Peter Schiff 警告 MicroStrategy 即將迎來一場“大屠殺”，其股價乘著比特幣浪潮飆升 528%

黃金投資者兼比特幣評論家 Peter Schiff 將 MicroStrategy 稱為「MSCI 世界指數中最被高估的股票」。

MicroStrategy stock price surged 528% in 2024, riding the wave of Bitcoin’s explosive rally to a new record high of over $94,000. But gold advocate Peter Schiff casts doubt on its sustainability, labeling the company’s strategy a risky feedback loop tied directly to cryptocurrency markets.

MicroStrategy 股價在 2024 年飆升 528%，乘著比特幣爆炸性上漲的浪潮，創下超過 94,000 美元的新紀錄高點。但黃金倡導者 Peter Schiff 對其永續性表示懷疑，稱該公司的策略是與加密貨幣市場直接相關的風險回饋循環。

Key Points:

要點：

• MicroStrategy stock price soared in 2024, fueled by Bitcoin’s rally.

• 在比特幣上漲的推動下，MicroStrategy 股價在 2024 年飆升。

• Gold advocate Peter Schiff raises concerns over the company’s strategy.

• 黃金倡議者Peter Schiff 對公司的策略表示擔憂。

• Schiff warns of a potential "bloodbath" if Bitcoin prices drop.

• 希夫警告說，如果比特幣價格下跌，可能會出現「大屠殺」。

• BitMEX Research highlights the risks of MicroStrategy's debt-driven strategy.

• BitMEX Research 強調了MicroStrategy 債務驅動策略的風險。

• Institutional investors, including Vanguard and Capital International, are showing strong interest in MicroStrategy.

• 包括Vanguard 和Capital International 在內的機構投資者對MicroStrategy 表現出了濃厚的興趣。

However, the company’s reliance on Bitcoin for its astronomical gains has sparked concerns among some financial experts. One prominent critic is gold investor and Bitcoin skeptic Peter Schiff, who has labeled MicroStrategy "the most overvalued stock in the MSCI World Index."

然而，該公司對比特幣的天文數字收益的依賴引發了一些金融專家的擔憂。一位著名的批評者是黃金投資者和比特幣懷疑論者 Peter Schiff，他將 MicroStrategy 稱為「MSCI 世界指數中最被高估的股票」。

According to Schiff, the company’s strategy creates risks for MicroStrategy, especially if Bitcoin prices drop. He explained that the company’s strategy is a "feedback loop" that could lead to a "bloodbath" if Bitcoin's price falls.

Schiff 表示，該公司的策略為 MicroStrategy 帶來了風險，特別是如果比特幣價格下跌的話。他解釋說，該公司的策略是“反饋循環”，如果比特幣價格下跌，可能會導致“大屠殺”。

Schiff's critique centers on MicroStrategy's debt-fueled strategy, which is closely tied to the cryptocurrency's performance. As Bitcoin's price rises, the value of MicroStrategy's BTC holdings increases, boosting its stock price and enabling it to sell shares and acquire more Bitcoin. This cycle, in turn, artificially inflates both MicroStrategy's stock and Bitcoin's value. According to Schiff, this model cannot continue indefinitely and would collapse if Bitcoin's price fell.

Schiff 的批評集中在 MicroStrategy 的債務驅動策略上，該策略與加密貨幣的表現密切相關。隨著比特幣價格上漲，MicroStrategy 持有的 BTC 價值增加，推高其股價並使其能夠出售股票並購買更多比特幣。反過來，這個週期人為地抬高了 MicroStrategy 的股票和比特幣的價值。希夫表示，這種模式不能無限期地持續下去，如果比特幣價格下跌，這種模式就會崩潰。

These concerns are further supported by BitMEX Research, which has described MicroStrategy's strategy as an "infinite money glitch." While the company has benefited from Bitcoin's price increase so far, the research highlights that this approach is ultimately unsustainable and could lead to liquidation risks if Bitcoin crashes.

這些擔憂得到了 BitMEX Research 的進一步支持，該公司將 MicroStrategy 的策略描述為「無限的資金故障」。儘管該公司迄今已從比特幣價格上漲中受益，但研究強調，這種做法最終是不可持續的，如果比特幣崩盤，可能會導致清算風險。

Despite these warnings, institutional investors have shown strong interest in MicroStrategy. According to data, institutional ownership of the company's shares increased over 100% in Nov. 2024. Notably, Vanguard holds 17.45 million shares, valued at $6.71 billion, while Capital International leads with 17.53 million shares.

儘管有這些警告，機構投資者還是對 MicroStrategy 表現出了濃厚的興趣。數據顯示，2024年11月，機構持股增加超過100%。

Moreover, Wall Street giants such as Morgan Stanley and BlackRock have also increased their stakes in the company, collectively owning billions in MicroStrategy shares. However, given MicroStrategy's stock volatility, a downturn in Bitcoin could result in steep losses for institutional investors. As of Nov. 2024, MSTR's volatility stood at 32.65%, compared to Bitcoin's 16.86%, making it riskier than the cryptocurrency itself.

此外，摩根士丹利、貝萊德等華爾街巨頭也紛紛增持該公司股份，合計持有MicroStrategy數十億股。然而，考慮到 MicroStrategy 的股票波動性，比特幣的低迷可能會導致機構投資者遭受巨額損失。截至 2024 年 11 月，MSTR 的波動率為 32.65%，而比特幣的波動率為 16.86%，這使得它比加密貨幣本身的風險更大。

For now, MicroStrategy's fortunes are closely tied to Bitcoin's performance. However, as Schiff pointed out, no system built on endless growth can last forever.

目前，MicroStrategy 的命運與比特幣的表現密切相關。然而，正如希夫所指出的那樣，任何建立在無限成長之上的系統都無法永遠持續下去。