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Cryptocurrencies: Tech companies should follow Tesla’s lead and sell out of bitcoin

Holding reserves in volatile assets is becoming increasingly untenable. So far this year, the crypto market’s value has fallen by more than $1.2 trillion

©The Financial Times Limited 2020 Aug 4, 2022 / 01:25 PM IST
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Cryptocurrencies: Tech companies should follow Tesla’s lead and sell out of bitcoin

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In percentage terms, the cryptocurrency crash of 2018 was worse than the winter that is currently gripping crypto markets. The difference this time round is the amount of money involved. In 2018, about $700bn was wiped from the market’s high point, according to price-tracking site CoinGecko. So far this year, the crypto market’s value has fallen by more than $1.2tn. To that total can be added millions of dollars stolen by criminals. This week, Solana crypto wallets and start-up Nomad,...

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