You've bought the CNBC fud. Tesla made 4x the profit from cars than bitcoin or credits. Valuation is based on the future, not on the past. Exponential growth matters - just look at the last ten years, then extrapolate a few years more. If you did not predict 500k Tesla cars delivered in 2020, back in 2015, then you can not credibily comment on current valuation ( which is based on the future).