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盈透证券:MicroStrategy 受益于自我实现的反馈循环

2024-12-24 19:41:21

ChainCatcher 消息,盈透证券首席策略师 Steve Sosnick 上周指出,MicroStrategy 的 Michael Saylor 的策略是发行可转换债券,并用所得款项购买比特币,这实际上是杠杆交易的定义——借钱购买金融资产。

当资产的价格朝着对你有利的方向移动时,这种方法非常有效,比特币的表现相当出色。但如果它朝着相反的方向移动,这种方法就会以一种令人讨厌的方式崩溃。Steve Sosnick 强调,MicroStrategy 受益于“自我实现的反馈循环”。

它购买了更多的比特币,帮助推高了价格,然后出售更多的债务和股票来购买更多的比特币,从而进一步推高价格。但这类事情永远不会永远持续下去,而且往往会以糟糕的结局结束——问题是什么时候?短期的答案似乎是还没有时候。

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