When Elon Musk's SpaceX (NASDAQ: SPCX) filed for its initial public offering (IPO) back in May, investors knew it would be a blockbuster. But for folks in the crypto space, the public debut s
When Elon Musk's SpaceX (NASDAQ: SPCX) filed for its initial public offering (IPO) back in May, investors knew it would be a blockbuster.
But for folks in the crypto space, the public debut sounded like a louder cheer for their conviction on Bitcoin (BTC).
As per SpaceX's filing, the spaceflight and AI giant boasts 18,712 BTC in its balance sheet. In fact, its Bitcoin treasury is the eighth-largest among all publicly listed firms.
But beyond having a Bitcoin treasury, veteran macro investor Jordi Visser feels SpaceX has a bit of similarity with Bitcoin.
Speaking with Anthony Pompliano in an episode published June 20, Visser said the connection became obvious as money flooded into SpaceX following its public debut.
"SpaceX and Bitcoin are basically to me the same thing," he said. "They're both based on a belief that people have in the future. They're not about anything fundamental right now."
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For Visser, the comparison between SpaceX and Bitcoin is deeper than just a shared "to the moon" slogan. He argued that neither of the assets can be measured by traditional financial yardsticks.
He explained that both are based on beliefs that people have for the future and are not about anything fundamental right now.
"It's very hard to make an argument as to the fundamentals behind this... When something doesn't have a valuation, it can't be overvalued or undervalued. It has no valuation. It's a complete guess," he remarked.
Despite the comparison, Visser said Bitcoin, specifically, has "no energy" left currently.
"..the energy that comes from retail and the energy that comes from momentum...it has no momentum right now."
He also flagged souring sentiment around Bitcoin treasury companies and pointed to the weakness in Michael Saylor's Strategy's (NASDAQ: MSTR) STRC preferred shares which dropped to historic lows.
"It is very difficult for Bitcoin to be traveling higher if all the money is going into stuff that is based on earnings," he said.
Visser was blunt about Bitcoin's current state, repeating that it remains in a bear market until it reclaims its 200-day moving average. Every recent attempt to push higher, he noted, has stalled at a moving average and reversed.
His broader caution was aimed at investors convinced the rebound is imminent.
"Never believe you're smarter than the market. Ever. The market knows," he said.
He cited a recent trading day when 18 of the 20 positions he holds, including Bitcoin, silver, and Eli Lilly, finished lower. The turn for crypto, he suggested, will come only when the AI trade finally pauses.
According to Visser, a flat stock market into September would help crypto more than an AI rally running at 50% a quarter, since retail money will then "migrate to what's working."
The SpaceX stock was trading at $167.85 at press time, down 9% in a day.
Bitcoin was trading at $65,000 at press time, up 1.3% in the last 24 hours.
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