• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

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

Samuel Wan by Samuel Wan
2 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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?

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

Tags: bitcoinbtcusdBTCUSDTelon musktesla
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Crypto starts week Positive, Bitcoin Bulls Prep For A Breakout

Bitcoin Dominance Remains High As Market Sell-Offs Settle

22 hours ago
Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

1 day ago
bitcoin

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

1 day ago
Bitcoin on-chain metrics

Bitcoin On-Chain Activity Throttled After LUNA Collapse

2 days ago
Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

2 days ago
Bitcoin

Bitcoin Trading Volume Plummets Down From Recent Top

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Introducing Zenith.Finance, a dark-horse lending protocol crypto players should notice recently

May 27, 2022

An introduction to Capricorn.Finance

May 27, 2022

The Web3 community platform Mojor launched the alpha version

May 27, 2022

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 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.