Bitcoin price fell and tech giant Palantir (PLTR) reached new highs: What's happening?.
Palantir Technologies has appreciated 356% in the last 12 months, reaching new highs and surpassing Bitcoin's performance over a year. Are the gains purely speculative?
Palantir Technologies (PLTR), a North American publicly traded company specializing in data analytics, made headlines after its stock surged to an all-time high of $109.60 on February 6. The impressive gain of 356% in 12 months outpaced the 121% increase in Bitcoin's price during the same period.
Investors are now questioning whether the tech company will continue to outperform Bitcoin and if the factors driving the bullish momentum in Palantir's stock remain intact.
Founded in 2003, Palantir has strong ties to government agencies, particularly the U.S. Department of Defense and the Central Intelligence Agency. Palantir's business offerings focus on optimizing supply chain logistics and operational planning.
At least two co-founders of Palantir are strong advocates of Bitcoin.
Co-founded by entrepreneur and investor Peter Thiel, Palantir was financed through his venture capital firm, Founders Fund. Thiel is also known for co-founding PayPal, being the first external investor in Facebook (META), and becoming a public advocate for Bitcoin in late 2017. In an interview with CNBC, Thiel argued that the public had underestimated Bitcoin's potential as a digital store of value.