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Expand chart
Data: YCharts; Chart: Axios Visuals

The value of Tesla overtook the value of all the bitcoins in the world in early June, and has stayed ahead ever since.

The bull case for Tesla is fundamentally optimistic. It involves a real company coming to dominate the global mobility industry.

  • If Tesla gets big enough, and interest rates stay low for long enough, then the present value of its future profits might conceivably be even higher than the current $730 billion.

The bull case for Bitcoin is fundamentally pessimistic, or at least anarcho-libertarian.

  • It involves the erosion of national power, the implosion of fiat currencies, the return of double-digit (or higher) inflation, and a global rush to the perceived safety of an asset class that will always be supply constrained.

Between the lines: The two speculative bets have tracked each other closely over the past year. That's because the real driver of their prices is technical market factors. People buy things that are going up, especially when they're feeling rich.

  • It's called the "momentum" strategy, and it generally works very well, until it doesn't.

Go deeper

Dion Rabouin, author of Markets
Jan 19, 2021 - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

Kaine, Collins' censure resolution seeks to bar Trump from holding office again

Sen. Tim Kaine (center) and Sen. Susan Collins (right). Photo: Andrew Harnik/Pool via Getty Images

Sens. Tim Kaine (D-Va.) and Susan Collins (R-Maine) are forging ahead with a draft proposal to censure former President Trump, and are considering introducing the resolution on the Senate floor next week.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction, Axios Alayna Treene writes. "I think it’s important for the Senate's leadership to understand that there are alternatives," Kaine told CNN on Wednesday.

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.