Matt Levine’s Money Stuff: The Stock Market Loves Bitcoin

Project Mystery

The basic situation is that US public equity markets will pay about $2 for $1 worth of Bitcoin. I don’t know why this is, and I am not especially happy about it, but it’s true. If you have one Bitcoin, you can sell it on a crypto exchange for about $93,000, or you can sell it on a US stock exchange for about $186,000. Therefore, you should sell Bitcoins on the stock exchange, so people do.

The most famous example is MicroStrategy Inc. (now just Strategy), which has built a perpetual motion machine out of buying $1 worth of ...