PI Global Investments

For Bitcoin Believers Musk and Saylor, a Reckoning Looms

Billionaires Elon Musk and Michael Saylor shortly are going to be in sharp focus. The first assessments of the potential losses that their big bets on bitcoin have sustained is approaching. 

Through the companies they lead, Tesla (TSLA) – Get Tesla Inc. Report for Musk and MicroStrategy (MSTR) – Get MicroStrategy Incorporated Report for Saylor, they have bet on the king of cryptocurrencies. If this risky bet paid off in 2021, a year marked by cryptomania, it now seems to have turned sour. 

Indeed, 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.

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