There seem to be a lot of similarities between crypto and growth stocks that are held by founders with > 15% ownership. Similar to early stage investors who have essentially zero cost basis, early BTC holders have zero cost basis when BTC was pennies each versus late stage current investors paying in at $60,000 for each BTC. For early BTC holders its easy to diamond hand.

There are a lot of similarities for sure between Tesla stock and BTC in terms of price versus traditional measures of value (based on current income and enterprise value), not to mention the volatility.

There is not as much price discovery when a handful of owners own more than 50% of stock or crypto and are easily diamond handing. The price discovery is only happening on the portion that's actively trading which can distort the market price. I bet in the early days of BTC there were a lot of tricks like the Jason Fried/DHH Basecamp unicorn example[1].

As they eventually lose interest/need to pass assets to the kids, when they start unloading, there will be price drops as there were once Bill Gates started unloading MSFT stock. Part of the challenge that Steve Ballmer faced (other than lackluster leadership) was the headwinds and downward pressure created by BillG's retirement related unloading of MSFT stock.

[1] https://signalvnoise.com/posts/1941-press-release-37signals-...