They both have captivated the attention of consumers and investors alike. One runs on electricity, the other is a digital currency. And recently, one was actually used to purchase the other. But there is another striking similarity between Bitcoin and Tesla: the charts
"This [Bitcoin] chart reminds me a little bit of the Tesla chart," says Ross of Bitcoin's recent price charts. "[They are] two situations where you're paying more for potential, more for a concept for the future than the current reality of the situation."
Yet Bitcoin success in its mission to become a digital currency may be mixed. Yet Ross sees evidence of Bitcoin's legitimacy growing, thanks to Tesla. Well, one Tesla, at least.
Last week, a Tesla Model S was purchased for 91.40 Bitcoins at a Lamborghini dealership in California. "Even though we see that volatility concerns over the wild fluctuations in price, we see commerce is able to transact using Bitcoin," says Ross. "That's a little bit of an endorsement."
CNBC contributor Andrew Busch, editor and publisher of The Bush Update, is more skeptical. Busch cites recent efforts by the Chinese government to crackdown on Bitcoin as a serious blow to it becoming an accepted medium of exchange. Chinese banks have stopped taking Bitcoin, as has the country's largest search site, Baidu.
"As a store of value – one of the major tenants of being a currency – it really kind of fails there," says Busch. "If you can't tell what the value of this thing is – if it can't be a store of wealth – then what is it?"
For those who answer that Bitcoin is another tradable security, both Ross and Busch have warnings.
"You have to know what you're getting involved with here," says Ross, who is nonetheless bullish on Bitcoin due to its charts. "This is hyper-volatility. You are stepping into the financial octagon so be prepared to be tapped out."
"You can't look at Bitcoin like you're analyzing a regular stock or even another currency," cautions Busch. "It doesn't have the same structure to it. This is really a lottery ticket-type situation. The money that you're to put into Bitcoin you'd better be willing to throw it out the window like going to Vegas for a weekend because you'll never know if you're going to get it back."
Nonetheless, Ross is bullish on Bitcoin, though with caveats.
"Know what you trade," says Ross. "Not all charts are created equal. This is an extreme situation here."
"What you push into the center of the ring, you must be prepared to lose in a situation like Bitcoin," says Ross. "But, you know what? It's the volatility that creates opportunity as well."
To see what levels are critical in Ross' Bitcoin charts and to hear more of Busch's fundamental analysis of the virtual currency, watch the video above.
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