Bitcoin (BTC) may be down over 30% from its record high of $69,000, but it has emerged as one of the best-performing financial assets in 2021. BTC has bested the U.S. benchmark index, the S&P 500, and the gold. Arcane Research noted in its new report that Bitcoin's year-to-date (YTD) performance came out to be nearly 73%. In comparison, the S&P 500 index surged 28%, and gold dropped by 7% in the same period, which marks the third year that Bitcoin has outperformed. At the core of Bitcoin's extremely bullish performance was higher inflation. The U.S. consumer price index (CPI) …
The price of Bitcoin (BTC) is extending its slump below $49,000 on March 5 as the U.S. dollar index (DXY) reached the highest levels since November 2020. Meanwhile, the prospect of rising rates and a potential stock market top is putting downward pressure on equities and Bitcoin, causing the entire cryptocurrency market to pull back. Rising treasury yields — the biggest threat to Bitcoin? Bitcoin and risk-on assets, in general, have been heavily affected by rising 10-year treasury yield rates in the U.S. As a result, the global macro landscape has worsened. Kyle Davies, the CEO at Three Arrows Capital, …
Huge gains in stock markets despite the dire economic consequences of coronavirus may soon be a thing of the past, one analyst warns. In a tweet on Sep. 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that gold may soon get the limelight as markets reach an “inflection point.” Strategist: fiat markets may soon face day of reckoning “In a battle of the bulls, we see greater potential endurance favoring #gold over the #Nasdaq,” he wrote. “The conundrum of monetary and fiscal stimulus lifting most assets may be nearing an inflection point, where the increasing certainty of QE …
JPMorgan, the $316 billion investment banking giant, said the potential long-term upside for Bitcoin (BTC) is “considerable.” This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets. JP Morgan, from "Bitcoin is a fraud and will blow up" in 2017 to "Bitcoin’s competition with gold" in 2020. We've come a long way. pic.twitter.com/xceabkHaVJ — Krüger (@krugermacro) October 24, 2020 The main factor put forward by JPMorgan’s Global Markets Strategy division is Bitcoin’s competition with gold. The note, obtained by Business Insider, reads: "The potential long-term upside for bitcoin is considerable …
The emergence of forty-year high inflation readings and the increasingly dire-looking global economy has prompted many financial analysts to recommend investing in gold to protect against volatility and a possible decline in the value of the United States dollar. For years, crypto traders have referred to Bitcoin (BTC) as “digital gold,” but is it actually a better investment than gold? Let’s take a look at some of the conventional arguments investors cite when praising gold as an investment and why Bitcoin might be an even better long-term option. Value retention One of the most common reasons to buy both gold …