Nobody can deny that bitcoin is doing quite well as of late, but in many ways, it still suffers at the hands of traditional stocks, one being that of Tesla owned by South African entrepreneur Elon Musk.
Musk Has Power of BTC
Tesla stock is up by more than 30 percent, and BTC is hurting at the hands of this stock and others like it. Bitcoin was only bullish during the later period of October 2019 during the past six months, and even then, the spikes did not last. All other months were devoted to bringing the currency to more “humble” figures, while Tesla has been on a roll for quite some time.
By contrast to BTC, Tesla’s price has grown by more than 50 percent and is presently trading for as much as $640 per share. While this number is considerably smaller than bitcoin’s present price, the currency has experienced far less growth.
Tesla is governed and owned by Elon Musk, who has had a very strange and questionable presence in the crypto community. Recently, Musk commented that he was “neither here nor there” on bitcoin, stating that while it did have its advantages, the currency wasn’t likely to overtake cash or do anything super special.
In addition, he really turned heads and raised eyebrows about a week or two ago when he tweeted that bitcoin wasn’t his “safe word.” This statement still has many crypto enthusiasts and analysts scratching their heads regarding what he possibly meant – and why he felt the need to say it in the first place.
Musk was also the target of a potential rumor that Dogecoin had hired him to be its new CEO. Immediately, crypto enthusiasts were excited that the leader behind Tesla and SpaceX was taking a more defined and hardcore role in the crypto community.
Naturally, their hopes were dashed to pieces when it was announced that Musk would not be taking over as the head honcho of Dogecoin, but that doesn’t mean they’re not keeping their fingers crossed for something like this in the future.
Tesla Is Stronger Than Ever
The fourth quarter earnings for Tesla were particularly high, beating out all of Wall Street’s projected earnings estimates for the company. The company also provided hefty returns for all its stockholders approximately two months in a row. In addition, shares surged to an all-time high despite the company incurring a net loss for 2019.
The one piece of good news we can get out of all this is that the death cross recently predicted for bitcoin can potentially be reversed granted the currency manages to keep up its present momentum. If we see further gains for bitcoin in the immediate future, perhaps a repetition of the dismal drops we experienced last October through November can be avoided.