{"id":16533,"date":"2025-11-10T17:30:03","date_gmt":"2025-11-10T17:30:03","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=16533"},"modified":"2025-11-10T16:02:22","modified_gmt":"2025-11-10T16:02:22","slug":"investisseur-uber-tacle-saylor-bitcoin-strategy","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/investisseur-uber-tacle-saylor-bitcoin-strategy\/","title":{"rendered":"L\u2019investisseur d\u2019Uber Jason Calacanis torpille la strat\u00e9gie Bitcoin de Saylor"},"content":{"rendered":"<h2>\u00ab\u00a0Achetez du BTC, pas Strategy\u00a0\u00bb : l&rsquo;angle Calacanis<\/h2>\n<p>Pour Calacanis, le c\u0153ur du sujet n&rsquo;est pas la conviction long terme sur Bitcoin. Effectivement, il estime que le d\u00e9tour par une soci\u00e9t\u00e9 cot\u00e9e ajoute des couches de complexit\u00e9 qui ne r\u00e9mun\u00e8rent pas assez le risque.<\/p>\n<p>Entre \u00e9missions de titres pr\u00e9f\u00e9rentiels, convertibles, rachats, il voit un empilement financier qui peut amplifier les mouvements.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">No bitcoin bailouts! <\/p>\n<p>If <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24mstr&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$mstr<\/a> is forced to liquidate btc to pay interest, and bitcoin crashes, most folks belief that\u2019s the next best buying opportunity we\u2019re gonna see ! <\/p>\n<p>Note: I don\u2019t know if it\u2019s a Ponzi or just overly complicated\u2014but I would never touch it! <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/158YcDuzmP\">https:\/\/t.co\/158YcDuzmP<\/a><\/p>\n<p>&mdash; @jason (@Jason) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/Jason\/status\/1987493067012882485?ref_src=twsrc%5Etfw\">November 9, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Il vise aussi un angle de gouvernance. Quand une entreprise devient un proxy d&rsquo;un actif, la fronti\u00e8re se brouille entre cr\u00e9ation de valeur op\u00e9rationnelle et simple exposition.<\/p>\n<p>Le r\u00e9sultat se lit dans les swings de cours. Quand Bitcoin se d\u00e9tend de 10%, le proxy cot\u00e9 peut perdre 20% \u00e0 30% si la prime de march\u00e9 s&rsquo;\u00e9vapore et que les arbitrages se referment.<\/p>\n<p>Les investisseurs qui cherchaient une corr\u00e9lation propre se retrouvent avec une <strong>volatilit\u00e9 enrichie<\/strong> et des variables de financement \u00e0 surveiller.<\/p>\n<h2>Que vaut encore le trade Strategy quand les flux se tarissent ?<\/h2>\n<p>La question est d&rsquo;abord m\u00e9canique. D&rsquo;ailleurs, Strategy a ralenti ses achats ces derni\u00e8res semaines.<\/p>\n<p>Moins d&rsquo;achats, moins de soutien \u00e0 la demande spot. En 2025, le march\u00e9 a souvent attribu\u00e9 une partie des rebonds \u00e0 la paire Strategy + ETFs.<\/p>\n<p>Quand ces deux canaux l\u00e8vent le pied, le march\u00e9 teste le plancher et observe si les mains fortes prennent la rel\u00e8ve. Par ailleurs, dans le m\u00eame temps, la soci\u00e9t\u00e9 a relev\u00e9 le rendement de certains instruments pour attirer des capitaux frais.<\/p>\n<p>Un signe que lever de la dette ou du quasi-fonds propre co\u00fbte plus cher quand l&rsquo;action <a href=\"https:\/\/www.coinspeaker.com\/fr\/strategy-pause-achats-bitcoins-quel-impact-sur-bull-run\/\">corrige<\/a>.<\/p>\n<p>Calacanis insiste sur un arbitrage simple. Si l&rsquo;on croit \u00e0 150 000$ ou 250 000$ sur Bitcoin, pourquoi payer une couche de risque entreprise qui peut s&rsquo;interposer entre l&rsquo;actif et l&rsquo;investisseur ?<\/p>\n<h2>Le spectre de la liquidation forc\u00e9e est-il r\u00e9el ou fantasm\u00e9 ?<\/h2>\n<p>Le march\u00e9 adore les sc\u00e9narios extr\u00eames. On a vu circuler des probabilit\u00e9s de liquidation autour de 3% pour Strategy dans un bear market violent.<\/p>\n<p>D&rsquo;autres voix jugent ce risque faible tant que le cours de l&rsquo;action reste au-dessus de seuils qui permettent de g\u00e9rer les \u00e9ch\u00e9ances de dette en cash, en actions ou en mix. Ensuite, le d\u00e9bat s&rsquo;est d\u00e9plac\u00e9 vers la vitesse de cycle.<\/p>\n<p>Si 2026 ressemble \u00e0 un essoufflement, mais sans capitulation fa\u00e7on 2018 ou 2022, l&rsquo;entreprise aurait de quoi tenir. Si au contraire l&rsquo;actif perd 60% \u00e0 70% en ligne droite, tout l&#8217;empilement de financement sera <strong>retest\u00e9<\/strong>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1. My position on <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/search?q=%24mstr&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$mstr<\/a> is you should buy bitcoin directly if you want exposure, and you should avoid overly complicated corporate structures like Saylor\u2019s building. I\u2019m 95% certain I will be correct in this advice. <\/p>\n<p>2. This is not a shitcoin.