What Do Bitcoin, SpaceX, And Starlink Have In Common? 10x Research Points To ‘Physics’

• According to 10x Research, Bitcoin's decentralized network ultimately depends on physical constraints including power, heat, connectivity, and jurisdiction.
• It stated that SpaceX provides the launch infrastructure while Starlink delivers the connectivity layer that supports an increasingly decentralized digital economy.
• The report described Bitcoin, SpaceX, and Starlink as complementary pieces of a broader infrastructure stack rather than unrelated investments.

Bitcoin (BTC), SpaceX (SPCX), and Starlink are part of the same infrastructure buildout, with “physics,” and not monetary policy, at the center of the thesis, according to 10x Research.

In a note to investors on Friday, the firm argued that while Bitcoin is often viewed as a hedge against currency debasement, decentralized money ultimately depends on physical infrastructure. Mining, data transmission and network resilience all require power, cooling, connectivity and favorable jurisdictions.

That is where SpaceX and Starlink enter the thesis, the firm said. SpaceX builds the launch and space infrastructure, while Starlink provides internet connectivity through satellites and decreases the dependency on expensive and potentially censored land-based connections.

“Every one of them disappears in orbit,” 10x Research wrote, citing that’s where the connection between the three assets emerges. The analyst firm called it a "deliberate infrastructure buildout."

10x Research Connects Bitcoin, SpaceX and Starlink

According to the firm, each asset serves a different layer of the same digital infrastructure. Bitcoin represents decentralized value transfer. Starlink represents distributed connectivity. SpaceX represents the physical layer making that connectivity possible. 

Taken together, the three form what 10x Research sees as a broader technology stack supporting a more decentralized digital economy.

Bitcoin Competes With State-Controlled Digital Systems

The firm drew another parallel, noting that Bitcoin is the opposite of the digital yuan created by China. The former is open, permissionless, and anti-censorship. Meanwhile, the latter is a state-controlled monetary system, which gives authorities additional visibility and power.

It extended the same analogy to artificial intelligence and surveillance. 10x Research stated that cryptography, satellites, and AI are two sides of the coin. On the one hand, they help decentralize power. On the other hand, they can consolidate it. The outcome of the process will depend on which of the sides creates the better infrastructure stack and reaches more people.

In one of its earlier notes, 10x Research had stated that Palantir (PLTR) was a part of the same thesis. "Bitcoin, SpaceX, Palantir. Three assets. One war," 10x Research wrote, adding that each asset represents one of the layers in the global war over the state power. 

Bitcoin’s price rose 1.6% in the last 24 hours, struggling to hold above $64,000. Retail sentiment on Stocktwits around the apex cryptocurrency trended in ‘bullish’ territory over the past day. Chatter remained at ‘normal’ levels. 

Meanwhile, 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. 

Read also: Bitcoin-MSTR Panic Is ‘Mostly Noise’ – BTC A ‘Screaming Buy’ At $64K, Says Standard Chartered

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