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Bitcoin's (BTC) Market Cap Surpassed by Tesla (TSLA). Is This New Crypto Mania?

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Tue, 02/04/2020 - 17:32
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  • The market cap of Bitcoin (BTC) has been surpassed by Tesla (TSLA) as the shares of the leading electric car manufacturer have nearly doubled since the start of 2020

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The shares of Tesla have recorded another double-digit spike, surging to an intraday high of $920.66. This allowed the market cap of the upstart electric car manufacturer to breach the $165 bln mark and briefly surpass Bitcoin (BTC), the number one cryptocurrency.  

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Tesla continues to rally 

The Tesla stock jumped more than 15 percent just one day after many analysts called the top at the $700 mark it managed to breach on Monday. The market cap of the leading automaker has so far increased by more than 100 percent in 2020, leaving short-sellers in disbelief

By adding around $85 mln this year, Tesla has managed to surpass such juggernauts as Netflix, Nike, and Nvidia. When compared to other car manufacturers, it is now worth more than GM, Ford, Daimler, and Fiat Chrysler combined. 

In 2020, Tesla also surpassed Apple, the most valuable US company, in terms of year-to-date market cap gains. 

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Bitcoin comparisons  

While it’s not actually fair to compare a publicly-traded company to a separate asset class, the fact that it’s about to surpass Bitcoin underscores the power of speculative zeal. As reported by U.Today, Mike Novogratz recently compared Tesla’s rally to the 2017 crypto craze.

Some analysts predict that the Tesla bubble will be as painful for investors as the Bitcoin one. American activist Ralph Nader predicted that Tesla could start a U.S. stock market crash. 

Pierre Ferragu of New Street Research doesn’t think that this could be the end of the road for Tesla but he advised investors to take some profits.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

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Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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