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Jimmy Chanos dates Microstrategy (which has now been renamed to the “strategy”) and buys Bitcoin straight instead.
Speaking to the Scott Wapner of CNBC during the Sohn Investment Conference in New York on Tuesday night, Jim explained that he sells the company’s shares and purchasing encryption directly because the tactic used in the strategy is based on inflated assumptions.
Jim, who is used to running Kynikos Associas, and now paints advice for institutional investors from his family’s office, explained that the strategic business model is no longer similar to real programs. The company, run by President Michael Celor, has turned into a general cover around a coding wallet.
The company currently has more than 500,000 Bitcoin, but Jim said that the problem is not the origin; It is how Microstrategy organized everything. The company borrowed strongly to buy the Bitcoin cache, then began trading at higher prices than Bitcoin Holdings.
Jim Chanus says the strategy is misleading retailers
Jimmy also called how Microstrategy and other companies sell the idea of retaining encryption within the Companies Authority. He said that they are mainly informing retail investors that they must set a major evaluation of these companies just because they carry bitcoin.
“If you look at the place where Microstrategy is, and now, more, some of its imitated companies that now collect a lot of money they are doing are that they mainly sell retail investors, which is the idea that we will buy Bitcoin in the structure of companies. Given what Microstrategy did, you must appreciate us in similar super,” Jimmy “. He said. This idea called “ridiculous”.
Instead of buying on this stadium, Jim said he takes the other side. It shortens the Microstrategy stock while buying Bitcoin itself. “We are doing exactly what Microstrate and Michael Sailor does,” he said. “We sell Microstrategy shares, buy bitcoin and buy something mainly for one dollar, and we sell it for two and a half dollars.”
Jimmy believes that this setting works for him because it reveals the separation between the company’s market price and the value of what he owns. And the numbers again.
The strategy shares jumped over 220 % during the past year, while Bitcoin increased by only 70 % in the same period. For this reason, Jim said that his trade is “a good scale not only from the arbitration itself, but I am considering retail speculation.”
He did not talk much about President Trump during the interview, but the encryption gathering since early April was mainly linked to the announcement of the Presidential President. Trump showed general support for encryption during this period, and prices followed the tone of his administration.
At least for a few months anyway, as Cryptopolitan mentioned this morning, the market has already stopped caring about Trump after he withdrew many commercial tricks from the inside.
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