Bitcoin critics have spent a lot of energy arguing that the cryptocurrency isn’t a hedge against traditional markets—it waxes and wanes along with them. But several companies are now so exposed to Bitcoin that a crash noticeably impacts financial markets.
The world’s favorite cryptocurrency fell from an all-time high of $63,500 in the middle of last month to a low of $33,888 this Wednesday. Today, Bitcoin trades for $34,991, about 9% less than yesterday. As Bitcoin crashed, so did shares in crypto-exposed tech companies.
Stocks in electric car company Tesla sank to a price of $580 on Friday—an overnight dip of about 6%. Tesla, run by Elon Musk, exchanged $1.5 billion for Bitcoin in January.
The share price of cloud computing firm MicroStrategy tumbled 22% to $450. MicroStrategy, run by Bitcoin ultra-bull Michael Saylor, owns a crypto treasury of around $111,000 Bitcoin (now worth about $3.8 billion) and pays its board of directors in Bitcoin.
So why the price keeps going d
Źródło: https://decrypt.co/71743/crypto-stocks-nosedive-as-bitcoin-crashes