<\/p>\n<p>&mdash; @jason (@Jason) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/Jason\/status\/1971651243119714423?ref_src=twsrc%5Etfw\">September 26, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ce point change la fa\u00e7on de lire les tweets incendiaires. Calacanis ne dit pas que Bitcoin va s&rsquo;effondrer.<\/p>\n<p>Il dit qu&rsquo;un bilan dop\u00e9 au BTC est un pari \u00e0 deux \u00e9tages. Le premier \u00e9tage, c&rsquo;est le prix du token.<\/p>\n<p>Le second, ce sont les conditions de march\u00e9 pour rouler la dette, \u00e9mettre de nouveaux titres, ou racheter de la prime quand elle devient trop ch\u00e8re. Toutefois, quand les flux ETF ralentissent et que les taux restent \u00e9lev\u00e9s, ce second \u00e9tage peut grincer.<\/p>\n<p>Le risque ne dispara\u00eet pas. Il se d\u00e9cale vers la tr\u00e9sorerie, la dilution potentielle et la <a href=\"https:\/\/www.coinspeaker.com\/fr\/michael-saylor-3-pour-cent-bitcoin\/\">sensibilit\u00e9 du multiple<\/a>.<\/p>\n<h2>Sentiment fragile, narratif intact<\/h2>\n<p>Il faut replacer la charge de Calacanis dans l&rsquo;instant. Les tr\u00e9soreries crypto ont connu un pic d&rsquo;euphorie au troisi\u00e8me trimestre, puis une r\u00e9alit\u00e9 plus rugueuse \u00e0 l&rsquo;automne.<\/p>\n<p>Les sorties nettes des ETFs ont d\u00e9pass\u00e9 2 000 000 000$ sur une s\u00e9quence de six jours. Les hacks DeFi ont rappel\u00e9 le co\u00fbt du risque op\u00e9rationnel.<\/p>\n<p>L&rsquo;argumentaire des bears a gagn\u00e9 en audience. Pourtant, le narratif macro n&rsquo;a pas chang\u00e9.<\/p>\n<p>Le th\u00e8me de la raret\u00e9 programmable continue de s\u00e9duire. En cons\u00e9quence, les annonces budg\u00e9taires et les ch\u00e8ques potentiels stimulent le risque.<\/p>\n<p>Les cycles montrent que la volatilit\u00e9 au milieu d&rsquo;un bull market n&rsquo;invalide pas la <strong>trajectoire longue<\/strong>.<\/p>\n<p>Ce qui change, c&rsquo;est la tol\u00e9rance au levier interm\u00e9di\u00e9. Les investisseurs lisent plus finement les prospectus.<\/p>\n<p>Ils regardent les rendements promis sur des pr\u00e9f\u00e9rentielles qui montent \u00e0 10% et s&rsquo;interrogent sur le co\u00fbt r\u00e9el du capital. Ils comparent la d\u00e9tention directe \u00e0 l&rsquo;exposition via des proxies.<\/p>\n<p>C&rsquo;est un rappel de discipline. Si le but est d&rsquo;acheter 1 000$ de volatilit\u00e9 Bitcoin, pourquoi s&rsquo;exposer \u00e0 1 300$ de volatilit\u00e9 entreprise, de gouvernance et de <a href=\"https:\/\/www.strategy.com\/\" target=\"_blank\" rel=\"noopener\">financement<\/a> ?<\/p>\n<hr \/>\n<p>\u00c0 lire aussi :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/strategy-bitcoin\/\">Strategy d\u00e9tient d\u00e9sormais 3 % de tous les Bitcoin en circulation<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/strategy-pause-achats-bitcoins-quel-impact-sur-bull-run\/\">Strategy fait une pause dans ses achats de bitcoins. Quel impact sur le bull run ?<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/michael-saylor-3-pour-cent-bitcoin\/\">Michael Saylor contr\u00f4le 3 % du Bitcoin mondial via Strategy<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/thodex-ceo-mort-scam-2-milliards-turquie\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Michael Saylor a fait de Strategy l&rsquo;arch\u00e9type des bilans charg\u00e9s en Bitcoin. N\u00e9anmoins, Jason Calacanis, lui, marche \u00e0 contre-courant.<\/p>\n","protected":false},"author":200,"featured_media":16536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>L\u2019investisseur d\u2019Uber Jason Calacanis torpille la strat\u00e9gie Bitcoin de Saylor<\/title>\n<meta name=\"description\" content=\"Jason Calacanis, investisseur d\u2019Uber, critique violemment la strat\u00e9gie Bitcoin de Michael Saylor et refuse tout investissement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Roux","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.coinspeaker.com\/fr\/#\/schema\/person\/image\/","url":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","contentUrl":"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/06\/cropped-pp-1-96x96.png","caption":"Emmanuel Roux"},"description":"Issu de la finance traditionnelle, j\u2019ai naturellement bascul\u00e9 vers l\u2019univers crypto, attir\u00e9 par son potentiel. Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=16533"}],"version-history":[{"count":3,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16533\/revisions"}],"predecessor-version":[{"id":16556,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/16533\/revisions\/16556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/16536"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=16533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=16533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=16533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}