Tesla’s impressive stock price outperforms Bitcoin in a recent surge

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Updated on Mar 11, 2020
Reading time 3 minutes
  • Tesla's stock price outperformed BTC by 8% in January 2020.
  • While Bitcoin surged by 30%, Tesla managed to beat it with a 38% growth in the last month.
  • Tesla's stock price particularly surged after a very positive quarterly report.

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According to recent reports, the stock price of an electric car maker, Tesla, is surging rapidly enough that it is outperforming even Bitcoin. Over the course of January 2020, the BTC price has surged by around 30%, while Tesla’s stock grew by 38% since the beginning of the year.

Of course, as many might remember, this was
not the case only a few months earlier. In November, for example, after the
company’s CEO, Elon Musk, unveiled his Cybertruck, the company’s stock was
seemingly drowning. It kept falling during the next day, on November 22nd, as
well, eventually dropping to $317.

That’s when the situation suddenly changed, and the stock price started rising further and further up. Right now, only three months after its drop to $317, the stock price has more than doubled, currently sitting at $640. No one was able to explain whether the change came due to the fact that people suddenly started to appreciate the Cybertruck’s blocky design, or if something else influenced the change, but the stock price confirms that something important did occur in late November.

And then, there is Bitcoin, which has been
surging since late 2019, as well. At the time of writing, the BTC price sits at
$9,348, while its market cap reached and slightly exceeded $170 billion. The
coin’s price has grown by more than $2,000 in January, and many expect that it
will continue rising due to the upcoming halving.

Bitcoin vs. Tesla

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So, what is the connection between the stock price of Tesla and the current surge of Bitcoin? Many suspected that it may be Elon Musk himself. While Musk is not a crypto investor — at least as far as anyone knows — he does often address crypto on his Twitter account. Further, he recently appeared in the Third Row Tesla Podcast where he revealed his true feelings about crypto, stating that he has concerns about their illicit use, but also that he believes that cryptos could replace cash.

And, while the crypto community may not be
happy that Tesla is outperforming the world’s largest coin, this doesn’t really
come as a surprise, considering that Tesla creates physical products. Its
shares have noticeably started to surge by 10 additional percent after its
recent quarterly report, so it is rather normal to see a company outperform a
cryptocurrency in such a way, even if the crypto in question is BTC itself.

Still, as mentioned, there is a lot of it in
store for BTC this year, so the situation could still change in Bitcoin’s favor
as time goes by.

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