Bitcoin (BTC) investors face double disappointment from Elon Musk this month as data shows Tesla is the one investment outdoing BTC in 2020. Figures from Cboe tracking $TSLA stocks against Bitcoin confirm that while BTC/USD has sealed 30% gains since Jan. 1, the former is up more, at 38%.
Against the expectations of many, Musk’s firm has become the star of stock markets this month, defying macro pressures to reach all-time highs of $589 on Wednesday.
Tesla stock versus Bitcoin, Jan. 1, 2020-present. Source: Mati Greenspan/ Twitter/ Cboe
Tesla and Bitcoin
The progress follows recent comments by Musk, who previously hinted he was a major fan of cryptocurrency. While BTC/USD has appeared to feed off current geopolitical pressures centered on China’s coronavirus outbreak, its returns have still failed to beat Tesla’s.
Analyst Michaël van de Poppe highlighted the similar market capitalizations of Tesla and Bitcoin, as $120 billion and $170 billion respectively.
“Just to give perspectives of how small our market is,” he summarized on Twitter.
Zooming out, Bitcoin’s ten-year performance remains king. At nearly 9 million percent, Tesla’s rise to current levels from around $20 in 2010 provides little competition. Musk has kept quiet on advancing the Bitcoin cause in a manner that differentiates him from other tech industry figures.
Notably, Twitter CEO Jack Dorsey has gone public with support for Bitcoin, including participating in the Lightning Torch transaction relay last year.
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