Barclays senior analyst Dan Levy has released a new research report stating that although Tesla's performance in the fourth quarter was poor, investors appear to be relatively tolerant of its short-term performance fluctuations. This phenomenon is reminiscent of Bitcoin, and Tesla seems to be gradually moving towards "Bitcoinization", with its stock price becoming less correlated with its fundamentals and more influenced by market sentiment and narrative.

Barclays mentioned in the report that Tesla's current P/E ratio is as high as 120 times, indicating investors' high expectations for its future growth. This phenomenon shows that its stock price is largely dependent on Elon Musk's influence and the company's narrative ability. Tesla is more like a "meme stock", with its stock price driven by various technical factors such as options, quantitative trading, and momentum investment, similar to Bitcoin's market performance.