Tesla Bubble? Car Maker Follows Bitcoin’s 2017 Path 

2020-9-11 16:20

Shares of Tesla (TSLA) have surged in recent months, as the electric carmaker has gained investor support. However, some are pointing out the eerie similarities between Tesla and Bitcoin, circa 2017.

What defines a bubble? A great story is essential. In fact, the better the story the bigger the bubble. Then lots of liquidity and finally a classic bubble chart. For example, #bitcoin in 2017. In #TSLA we have all three. pic.twitter.com/EVz8MKuWEv

— Julian Brigden (@JulianMI2) September 10, 2020

Few would argue that the price of bitcoin in late 2017 wasn’t a bubble. Even the most hardened Bitcoin maximalist would be forced to acknowledge that the hype then caused lofty valuations. Now it appears to be Tesla’s turn.

Comparing Charts

Bitcoin went above $20,000 on December 17, 2017. The price had reached $10,000 just a month earlier, and the coin had grown 2000% in the course of a single year. Many were crying ‘bubble’ during its peak, but some nevertheless continued to buy.

Tesla has had a similar year. The 52-week low for the company sits at $43.67, with a 52-week pre-split price of $2,318. Such a huge increase reveals a similar pattern of meteoric growth.

At the peak, the carmaker was worth more than Ford, GM, and Chrysler combined. Founder Elon Musk also saw huge wealth generated by the price increases.

Why the Tesla Bubble?

The deeper question lies in the correlation. Why would Tesla follow a pattern like bitcoin’s?

The answer may be that both offer forward-looking technologies that solve deeper problems. Tesla offers a way to revolutionize fossil fuel emissions while Bitcoin intends to revolutionize money.

Bitcoin’s Recovery

With both offering revolutionary solutions, the future of Tesla may not be as bleak as the chart correlation suggests.

Bitcoin is currently trading above $10,000, with recent spikes above $12,000. While still a far cry from the peak of the bubble, the price is back to pre-spike levels. Will Tesla follow that pattern, cratering after the run-up, but then recovering afterward? Only time will tell.

The post Tesla Bubble? Car Maker Follows Bitcoin’s 2017 Path  appeared first on BeInCrypto.

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tesla 2017 bitcoin investor however support gained

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