NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tesla’s Explosive Q2 Results Has Some Calling it The New Bitcoin

Samuel Wan
Samuel Wan
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Strong Q2 results from Tesla have some industry observers calling it the new Bitcoin.

$TSLA is the new Bitcoin

— Ramp Capital (@RampCapitalLLC) July 22, 2020

Records show Bitcoin first traded for $0.003 in March 2010 on the now-obsolete BitcoinMarket.com exchange. At today’s price, that’s over 300,000,000% gains since that date.

Tesla stock has some way to go to top Bitcoin’s performance. But being up 9,300%, since going public in June 2010, is still an impressive motion towards that goal.

Tesla vs. Bitcoin

Source: google.com

And with Tesla being one of the stand out stocks of 2020, it’s natural to draw comparisons to Bitcoin. However, the question is, can Tesla continue climbing higher?

Tesla Beats Analysts’ Expectations

The release of Tesla’s Q2 results shows the company performed better than expected. Investors responded by pushing the stock price up 4% during pre-trading hours.

Estimates compiled by industry analysts, Refinitiv showed Tesla beat expectations on share earnings and revenue. What’s more, having also reported its first full year of profitability, Tesla now qualifies for inclusion on the S&P500 index.

  • Earnings: $2.18 (ex-items) vs. 3 cents per share, expected.
  • Revenue: $6.04 billion vs. $5.37 billion, expected.
  • Net income: $104 million.

Nicholas Hyett, an analyst at Hargreaves Lansdown, attributed the performance to buoyant sales in China, as well as software accounting for more of the firm’s revenues.

“increasing sales in China, which look to be relatively higher margin thanks to the lower manufacturing costs, and increased recognition of software revenues.”

To bring about long term profitability, Tesla CFO, Zachary Kirkhor said the firm has set out a strategy to reduce vehicle production costs, at the same time, focusing more on revenue from self-driving software.

Bitcoin Breaks Slump

Following weeks of stagnant price action, Bitcoin yesterday managed to break above $9.5k after posting two consecutive daily green candles.

Bitcoin daily chart

BTCUSDT daily chart. (Source: tradingview.com)

Some have attributed the rally to breaking news that the Office of the Comptroller of the Currency (OCC) gave the green light to US banks to provide cryptocurrency custodial services for clients.

The move is widely seen as bullish for the crypto industry, with Nathan McCauley, CEO of Anchorage, saying it provided much needed regulatory certainty on the matter.

“The OCC letter is a positive development for the entire crypto industry. A lack of regulatory clarity has been a big roadblock to more institutional activity in crypto, and major pronouncements like this help move the needle.”

Can Tesla Keep Going Up?

While Bitcoin, and cryptocurrency, continue to make inroads, Tesla is fortunate not to face the same regulatory challenges.

Since the stock market crash in March, Tesla stock has more than quadrupled to bring its market value to $290 billion.

This makes Tesla the world’s most valuable car manufacturer, with a valuation greater than Toyota, Volkswagen, and Ford combined, even though it accounted for just 0.4% of worldwide car sales in 2019.

CNBC’s Jim Cramer recently commented that US tech firms are enjoying a never before seen, “truly insane” rally.

moves like we are seeing in Microsoft and Tesla and Amazon are truly insane and unlike any i have ever seen in my life.

— Jim Cramer (@jimcramer) July 20, 2020

However, some have warned that US tech stocks are caught in an unsustainable bubble. Mark Hulbert recently commented on the disconnect between the firm’s valuation and profitability.

“Put simply, the higher a stock goes, the harder it falls.”

Hulbert suggests that selling pressure, which normally keeps price restrained, is simply not there for Tesla. As such, bulls have been able to run rampant, leading to the unrealistic gains we have seen recently.

Although it’s impossible to predict what will happen next to Tesla, given Bitcoin’s strong correlation to traditional markets, caution should be exercised.

Tweet123Share196ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum

Ethereum Price Targets $3,000 As Analyst Calls It A ‘Powder Keg’

The Ethereum price is flashing major upside signals as on-chain and market activity align toward a potential breakout to the...

Scott Matherson 3 hours ago
Bitunix bonus krypto giełda promocja USDT

Бонусная программа Bitunix: как зарабатывать на криптовалютах с максимумом прибыли в 2025?

Bitunix – инновационная платформа для профессионального деривативного трейдинга. Она представляет собой современную торговую платформу, объединяющую широкий арсенал инструментов с продуманной...

lisachaikina 5 hours ago
Bitcoin

Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline

Bitcoin has been gaining strength over the past several days, with price action relaying the buying interest from institutional players....

Scott Matherson 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Giełda krypto Bitunix laptop interfejs

Giełda Bitunix integruje TradingView. Nowy lider na rynku krypto?

News BTC 1 hour ago
Whales Are Loading Up on Chainlink (LINK), But Retail Investors Are Still Missing the Signal

Whales Are Loading Up on Chainlink (LINK), But Retail Investors Are Still Missing the Signal

Samuel Edyme 1 hour ago
XRP

XRP’s Time Is Now, Says Pundit—Don’t Snooze On The ‘Biggest Transfer Of Wealth’

Christian Encila 2 hours ago

Premium Sponsors

Press Releases

  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    12 hours ago
  • 仮想通貨おすすめ:話題の新トークンがプレセール開始直後に15万ドルを調達

    ...

    13 hours ago
  • 新しい仮想通貨:ソラナ系取引ボットが話題のプレセールで150万ドル調達、次の100倍候補か?

    ...

    13 hours ago
  • 仮想通貨おすすめ|米下院が大型法案可決、7月4日にビットコインが急騰

    ...

    13 hours ago
  • ミームコイン急騰中|Solana発の人気銘柄続々高騰、新たな注目トークンも登場か?

    ...

    14 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.