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Seeking Alpha 2021-03-04 19:23:47

MicroStrategy stock sinks faster than bitcoin's drop

Just as MicroStrategy (MSTR) stock more than outpaced bitcoin's climb earlier this year, so is it falling faster than the crypto's price in Thursday's action.MSTR falls 13% in midafternoon trading vs. bitcoin's 5.6% fall (to ~$48K).The dip may be an aberration if Jesse Powell, CEO of crypto exchange Kraken, proves correct. He told Bloomberg News that bitcoin reaching $1M in 10 years would be reasonable.And eventually, markets may give up pricing it in U.S. dollars. "I think people are going to start measuring the price of things in bitcoin," Powell said.Meanwhile, Grayscale Bitcoin Trust ([[GBTC]] -10.8%), which only holds bitcoin, consistently trades at a discount to bitcoin as seen in chart below.

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