Tesla reached a high of almost $1000 after being at $175 less than a year ago.
FAANG stocks are up with on average 100% in the last 3 years, reaching valuations of 25-90 price/earnings. Normal historical valuations are 12-18 PE.
Chinese economy is under pressure because of fear for the corona virus. Economic growth is set to slow down and looks like it’s going to dive under 5% this year. The economy is still growing, but the speed at which it’s growing is going down over the last 15 years.
All this in combination with recessions popping up in big economies, financial problems and a failing monetary system, it forms a cocktail for bad economic times.
All this is good for Bitcoin though. For the first time since its inception it has now the chance to prove it really is gold 2.0 and is a good store of value in difficult economic times. Since the beginning of the fears for corona virus, the price of Bitcoin already rose from $6800 to $9800 at this point. The rest of the year is not looking good either, so is it prime to now attack its $20,000 all time high?
#bitcoin #stocks #cryptocurrencies
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