Bitwise Invest CEO Hunter Horsley said bitcoin hit an all-time high this week, but did not raise the same concerns among investors about overvaluation as the stock did. "Bitcoin is different," he explained, and when a company's stock "goes up, the price-to-earnings ratio goes up, and at some point people say, 'This is overvalued,' and then become less interested until the price goes down." Horsley added that in the absence of the same financial performance metrics, "when the price of Bitcoin goes up, people think it's more likely to succeed and therefore more valuable, so it's likely to rise further."