生的事情是：進入X，Schiff將他以Saylor領導的公司的比特幣投資策略為生，因為該公司的股價和淨資產價值（NAV）保費下降了。

The prominent economist noted that Strategy Inc.'s stock has underperformed despite leveraging on Bitcoin buying.

這位著名的經濟學家指出，儘管利用比特幣購買，戰略公司的股票表現不佳。

"Today, Saylor is bragging about his leveraged Bitcoin buys generating a BTC yield of 6.9% so far in 2023. But the share price of $MSTR is down 6% in 2023, while massive dilution has destroyed shareholder value, causing the premium to its crypto holdings to collapse by 85%," Schiff said in a post on X.

“今天，塞勒（Saylor）吹噓自己的槓桿比特幣在2023年到目前為止產生的BTC收益率為6.9％。但是，$ MSTR的股價在2023年下跌了6％，而大規模稀釋卻破壞了股東的價值，導致了其加密貨幣持有的溢價，以至於其Crypto Holdings倒閉了85％。”

Today, @saylor is bragging about his leveraged Bitcoin buys generating a BTC yield of 6.9% so far in 2023. But the share price of $MSTR is down 6% in 2023, while massive dilution has destroyed shareholder value, causing the premium to its Bitcoin holdings to collapse by 85%.

如今，@Saylor吹噓他的利用比特幣在2023年到目前為止產生的BTC收益率為6.9％。但是，$ MSTR的股價在2023年下跌了6％，而大規模稀釋卻破壞了股東價值，導致其比特幣持有的溢價降低了85％。

— Peter Schiff (@PeterSchiff) February 24, 2025

- 彼得·希夫（@peterschiff）2025年2月24日

A Bitcoin hobbyist, in response to Schiff's post, said he agrees with the economist that he isn't sold on Strategy Inc. However, the crypto investor disputed the 85% premium collapse, saying the "claim seems off."

一位比特幣的業餘愛好者在回應席夫（Schiff）的職位時說，他同意經濟學家的觀點，即他不在戰略公司出售。但是，加密貨幣投資者對85％的保費崩潰提出了異議，稱“索賠似乎取消了”。

"With 499,096 BTC at ~$97,514 each, that's $48.7 billion. MSTR's stock at, say, $297.50 today with ~290 million shares is a market cap of $86.3 billion—a 77% premium. Even at recent highs like 90%, an 85% drop would leave it near 13%, or $55 billion—way below current levels. The premium's down, not demolished," the Bitcoin hobbyist explained.

“每人499,096 btc約為97,514美元，這是487億美元。Mstr的股票今天為297.50美元，約有2.9億股的市值是863億美元的市值，即87％的高級溢價硬幣愛好者解釋說。

See More: Best Cryptocurrency Scanners

查看更多：最佳加密貨幣掃描儀

Skeptic On The Debt-Fueled Strategy: One of the reasons why Schiff did not buy into the Bitcoin acquisition of Strategy, Inc. is being funded by debt. The economist is at loggerhead with Saylor's strategy of financing the BTC acquisitions through convertible debt.

對債務驅動的戰略的懷疑：Schiff不購買Bitcoin Accienition，Inc。的原因之一是由債務資助。這位經濟學家正與塞勒（Saylor）通過可轉換債務為BTC收購籌集資金的策略處於Loggerhead。

"It looks like the new $MSTR convertible notes aren't going over too well. Shares are down 4.5% today, even with Bitcoin up 2.5%," Schiff said.

Schiff說：“看起來新的$ MSTR敞篷票據並不順利。今天的股票下跌了4.5％，即使比特幣上漲了2.5％。”

Schiff has been very critical of the debt-driven Bitcoin purchase, emphasizing that too much debt could be dangerous once the BTC drops.

席夫（Schiff）對債務驅動的比特幣的購買非常批評，強調一旦BTC下降，太多的債務可能是危險的。

"When MSTR trades at a discount to its holdings, the game is over, as selling MSTR shares to buy crypto will produce a negative Bitcoin yield," the economist added.

經濟學家補充說：“當MSTR折扣價交易時，遊戲已經結束，因為出售MSTR股票購買加密貨幣將產生負比特幣產量。”

Earlier, Schiff cited that the repayment of the firm's debts might cause trouble to Strategy, Inc. when BTC price declines.

早些時候，席夫（Schiff）援引償還公司債務的償還可能會給BTC價格下降時造成麻煩。

BTC Acquisition Strategy: Strategy Inc has received criticism for its BTC acquisition master plan. However, the firm does not mind its critics and continues to increase its digital currency holdings.

BTC收購戰略：戰略Inc因其BTC收購總體規劃而受到批評。但是，該公司不介意其批評家，並繼續增加其數字貨幣持有量。

In a statement, Strategy Inc said it recently bought 20,356 Bitcoins worth around $1.99 billion, increasing its BTC holdings to 478,740 coins with a total value of $44 billion.

戰略公司在一份聲明中表示，它最近購買了20,356個價值約19.9億美元的比特幣，將其BTC持有量增加到478,740硬幣，總價值為44億美元。