🔻 Legendary short-seller Jim Chanos says, "You can't lose on a MicroStrategy short." Short-seller Jim Chanos continues to emphasize the MicroStrategy short, and honestly, there's nothing wrong with what he's saying, so I'm being persuaded. To summarize briefly: ✔️ Short Summary - To conclude: You can't lose if you short MicroStrategy and go long on Bitcoin. - MicroStrategy keeps issuing shares to buy BTC. - However, the value of these shares is not based on the value of BTC assets but is inflated with a huge premium. - The reason is that MicroStrategy claims that Bitcoin holdings and profits made from Bitcoin are considered income, so this needs to be calculated. - ex) If you hold 100 Bitcoins and earn $10 million from holding, you have to multiply that $10 million business income by 20 and add it to the valuation. - This is nonsense. You should evaluate based on the assets you hold. - Why do you add the profits made from that asset as additional income and inflate the valuation? Is this a creative economy? - As you keep accumulating MicroStrategy shorts and buy Bitcoin, the premium will eventually approach 0, and you can't lose. - Whether Bitcoin is $10,000 or $1 million, it doesn't matter. I'll eat this premium through hedging trades. ✍️ Honestly, I don't think he's wrong at all.. lol MicroStrategy isn't running a business; they're just buying and holding Bitcoin, yet the stock price has a huge premium compared to Bitcoin holdings. The idea that profits from Bitcoin are a premium is a bit funny to me, lol. For those who have a lot of assets, if they appropriately take options on MicroStrategy shorts and Bitcoin longs, This could really be one of the arbitrage strategies? What will Jim Chanos's future fate be? #JimChanos #MicroStrategy #BTC