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Bitcoin and Equities have been quite closely correlated for the past half-decade. I’m typing these words many hours before the futures open, so I have no idea what those look like by the time you read this, but as I sit here on early Sunday morning, Bitcoin continues to slide. The spread between these two is getting pretty big.
This quick chart shows how $ETH has been degrading since it peaked about ten weeks ago. It seems like a modest reversal, but the loss is approaching 40% of its, ummm, “value“. This whole crypto thing could wind up as one of the biggest financial wipeouts in human history. We shall see soon enough, but one thing’s for sure: the crypto bros aren’t going down without a huge fight.
Have you heard the news?
Now, if she “slashed” her prediction for $BTC five years hence from $50 to $37, I’d have a certain amount of respect for that. However, her slashing was from $1,500,000 to merely $1,200,000. In other words, an over twelve-fold explosion in value. Five years might as well be five hundred, but for the moment, it’s not exactly moving the right direction.
The grand experiment Michael Saylor has executed with his company Strategy (MSTR) is looking pretty shaky. The company is basically a giant Bitcoin holding company, and the BTC falls 25% (totally conceivable) all of his profits will be zeroed out. Interestingly, whereas MSTR and BTC used to be arm-in-arm, they are becoming increasingly divergent.
