Tied To Bitcoin

While every other asset on the planet is vomiting to lifetime highs every single weekday, Bitcoin has lost its mojo. It is down over $10,000 from its peak, and if you can put on your science fiction hat and imagine a day in which assets are deflating, I think you’ll see cryptos collapse.

In the meanwhile, let’s look at a few corporations which have utterly abandoned their normal business and have completely tied their fate to the $BTC chart. We start with MicroStrategy MSTR – – a firm which has been around for decades, although no one has ever met anyone who has ever done business with them – – – and they are neck-deep in BTC purchases, having even borrowed billions to buy more. Let’s just say a failure of that horizontal would mean doom-a-palooza.

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Similarly, Blockchain (symbol RIOT) has a long history of making dramatic, sweeping moves based on crypto’s machinations. I strongly suspect much lower prices in the months ahead.

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Although they make cars (reportedly losing $1,000 for every one they sell, but they’ll make it up in volume, I suppose), Tesla’s TSLA profits can only be attributed to government-mandated carbon credits which normal car companies are forced to hand over to Elon’s company, and – – embarrassingly enough – – crypto trading. Perhaps the whole “SNL Host” in a couple of Saturdays will turn things around.

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And the totally amped-up version of this is Cathie “she looks like a nice lady” Wood’s ARK empire ARKK, which has the double-whammy of tying itself to Bitcoin as well as Tesla (which itself is tied to Bitcoin).

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Simply stated, if the chart below keeps slipping, you can expect every single stock above to do the same.

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