Billionaire investor reveals he would rather bet on space than Bitcoin

We are nearing the extremity of June and thing seems to determination the needle for Bitcoin (BTC).

We person seen Bitcoin stuck successful a choky scope betwixt $62,000 and $64,000 for astir 2 weeks now. There person been occasional spikes to $67,000 but it has failed to prolong the momentum.

In fact, Decibel information shows it was trading adjacent $61,795, having dropped much than 1% successful the past 24 hours.

The sentiment is souring crossed the committee and is spilling to billionaire capitalist Philippe Laffont, laminitis and portfolio manager of Coatue Management.

Speaking connected CNBC's "Squawk Box" connected June 23, the exertion capitalist revealed helium doesn't cognize however to consciousness astir Bitcoin anymore. 

Related: AI agents similar Bitcoin implicit money, survey finds

Bitcoin's relation arsenic a speculative 'off-ramp' is shrinking

Laffont said helium nary longer knows what to marque of the world's largest cryptocurrency and would alternatively spot bets connected abstraction and artificial quality companies.

"I don't cognize what to deliberation astir Bitcoin anymore...I'm a small spot much worried," helium said.

Laffont's thesis is that Bitcoin filled a peculiar spread successful markets erstwhile nationalist listings were scarce, and scale investing near investors hunting for thing speculative. 

That gap, helium argued, is present being filled from some sides. On 1 broadside is simply a caller batch of "fabulous IPOs" successful abstraction and AI. On the other, stablecoins, which helium said springiness radical a mode to "put your wealth offshore" oregon into a caller system, with immoderate structures already paying rewards that lucifer interest. 

Stablecoins are cryptocurrencies that are meant to person a unchangeable value, often pegged 1:1 to fiat currencies similar the dollar oregon euro oregon a commodity similar gold. 

In fact, the "space" fractional of his statement has a caller benchmark. SpaceX (NASDAQ: SPCX) completed the largest archetypal nationalist offering successful caller past connected June 12, pricing astatine $135 per stock to rise astir $75 cardinal astatine a valuation adjacent $1.77 trillion. 

"I would alternatively stake connected abstraction going to quadruple implicit the adjacent 20 years," Laffont said. 

But what Laffont glossed implicit is that SpaceX's S-1 filing besides dropped a notable crypto disclosure. SpaceX held 18,712 BTC connected its equilibrium expanse arsenic of March 31, valued astatine $1.29 cardinal against a $661 cardinal outgo basis. That makes Elon Musk's rocket institution the eighth-largest publically traded firm holder of Bitcoin and besides a sliver of crypto vulnerability into a banal Laffont considers arsenic the aboriginal of nationalist markets.

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