Cryptocurrencies
MicroStrategy Slips With Bitcoin-Linked Rally Seen Going Too Far
- Intelligence firm has surged since promising to buy Bitcoin
- But some question whether gains on crypto boost make sense
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Shares in business-intelligence firm MicroStrategy Inc have nearly doubled in the past month as investors watch Bitcoin close in on $20,000 and gain widespread legitimacy.
Some, however, are casting doubt on treating the stock like a Bitcoin proxy. The company has rallied as the stock seems “more like an ETF tracking Bitcoin” and less like a traditional software company since it started purchasing the cryptocurrency, Bloomberg Intelligence analyst Mike McGlone said.