According to ChainCatcher, as reported by CNBC, Wall Street's famous short seller Jim Chanos is betting against Bitcoin while shorting MicroStrategy. He points out that the company has adopted a high-leverage strategy for buying Bitcoin under retail investor enthusiasm, with its stock price far exceeding its actual value.
Chanos directly stated: "When we buy Bitcoin at $1, it's equivalent to selling MicroStrategy at $2.50." He criticized an increasing number of companies imitating MicroStrategy's logic of selling the idea that company Bitcoin holdings equal high valuation, calling this approach absurd.
Over the past year, MicroStrategy's stock price has soared by over 220%, while Bitcoin has only risen by about 70%. Chanos believes these trades reflect market arbitrage opportunities and the rising speculative sentiment among retail investors.
