The Famous Short Investor of Wall Street Announced That He is Short on MicroStrategy and Long on Bitcoin! Here is the Reason!

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Famous short seller Jim Chanos announced that the Bitcoin bull Michael Saylor sold shares of his company MicroStrategy and bought Bitcoin by applying an arbitrage strategy.

Speaking to CNBC, Jim Chanos stated that he applied an arbitrage strategy by shorting MicroStrategy (MSTR) in the short term, citing the stock's excessive rise compared to BTC's performance.

Experienced investor Chanos pointed out that MSTR's shares have risen by 3,500% over the last five years, referencing the company's $115 billion valuation.

Chanos pointed out that it is illogical and ridiculous for MicroStrategy and companies following in its footsteps to introduce the idea of purchasing Bitcoin through a corporate structure to retail investors.

According to Chanos, investors should prefer direct exposure to Bitcoin rather than leveraged institutional intermediaries like MicroStrategy.

"We are selling MicroStrategy shares and buying Bitcoin."

We are doing what MicroStrategy and former CEO Michael Saylor did,

As a result, we are selling MicroStrategy shares and buying Bitcoin, essentially buying something for 1 dollar and selling it for two and a half dollars.

The experienced investor recently pointed out that while MicroStrategy shares have risen by more than 220% in the last year, Bitcoin has gained about 70% in the same period, suggesting that MicroStrategy shares are overvalued compared to Bitcoin.

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