大卫·艾因霍恩 (David Einhorn) 对最新一轮的加密货币狂热并不感兴趣

这位绿光资本的亿万富翁创始人在最近给投资者的信中表达了他的怀疑态度，他认为数字资产的炒作已经接近危险的程度。

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

亿万富翁大卫·艾因霍恩 (David Einhorn) 对最新的加密货币狂热持怀疑态度，他表示这种狂热已经接近危险的炒作程度。

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.

艾因霍恩在给投资者的最新信中指出，Fartcoin 等模因币的迅速崛起，本月市值飙升至 25 亿美元的峰值。

"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.

艾因霍恩周二写道：“我们现在已经到达了市场周期的‘Fartcoin’阶段。”他强调，这种迷因币的唯一目的似乎是让交易者能够进行投机。

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

尽管今年迄今已上涨近 60%，但 Einhorn 补充说，Fartcoin 没有任何明显的用途在其他地方无法实现。

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.

上周晚些时候，唐纳德·特朗普总统宣布推出特朗普币，其网站称这只是“支持的表达”，而不是投资机会。

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.

他的妻子梅拉尼娅也宣布推出自己的代币，这两种代币都大幅飙升，几天后出现大幅抛售，导致一些投资者蒙受巨大损失。

"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."

“没有什么能阻止更多可交易代币的推出，”艾因霍恩写道，并补充道，“每个人都在猜测接下来会发生什么，但感觉会很疯狂。”

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

艾因霍恩还批评了一些推动比特币创下纪录的乐观预测。

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.

进入 2025 年，比特币多头着眼于一系列有利因素，这些因素可能会在年底前将加密货币推向新高。他们对比特币战略储备感到特别兴奋，这将涉及美国政府购买和持有该代币，以抵消不断上升的国家债务和通货膨胀。

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.

但艾因霍恩将比特币储备描述为对纳税人资金的“可疑”使用，不太可能成为现实。批评者同样对资助这一努力持怀疑态度，一些人认为这一过程本身会导致通货膨胀。

"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.

艾因霍恩写道：“更有可能的是，头脑冷静的人会决定，政府不应再在债券市场借入数万亿美元来投机比特币，事实上，这样做没有任何战略意义。”

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.

他还积极做空市场的某些角落。他的信中称，Greenlight 已针对与比特币最大企业持有者 MicroStrategy 相关的两只杠杆 ETF 开设了空头头寸。

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.

这些基金——T-Rex 2x Long MSTR Daily Target ETF（NYSE Arca：TREX）和 Defiance Daily Target 2X Long MSTR ETF（NYSE Arca：MSTR2）——因试图将 MicroStrategy 的回报翻倍而变得流行。

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.

为此，他们采用了 MicroStrategy 的看涨期权，该股票的波动性可能非常大。艾因霍恩写道，这使得期权交易的成本变得不可持续。

"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."

“这些产品注定会失败。随着时间的推移，它们的资本可能会流失，”他说。 “在本季度，合伙企业通过做空这些 ETF 建立了新的套利头寸，我们通过持有 MSTR 部分抵消了这一头寸。这个头寸是本季度的实质性赢家。”

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."

艾因霍恩并不是唯一一个对加密货币持怀疑态度的人。其他华尔街重量级人物同样不相信。本月，AQR Capital 联合创始人 Cliff Asness 表示，加密货币正处于泡沫之中，他告诉 CNBC，它需要开发“投机和犯罪”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."

摩根大通首席执行官杰米·戴蒙(Jamie Dimon)也对数字资产提出了类似的论点。 “你知道，比特币本身没有内在价值，”他本月表示。 “它被性贩子、洗钱者和勒索软件大量使用。”

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."

信中称，2024 年 Greenlight 为投资者带来了 7.2% 的回报，而标准普尔 500 指数的回报率为 25%。艾因霍恩表示，虽然 2024 年总统选举充满不确定性，但新的特朗普政府带来了“比以往更多的不确定性”。

"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.

他写道：“我们知道总统是谁，但任何人都猜测他会做什么。”他补充说，经济政策、关税和特朗普缩减政府支出的使命给前景蒙上了阴影。