10x Research published a note to investors on Friday connecting Bitcoin, SpaceX, and Starlink as components of a unified physical infrastructure stack. The firm argued that Bitcoin's decentralized network depends on physical constraints including power, heat, connectivity, and jurisdiction, with SpaceX providing launch infrastructure and Starlink delivering satellite-based connectivity. This analysis positions the three assets as complementary infrastructure layers rather than isolated investments, with 'physics' rather than monetary policy at the center of the investment thesis.
10x Research Defines Three-Layer Infrastructure Stack
According to 10x Research, each asset serves a different layer of the same digital infrastructure. Bitcoin represents decentralized value transfer, Starlink represents distributed connectivity, and SpaceX represents the physical layer making that connectivity possible. The firm stated that mining, data transmission, and network resilience all require power, cooling, connectivity, and favorable jurisdictions. 10x Research described this as a "deliberate infrastructure buildout," citing that SpaceX builds launch and space infrastructure while Starlink provides internet connectivity through satellites, decreasing dependency on land-based connections. The firm wrote that "every one of them disappears in orbit," identifying this as the connection point between the three assets.
Bitcoin Positioned as Alternative to State-Controlled Digital Systems
10x Research drew a parallel between Bitcoin and China's digital yuan, describing Bitcoin as open, permissionless, and anti-censorship, while characterizing the digital yuan as a state-controlled monetary system giving authorities additional visibility and power. The firm stated that cryptography, satellites, and AI represent two sides of the same coin—one side helping to decentralize power, the other consolidating it. 10x Research noted that the outcome depends on which side creates the better infrastructure stack and reaches more people. In an earlier note, the firm included Palantir (PLTR) in the same thesis, writing "Bitcoin, SpaceX, Palantir. Three assets. One war," and stating that each asset represents one of the layers in the global war over state power.
Bitcoin Price Rose 1.6% While SPCX Stock Fell Over 2%
Bitcoin's price rose 1.6% in the last 24 hours, struggling to hold above $64,000. Retail sentiment on Stocktwits around Bitcoin trended in 'bullish' territory over the past day, with chatter remaining at 'normal' levels. SPCX stock fell over 2% in midday trade, with retail sentiment trending in 'bearish' territory over the past day and chatter at 'extremely low' levels.
FAQ
What did 10x Research say about Bitcoin, SpaceX, and Starlink on Friday?
10x Research published a note to investors on Friday stating that Bitcoin, SpaceX, and Starlink are part of the same infrastructure buildout with 'physics' at the center of the thesis. The firm argued that Bitcoin's decentralized network depends on physical constraints including power, heat, connectivity, and jurisdiction, with SpaceX providing launch infrastructure and Starlink delivering satellite-based connectivity.
How did Bitcoin and SPCX stock perform in recent trading?
Bitcoin's price rose 1.6% in the last 24 hours, struggling to hold above $64,000, with retail sentiment on Stocktwits trending 'bullish'. SPCX stock fell over 2% in midday trade, with retail sentiment trending 'bearish' and chatter at 'extremely low' levels.
How does 10x Research compare Bitcoin to China's digital yuan?
10x Research stated that Bitcoin is the opposite of China's digital yuan, describing Bitcoin as open, permissionless, and anti-censorship, while characterizing the digital yuan as a state-controlled monetary system that gives authorities additional visibility and power.
