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Tesla vs Bitcoin: Hedgeye CEO Highlights "Tight Race" as Both Crash Over 50%

Wed, 04/19/2023 - 16:31
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Alex Dovbnya
As the rollercoaster rides of Tesla and Bitcoin intertwine, Hedgeye CEO Keith McCullough has put the spotlight on the "tight race" between the two assets, with both experiencing a gut-wrenching plunge of over 50% since their peak in November 2021
Tesla vs Bitcoin: Hedgeye CEO Highlights "Tight Race" as Both Crash Over 50%
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In a recent tweet, Hedgeye CEO Keith McCullough drew attention to the parallel declines of Tesla and Bitcoin, as both assets crashed by more than 50% since their peak in November 2021. Tesla's stock price currently sits at $181.15, while Bitcoin is trading at $29,293.30.

The two assets reached their peak value within three days of each other, with Tesla's stock losing 55% and Bitcoin falling 57% since then.

As reported by U.Today, Tesla recently unveiled that it holds 9,720 bitcoins and recorded an impairment loss of $34 million due to the cryptocurrency's dwindling value in January. 

XRP Loses All Monthly Gains in 1 Hour, Here's How
Tesla's audacious decision to invest $1.5 billion in Bitcoin in early 2021 sent shockwaves through the market. Some analysts interpreting the move as a cunning diversification ploy. Others dismissed it as a high-stakes gamble. Despite high expectations, the Bitcoin bet was largely unsuccessful. 

Last July, the electric vehicle manufacturer sold most of its Bitcoin holdings, further fueling the debate over the company's rationale for entering the volatile cryptocurrency market.

Despite the harrowing losses sustained by both Tesla and Bitcoin, the two assets have displayed a glimmer of hope in 2023. Tesla's year-to-date performance reveals a 67.56% increase, while Bitcoin has posted a 76.41% gain during the same period.

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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, can be contacted at