We are nearing the end of June and nothing seems to move the needle for Bitcoin (BTC).
We have seen Bitcoin stuck in a tight range between $62,000 and $64,000 for almost two weeks now. There have been occasional spikes to $67,000 but it has failed to sustain the momentum.
In fact, Decibel data shows it was trading near $61,795, having dropped more than 1% in the past 24 hours.
The sentiment is souring across the board and is spilling to billionaire investor Philippe Laffont, founder and portfolio manager of Coatue Management.
Speaking on CNBC’s “Squawk Box” on June 23, the technology investor revealed he doesn’t know how to feel about Bitcoin anymore.
Related: AI agents prefer Bitcoin over money, study finds
Bitcoin’s role as a speculative ‘off-ramp’ is shrinking
Laffont said he no longer knows what to make of the world’s largest cryptocurrency and would rather place bets on space and artificial intelligence companies.
“I don’t know what to think about Bitcoin anymore…I’m a little bit more worried,” he said.
Laffont’s thesis is that Bitcoin filled a particular gap in markets when public listings were scarce, and index investing left investors hunting for something speculative.
That gap, he argued, is now being filled from both sides. On one side is a fresh batch of “fabulous IPOs” in space and AI. On the other, stablecoins, which he said give people a way to “put your money offshore” or into a new system, with some structures already paying rewards that resemble interest.
Stablecoins are cryptocurrencies that are meant to have a stable value, often pegged 1:1 to fiat currencies like the dollar or euro or a commodity like gold.
In fact, the “space” half of his argument has a recent benchmark. SpaceX (NASDAQ: SPCX) completed the largest initial public offering in recent history on June 12, pricing at $135 per share to raise about $75 billion at a valuation near $1.77 trillion.
“I would rather bet on space going to quadruple over the next 20 years,” Laffont said.
But what Laffont glossed over is that SpaceX’s S-1 filing also dropped a notable crypto disclosure. SpaceX held 18,712 BTC on its balance sheet as of March 31, valued at $1.29 billion against a $661 million cost basis. That makes Elon Musk’s rocket company the eighth-largest publicly traded corporate holder of Bitcoin and also a sliver of crypto exposure into a stock Laffont considers as the future of public markets.
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Laffont sees a $10 trillion company ahead
Laffont pointed to a widening pool of trillion-dollar names, including the existing Magnificent 7.
The “Magnificent 7” are the seven dominant U.S. tech stocks driving market gains. It includes Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Nvidia (NASDAQ: NVDA), Meta (NASDAQ: META) and Tesla (NASDAQ: TSLA).
Laffont said,
“I find that debate, and trying to figure out which of those companies might be a $10 trillion company, sort of easier for me than figuring out where’s Bitcoin going to be in ten years.”
Laffont predicted a few possible additions like OpenAI, Anthropic, SpaceX and a second large space company such as Blue Origin, as the index of the future he would rather own.
Related: Major exchanges cancel SpaceX IPO allocations
This story was originally published by TheStreet on Jun 24, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.