Jim Chanosfamous seller founder of Kynikos Associates, revealed Wednesday (14) that he is with a Position sold on strategy (Nasdaq: MSTR) And Bought in Bitcoin (BTC). Something like an arbitration.
According to the investor, the shares of Michael Saylor are overvalued because they work with a price for their bitcoins in cash.
To defend themselves against the Bitcoin height points, which can activate new highlights on the actions of the strategy, Chanos obtained direct exposure to cryptocurrency.
Short, Overen are negotiated at US $ 403But The value of Bitcoin per share is only $ 212. That means one AwardThat is, investors who pay more to expose themselves to cryptocurrency through this proxy.
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Although strategy has other commercial activities, Bitcoin has been an anchor of his actions because of such exposure.
The strategy of Jim Chanos has already been tested by Tiago Reis, founder of Suno. However, the Brazilian closed his position by mentioning that “It was not relevant in my ability and took disproportionate energy”.
On the date, Reis noted that “The decision would be to multiply the size of this trade or end with 100x”.
Although the Brazilian has closed his trade, Greek-American Jim Chanos revealed that he has an aggressive position in the same strategy. The speeches were Published by CNBC This Wednesday (14).
“We sell micro strategy shares and buy Bitcoin, actually buy something for $ 1 and sell for two dollars and fifty.”
This week, Financial Times (FT) published a mini-documentary about strategy, in which his own founder Michael Saylor explains the success of his activities.
“We have borrowed around $ 10 billion in convertible bonds to around 1%. We have just borrowed 5 billion to 0%in recent months”Saylor said.
“So if you can borrow 5 years of money to 0% interest and buy your favorite thing, this company is negotiated with a price with regard to the underlying asset, because what would not perform better if I would give you free and free money to buy the thing?”
After this, the FT follows that “That is where the glitch enters infinite money”.
“Since Saylor can raise money in such good conditions, and because everyone knows that he will use this money to buy Bitcoin, when he raises money, it stimulates the Bitcoin price. It stimulates the share price of the strategy, which in turn helps to collect more money – and the entire process starts again.”
Jim Chanos He believes that he is following the same arbitration strategy that does strategy, but different.
“Short the spread. This is the most important thing that your viewers have to understand. I don’t know where Bitcoin is going. One million, a million, ten thousand. I don’t know. And I think nobody knows.”Chanos said.
“We do exactly what Micro Strategy and Michael Saylor do. We sell micro -strategy actions and buy Bitcoin.”
Finally, the legendary seller is concerned about the rise of other companies by copying strategy. The investor points out that they also want to negotiate with a price, but that should not be the case.
In short, the strategy was Bitcoin’s first proxy, so that investors can be exposed to cryptocurrency through a promotion that explains this price.
However, with the arrival of ETFs and other companies, the strategy loses this position. In November, Another famous seller seller, Citron Research, took the shares of Saylor’s company Planketed After recommending sale, with reference to these reasons.
Michael Saylor did not comment on the subject and continues to place images and videos that have been processed with artificial intelligence on his social networks, which is one of his favorite hobbies, while the actions of his company float up and low.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
