Big Short on Wall Street: Shorting Strategy and Buying Bitcoin

Odaily Planet Daily News: Jim Chanos, a well-known Wall Street short, is betting on Bitcoin and shorting MicroStrategy at the same time. The company has adopted a high-risk cryptocurrency strategy with the support of enthusiastic retail investors. Chanos said: "We are shorting Strategy shares and buying Bitcoin, basically buying at $1 and selling at $2.5." Chanos said: "If you look at Strategy, and some of the more worrying imitation companies now, they are raising a lot of money, basically selling retail investors the idea that we will buy Bitcoin in a corporate structure. Because of Strategy's approach, you should value us at a similar premium." However, Chanos called the idea "ridiculous." Strategy shares have soared more than 220% in the past year, while Bitcoin prices have risen nearly 70% in the same period. Trump has been a public supporter of cryptocurrencies, and cryptocurrency prices have risen sharply since he announced broad tariffs in early April. Chanos said this transaction "is not only a good barometer of arbitrage itself, but I think it is also an indicator of retail speculation." (CNBC)