SpaceX Is Dogecoin, Bitcoin Is The Cheap One, Says Hedge Fund Manager

Tim Peterson’s Metcalfe’s law model that puts a value of Bitcoin between $105,000 and $108,000 is well above current trading levels, said Mark Yusko.

• Mark Yusko of Morgan Creek Capital said that SpaceX is trading at a “silly” valuation and is not sustainable.
• Yusko says capital is likely to shift from overvalued AI equities to Bitcoin and gold, possibly spurred by a correction as early as the third or fourth quarter.
• He compared SpaceX’s IPO structure to Dogecoin, citing its low share float and roughly $2 trillion valuation as mathematically incapable of justifying a 10x return.

Bitcoin (BTC) remains way undervalued relative to fair value, while SpaceX (SPCX) is trading at a “silly” and unsustainable valuation, Mark Yusko of Morgan Creek Capital said on Friday.

Yusko said in a Cointelegraph interview he expects capital to rotate out of overvalued artificial intelligence (AI) equities and into Bitcoin and gold, possibly triggered by a correction in AI-related stocks as early as the third or fourth quarter. He singled out Anthropic (ANTHZZX), OpenAI (OPEAZZX) and SpaceX, saying that their valuations relative to their power to generate earnings were "beyond silly."

SpaceX Compared To Dogecoin