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 Tesla (TSLA) stocks against Bitcoin confirm that while BTC/USD has sealed 30% gains since Jan. 1, TSLA is up more, at 38%.
Tesla hits all-time high
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 vs. Bitcoin, Jan. 1, 2020-present. Source: Mati Greenspan/ Twitter/ CBOE
The progress follows recent comments by Musk, who previously hinted he was a major fan of cryptocurrency. As Cointelegraph reported, he now says he is “neither here nor there” on Bitcoin, and has shared concerns about its use for illicit purposes.
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.
“Apparently not the best performing asset this year,” Cointelegraph Markets analyst Mati Greenspan summarized comparing the two assets.
...But BTC clinches long-term gains crown
Fellow Cointelegraph 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 10-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.