Elon Musk remains undefeated by economic conditions, unlike his competitors. In terms of being the most valuable auto-maker, Tesla is surpassing Toyota. The second quarter seems lucrative for Mr Musk.
On July 2nd, Tesla’s shares closed at $1,208.66 with a total capitalization of $224.1B in compared to the shares closing of Bitcoin which traded $9,136.15 and earned a total market capitalization of $168.3B. The BTC was leading the market with $334B before experiencing the fall.
Companies like Microsoft, Apple, Amazon and Facebook are leaving Bitcoin behind with the sizes of their shares – Microsoft (-0.5%), Apple (-0.2%), Amazon (-1.3%), Facebook (-0.1%) and Berkshire Hathaway (-0.1%).
Governments are keeping a watch on Bitcoin which has acted as a windbreak against unstable currencies. BTC has more influence in Venezuela, Lebanon and Zimbabwe. The Russian government also reported investing in Bitcoin-mining facilities in the north while it banned usage for the citizens.
Defenders argue that it will replace money for the next generation. This might be true but the Fed Reserve issuing over $4 trillion in stimulus and initiating a corporate bond worth $750 billion it seems that Bitcoin is falling far off from the said claim of the defenders.
There are two possibilities for Bitcoins in the future. One is a small group of wealthy individuals or governments merge the majority of the asset and decrease its weight. And the second is the government buys Bitcoin and use it as a type of commodity to back the currency.