Wednesday, December 8, 2021
Home Crypto News Market Bedrock Capital Co-Founder Compares Shiba Inu To Tesla Competitor Rivian Saying Both...

Bedrock Capital Co-Founder Compares Shiba Inu To Tesla Competitor Rivian Saying Both Have Achieved Large Market Caps Without Doing Anything Valuable

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Geoff Lewis, co-founder and managing partner of venture capital firm Bedrock Capital, compared Shiba Inu and the electric car maker Rivian.



According to Geoff Lewis, the leading comparison between Shiba Inu and Rivian are that they achieved enormous capitalization without doing anything valuable. The capitalization of SHIB is growing simply on the hype, and the capitalization of Rivian has exceeded $ 100 billion, although the manufacturer is only setting up the release of its first commercial product, RITs.

Rivian Automotive held an IPO on Nasdaq and became the largest US company of the past 9 years. Rivian share price is $123 per share, and the company’s capitalization reached $104 billion, which is more than most car manufacturers in the world.

The most interesting thing is that Rivian has not yet begun the mass production of electric vehicles. Since the start of production, only 56 R1T pickups have been assembled, and the company has not even started production of the R1S SUV yet.

 

Lewis said:

“Rivian and Shiba Inu are more alike than they are different. Symptoms of an inverted economy where abstract narratives of the future supersede economic reality today.”

Recall that at the end of October the capitalization of Shiba Inu reached as high as $50 billion, Since then, the SHIB has lost almost half of its capitalization and now the figure stands at $28 billion. Former NSA agent Edward Snowden also warned about investing in SHIB.

 

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Jakkkhttps://thecryptobasic.com/
Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade and write on cryptocurrencies. My primary aim is to provide genuine information to cryptocurrency readers because crypto is filled with frauds and scams. Accurate information is scarce to get. So We at TheCryptoBasic will be providing accurate information about cryptocurrencies topics that users can trust.

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