The Bitcoin-Meme Stock Relationship Breaks Down

Ed Carpenter Racing's Bitcoin-sponsored number 21 Chevrolet in last month's Indy 500.

Tuesday Morning Quarterbacking 

Below are a few observations about Monday's markets, followed by attractive way readers who purchased our recent top name, AMC Entertainment Holdings (AMC), can lock in most of their gains while staying long for more. 

Bitcoin's Original Tag Team Returns

Bitcoin bounced early this week with boosts from its original plunge protection tag team. On Sunday, Tesla (TSLA) CEO Elon Musk intimated that his car company would start accepting the cryptocurrency again after miners met a seemingly achievable bar for "clean" energy use. 

As we noted in a post last week (Republic Of The Savior), what's considered pollution has been a moving target in recent decades: as our environment got cleaner (in the West, at least), activists turned their concern toward greenhouse gasses. So far, they've given one of those gasses (water vapor) a pass; if that remains the case, then the promised Salvadoran volcano-powered Bitcoin mining may give Musk the political cover he needs to start accepting Bitcoin for sales of his electric cars again. 

The second member of the tag team, MicroStrategy (MSTR) CEO Michael Saylor, stepped in on Monday, announcing that his company had filed to raise as much as $1 billion in a new equity offering and use the proceeds to buy more Bitcoin. This came on the heels of his company's $500 million bond sale last week. 

1 2 3
View single page >> |

You can follow us on Twitter here, subscribe to our email list here, and subscribe to our YouTube ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.