Can a Crypto Stock Be a Value Stock? This Billionaire Investor Thinks So
The crypto market is in a state of turmoil right now -- top cryptocurrencies like Bitcoin and Ethereum are down 64% and 67% year to date, respectively, and many altcoins are down even more. The bankruptcy of prominent crypto exchange FTX has added insult to injury. As such, it's no surprise that crypto-related stocks are also down big this year.
Silvergate Capital (NYSE: SI), a company that provides banking services to the crypto industry, is down 84% this year and a stunning 87% from its 52-week high. Silvergate was already down significantly this year, but the FTX debacle caused shares to fall even further as investors worried about contagion from FTX spreading throughout the industry. However, that hasn't stopped one billionaire investor from buying in.
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Source Fool.com
