Bitcoin, Tesla and Elon Musk: Bubbles Happen Around Things That Change the World, Says M…

Galaxy Digital CEO Mike Novogratz is comparing the leading cryptocurrency Bitcoin to the electric car unicorn Tesla.

In a new interview with Bloomberg, the former Goldman Sachs partner and hedge fund manager says both represent revolutionary technologies that can change the world, and it’s not surprising to see speculative bubbles forming around them.

Tesla’s stock has soared since the start of the new year, climbing from $430 to $650. Its 51% year-to-date gain trumps Bitcoin, which has surged from $7,202 to $9,404 over the same period, up 30%. Novogratz admits that he made a mistake in shorting Tesla.

“I cut against my own rule when I said ‘don’t short Elon Musk’ and ‘Tesla feels like Bitcoin.’ It’s not a fundamental story anymore. So any bit of good news is going to shoot it up.”

Novogratz says that he’s waiting for a pullback to get out of his short position. Although he’s a fan of Tesla, he believes the stock will correct…