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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h262">Elon Musk’s wild ride </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h317">When Tesla became XRP </a></li></ul>
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Cryptocurrency trader and reputable economist <a href="https://u.today/most-altcoins-predicted-to-drop-another-50-99-percent-by-crypto-analyst-alex-kruger">Alex Krüger</a> predicts that Bitcoin (BTC) will look similar to Tesla (TSLA) if it eventually breaks above its current all-time high of $20,000.
When such huge breakouts occur, speculative fervor tends to take over fundamentals, driving wild price moves.
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/krugermacro/status/1281952541123780610">@krugermacro</a></em>
<a rel="nofollow" target="_blank" href="#">card</a>
Elon Musk’s wild ride
As <a href="https://u.today/bitcoin-compared-to-tesla-tsla-by-mike-novogratz">reported by U.Today</a>, such Tesla comparisons were all over the place in early 2020 when the stock of the Elon Musk-helmed company surged 130 percent to roughly $970.
Krüger echoes a myriad of other analysts by singling out the launch of Tesla's first gigafactory in Shanghai as the key event that lit the powder keg.
After enduring a brutal 64 percent correction, the electric carmaker resumed its monstrous price rally in late March.
On June 10, Tesla reached yet another all-time high of $1,544, making Musk the seventh richest person in the world. The stock is currently up 263 percent from its 2020 bottom.
<a href="https://u.today/tesla-tsla-surpasses-bitcoins-btc-market-cap-heres-why-bulls-should-be-worried">card</a>
When Tesla became XRP
This euphoria makes Krüger believe that Tesla is a bubble that is reminiscent of <a href="https://u.today/xrp-price-is-86-percent-lower-compared-to-its-cost-basis-crypto-analyst">XRP in early 2018</a>, but at least it’s inflated by ‘cool cars.’
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/krugermacro/status/1281952541123780610">@krugermacro</a></em>
Earlier this month, former hedge fund manager <a href="https://u.today/these-companies-are-bitcoins-biggest-competitors-according-to-mike-novogratz">Mike Novogratz opined</a> that ‘story stocks’ in the likes of Tesla and Beyond Meat were the biggest competitors of Bitcoin whose price action has been excruciatingly boring for the past month.
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Twig\Template->render(Array, Array) (Line: 40)
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twig_render_template('themes/cryptod/templates/field--body.html.twig', Array) (Line: 372)
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Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
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Contents
<ul class="article__contents-list"><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h262">Elon Musk’s wild ride </a></li><li class="article__contents-item"><a class="article__contents-link link-pseudo" href="#h317">When Tesla became XRP </a></li></ul>
Advertisement
Cryptocurrency trader and reputable economist <a href="https://u.today/most-altcoins-predicted-to-drop-another-50-99-percent-by-crypto-analyst-alex-kruger">Alex Krüger</a> predicts that Bitcoin (BTC) will look similar to Tesla (TSLA) if it eventually breaks above its current all-time high of $20,000.
When such huge breakouts occur, speculative fervor tends to take over fundamentals, driving wild price moves.
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/krugermacro/status/1281952541123780610">@krugermacro</a></em>
<a rel="nofollow" target="_blank" href="#">card</a>
Elon Musk’s wild ride
As <a href="https://u.today/bitcoin-compared-to-tesla-tsla-by-mike-novogratz">reported by U.Today</a>, such Tesla comparisons were all over the place in early 2020 when the stock of the Elon Musk-helmed company surged 130 percent to roughly $970.
Krüger echoes a myriad of other analysts by singling out the launch of Tesla's first gigafactory in Shanghai as the key event that lit the powder keg.
After enduring a brutal 64 percent correction, the electric carmaker resumed its monstrous price rally in late March.
On June 10, Tesla reached yet another all-time high of $1,544, making Musk the seventh richest person in the world. The stock is currently up 263 percent from its 2020 bottom.
<a href="https://u.today/tesla-tsla-surpasses-bitcoins-btc-market-cap-heres-why-bulls-should-be-worried">card</a>
When Tesla became XRP
This euphoria makes Krüger believe that Tesla is a bubble that is reminiscent of <a href="https://u.today/xrp-price-is-86-percent-lower-compared-to-its-cost-basis-crypto-analyst">XRP in early 2018</a>, but at least it’s inflated by ‘cool cars.’
<em>image by <a rel="nofollow" target="_blank" href="https://twitter.com/krugermacro/status/1281952541123780610">@krugermacro</a></em>
Earlier this month, former hedge fund manager <a href="https://u.today/these-companies-are-bitcoins-biggest-competitors-according-to-mike-novogratz">Mike Novogratz opined</a> that ‘story stocks’ in the likes of Tesla and Beyond Meat were the biggest competitors of Bitcoin whose price action has been excruciatingly boring for the past month.
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Drupal\cryptocompare\TwigExtension\RemoveSpace->formatbody(Array) (Line: 54)
__TwigTemplate_75845256f703f5319a38e035b4af7dd9->doDisplay(Array, Array) (Line: 394)
Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 379)
Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/field--body.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('field', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array) (Line: 474)
Drupal\Core\Template\TwigExtension->escapeFilter(Object, Array, 'html', NULL, 1) (Line: 1002)
__TwigTemplate_625426e732c5f7a66fde6d628d98a6b2->doDisplay(Array, Array) (Line: 394)
Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
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__TwigTemplate_e934e56c1e459c359b150360c7169113->doDisplay(Array, Array) (Line: 394)
Twig\Template->displayWithErrorHandling(Array, Array) (Line: 367)
Twig\Template->display(Array) (Line: 379)
Twig\Template->render(Array, Array) (Line: 40)
Twig\TemplateWrapper->render(Array) (Line: 53)
twig_render_template('themes/cryptod/templates/node.html.twig', Array) (Line: 372)
Drupal\Core\Theme\ThemeManager->render('node', Array) (Line: 436)
Drupal\Core\Render\Renderer->doRender(Array, ) (Line: 204)
Drupal\Core\Render\Renderer->render(Array, ) (Line: 238)
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Drupal\Core\Render\Renderer->executeInRenderContext(Object, Object) (Line: 239)
Drupal\Core\Render\MainContent\HtmlRenderer->prepare(Array, Object, Object) (Line: 128)
Drupal\Core\Render\MainContent\HtmlRenderer->renderResponse(Array, Object, Object) (Line: 90)
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call_user_func(Array, Object, 'kernel.view', Object) (Line: 111)
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