一位知名的经济学家再次批评了迈克尔·塞勒（Michael Saylor）战略公司的债务驱动的比特币收购策略，尽管该公司的股价下降。

领先的经济学家彼得·希夫（Peter Schiff）辩称，战略有限公司决定进行长子加密货币的狂欢的决定导致了股东稀释，从而降低了该公司BTC持有的溢价。

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.

尽管公司的股价下跌，但知名的经济学家彼得·希夫（Peter Schiff）再次批评了迈克尔·塞勒（Michael Saylor）的战略公司（NASDAQ：MSTR）的债务驱动比特币（BTC）收购策略。

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.

发生的事情是：进入X，Schiff将他以Saylor领导的公司的比特币投资策略为生，因为该公司的股价和净资产价值（NAV）保费下降了。

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

这位著名的经济学家指出，尽管利用比特币购买，战略公司的股票表现不佳。

"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）吹嘘自己的杠杆比特币在2023年到目前为止产生的BTC收益率为6.9％。但是，$ MSTR的股价在2023年下跌了6％，而大规模稀释却破坏了股东的价值，导致了其加密货币持有的溢价，以至于其Crypto Holdings倒闭了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吹嘘他的利用比特币在2023年到目前为止产生的BTC收益率为6.9％。但是，$ MSTR的股价在2023年下跌了6％，而大规模稀释却破坏了股东价值，导致其比特币持有的溢价降低了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."

一位比特币的业余爱好者在回应席夫（Schiff）的职位时说，他同意经济学家的观点，即他不在战略公司出售。但是，加密货币投资者对85％的保费崩溃提出了异议，称“索赔似乎取消了”。

"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的价格为97,514美元，这是487亿美元。MSTR的股票今天为297.50美元，〜2.9亿股的市值是863亿美元的市值为863亿美元，即77％的溢价，即使在90％的高价，85％的高价也将造成近550亿美元的高处，或者以下是55亿美元。拆除了，”比特币业余爱好者解释说。

See More: Best Cryptocurrency Scanners

查看更多：最佳加密货币扫描仪

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.

对债务驱动的战略的怀疑：Schiff不购买Bitcoin Accienition，Inc。的原因之一是由债务资助。这位经济学家正与塞勒（Saylor）通过可转换债务为BTC收购筹集资金的策略处于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说：“看起来新的$ MSTR敞篷票据并不顺利。今天的股票下跌了4.5％，即使比特币上涨了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）对债务驱动的比特币的购买非常批评，强调一旦BTC下降，太多的债务可能是危险的。

"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.

经济学家补充说：“当MSTR折扣价交易时，游戏已经结束，因为出售MSTR股票购买加密货币将产生负比特币产量。”

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

早些时候，席夫（Schiff）援引偿还公司债务的偿还可能会给BTC价格下降时造成麻烦。

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收购战略：战略Inc因其BTC收购总体规划而受到批评。但是，该公司不介意其批评家，并继续增加其数字货币持有量。

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.

战略公司在一份声明中表示，它最近购买了20,356个价值约19.9亿美元的比特币，将其BTC持有量增加到478,740硬币，总价值为44亿美元。