Bitcoin on the Rise as SpaceX Soars Past $2 Trillion

SpaceX's market value has reached $2.43 trillion, nearly equal to Amazon and more than double that of Bitcoin, which currently sits at $1.24 trillion.

The rocketry company's valuation is a stark contrast to the struggles faced by Bitcoin, which has declined 28% year-to-date and sits just 6% above its early June multiyear lows.

Despite this, financial writer Anders Bylund remains bullish on Bitcoin, citing its low price and potential for long-term growth. He notes that Bitcoin's market price is currently below production costs, creating a floor under the cryptocurrency's downside.

Bylund also points to the increasing recognition of Bitcoin by major banks, including JPMorgan Chase, Citi, Morgan Stanley, and Bank of America, which are recommending Bitcoin exposure to wealthy clients.