Peter Schiff 警告 MicroStrategy 即将迎来一场“大屠杀”，其股价乘着比特币浪潮飙升 528%

黄金投资者兼比特币评论家 Peter Schiff 将 MicroStrategy 称为“MSCI 世界指数中最被高估的股票”。

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 股价在 2024 年飙升 528%，乘着比特币爆炸性上涨的浪潮，创下超过 94,000 美元的新纪录高点。但黄金倡导者 Peter Schiff 对其可持续性表示怀疑，称该公司的战略是与加密货币市场直接相关的风险反馈循环。

Key Points:

要点：

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

• 在比特币上涨的推动下，MicroStrategy 股价在 2024 年飙升。

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

• 黄金倡导者Peter Schiff 对公司的战略表示担忧。

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

• 希夫警告说，如果比特币价格下跌，可能会出现“大屠杀”。

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

• BitMEX Research 强调了MicroStrategy 债务驱动策略的风险。

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

• 包括Vanguard 和Capital International 在内的机构投资者对MicroStrategy 表现出了浓厚的兴趣。

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，该公司对比特币的天文数字收益的依赖引发了一些金融专家的担忧。一位著名的批评者是黄金投资者和比特币怀疑论者 Peter Schiff，他将 MicroStrategy 称为“MSCI 世界指数中最被高估的股票”。

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，该公司的战略给 MicroStrategy 带来了风险，特别是如果比特币价格下跌的话。他解释说，该公司的策略是“反馈循环”，如果比特币价格下跌，可能会导致“大屠杀”。

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 的批评集中在 MicroStrategy 的债务驱动策略上，该策略与加密货币的表现密切相关。随着比特币价格上涨，MicroStrategy 持有的 BTC 价值增加，从而推高其股价并使其能够出售股票并购买更多比特币。反过来，这个周期人为地抬高了 MicroStrategy 的股票和比特币的价值。希夫表示，这种模式不能无限期地持续下去，如果比特币价格下跌，这种模式就会崩溃。

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.

这些担忧得到了 BitMEX Research 的进一步支持，该公司将 MicroStrategy 的策略描述为“无限的资金故障”。尽管该公司迄今为止已从比特币价格上涨中受益，但研究强调，这种做法最终是不可持续的，如果比特币崩盘，可能会导致清算风险。

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.

尽管有这些警告，机构投资者还是对 MicroStrategy 表现出了浓厚的兴趣。数据显示，2024年11月，机构持股量增长超过100%。值得注意的是，先锋集团持有1745万股，价值67.1亿美元，资本国际以1753万股领先。

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、贝莱德等华尔街巨头也纷纷增持该公司股份，合计持有MicroStrategy数十亿股。然而，考虑到 MicroStrategy 的股票波动性，比特币的低迷可能会导致机构投资者遭受巨额损失。截至 2024 年 11 月，MSTR 的波动率为 32.65%，而比特币的波动率为 16.86%，这使得它比加密货币本身的风险更大。

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 的命运与比特币的表现密切相关。然而，正如希夫指出的那样，任何建立在无限增长之上的系统都无法永远持续下去。