TESLA Stock Somehow Managing to Outperform Bitcoin in 2020

Siamak Masnavi

As many people have pointed out, Bitcoin has been one of the best performing asset classes this year. However, shares of Elon Musk's Tesla (NASDAQ: TSLA) are doing even better.

Since Tesla reported its Q3 2019 financial results back on 23 October 2019, its shares have gone up around 127%, according to data from MarketWatch:

TSLA Chart - 30 Jan 2020.png

Yesterday (January 29), Tesla stock closed at $580.99, which means that Tesla stock has gone up 38.8% in 2020.

In contrast, according to data from CryptoCompare, as of press time (14:00 UTC on January 30), Bitcoin is trading at $9,328, which means that it is up around 30.15%:

BTC-USD 2 Week Chart on 30 Jan 2020.png

After the market closed yesterday, Tesla reported its Q4 2019 financial results, and Elon Musk's electric car company managed to beat Wall Street analysts' forecasts once again. 

CNBC reported yesterday that Tesla's adjusted earning per share (EPS) was $2.14 (vs the $1.72 per share that analysts had expected).

This news has helped Tesla's stock price to surge to over $630 in premarket trading (as of 14:15 UTC on January 30).

This is what former eToro Senior Analyst Mati Greenspan, who is the founder and CEO of blockchain/crypto research and consulting firm Quantum Economics, had to say after finding out that TESLA is outperforming Bitcoin:

In a recent episode of Third Row Tesla Podcast, Tesla Co-Founder and CEO Elon Musk said that he was “neither here nor there on Bitcoin," but he also mentioned that he sees crypto "effectively as a replacement for cash."

Featured Image Courtesy of Tesla, Inc. TSLA Price Chart Courtesy of MarketWatch, Inc.