Cryptocurrencies
Bitcoin Fans Find Solace in Idea It Won’t Always Trade Like Tech
- Relationship with Nasdaq 100 is near the tightest on record
- Uber bull Michael Saylor preaches patience as rout deepens
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Bitcoin may be behaving even more like a tech stock in recent months, but crypto diehards are promising things aren’t always going to be like this.
The world’s largest cryptocurrency fell as much as 6.1% Tuesday to trade below $38,000, the lowest since mid-March, a move that closely mirrored the decline in the U.S. stock market, where tech stocks lost almost 4%. But Bitcoin won’t always behave this way -- soon, it will start to chart its own path, or so promises MicroStrategy Inc.’s Michael Saylor.