美股IPO·2025-11-24 13:42Core Viewpoint - Morgan Stanley's report warns that MicroStrategy may be removed from the MSCI index due to its significant Bitcoin holdings, potentially leading to a capital outflow of up to $8.8 billion, igniting outrage in the cryptocurrency community and conspiracy theories about a power struggle between traditional finance and the new Bitcoin system [1][3][5]. Group 1: Morgan Stanley's Report and Its Implications - Morgan Stanley's report indicates that MSCI is considering removing companies with over 50% of their balance sheet in cryptocurrencies from its index, with the new policy expected to take effect in January 2026 [7]. - MicroStrategy, holding a market value of approximately $59 billion, could face a passive capital outflow of $2.8 billion if removed from the MSCI index, and up to $8.8 billion if other index providers follow suit [8]. - The report's warning comes amid Bitcoin's price drop below its production cost of $94,000, exacerbating market panic and leading to interpretations of a "deliberate attack" on MicroStrategy [3][8]. Group 2: Community Reaction and Conspiracy Theories - The cryptocurrency community reacted strongly, initiating a "Boycott Morgan Stanley" movement, accusing the bank of short-selling MicroStrategy and calling for a "GameStop-style" short squeeze [12][16]. - Conspiracy theories emerged, suggesting that the U.S. government orchestrated the recent market crash to buy Bitcoin and MicroStrategy at lower prices, framing it as a battle between the "old financial order" represented by Morgan Stanley and the "new digital framework" supported by the Trump administration [5][20][23]. - Some advocates claim that the U.S. government aims to acquire MicroStrategy and Coinbase, with the recent Bitcoin sell-off being part of this strategy to lower MicroStrategy's market-to-book ratio [19][20]. Group 3: Broader Financial Narrative - The narrative has evolved into a dramatic confrontation between the "old monetary order" led by Morgan Stanley and the "new political forces" represented by the Trump administration, which seeks to support Bitcoin and MicroStrategy while undermining traditional banks [23][24]. - Speculation suggests that Morgan Stanley, as a defender of the traditional dollar settlement system, views Bitcoin as a threat and is attempting to maintain its dominance by short-selling MicroStrategy, which connects traditional capital with Bitcoin [24][25]. - Supporters argue that the current monetary power struggle is part of a larger strategy for Trump to gain control over the Federal Reserve before Jerome Powell's term ends [25].