For Bitcoin Believers Musk and Saylor, a Reckoning Looms
— Tesla, Looms, Results, Bitcoins, Musk, Digital, Report, Reckoning, Microstrategy, Saylor — 1 min read
Billionaires Elon Musk and Michael Saylor lead, respectively, Tesla and MicroStrategy, which bet big on the king of cryptocurrencies. Bitcoin prices have fallen 72% to $19,299.74 from their all-time high of $69,044.77 recorded on Nov. 10. The cryptocurrency market has lost more than $2 trillion since it touched its historical record of $3 trillion last November. The crypto market is valued at just $900 billion at last check, according to data firm CoinGecko. Elon Musk's group said it had purchased 43,200 bitcoins for a total value of $1.5 billion in February 2021, a year marked by cryptomania, it now seems to have turned sour. Tesla bitcoins thus have depreciated by almost $700 million. Source