Bitcoin Outperforming Everything on Wall Street with 2021 Returns

Bitcoin Outperforming Everything on Wall Street with 2021 Returns

Blockchain
March 10, 2021 by worldcryptotimes
173
Investors see Bitcoin as a potential inflation hedge as trillions of dollars were pushed into financial institutions by central banks across the globe in an attempt to restore a coronavirus-affected economy. According to reports, the Wall Street firm Goldman Sachs took back its 2018 launched cryptocurrency trading desk and gave it a fresh start. Until
960x0 (2)

Investors see Bitcoin as a potential inflation hedge as trillions of dollars were pushed into financial institutions by central banks across the globe in an attempt to restore a coronavirus-affected economy.

According to reports, the Wall Street firm Goldman Sachs took back its 2018 launched cryptocurrency trading desk and gave it a fresh start. Until the beginning of this year, when Bitcoin was experiencing a booming market that placed it at the top of the list, the famous Wall Street company did not list Bitcoin in its ranking of global asset-class returns publish weekly.

Bitcoin’s annual returns still stand about 70% compared to around 35% from the energy sector, its most prominent and closest rivery. This suggests a big push for Bitcoin over its competitors as per the recent “US Weekly Kickstart” report by the Wall Street firm.

Since the start of this year, Bitcoin has extended its lead, surging past the oil, gold, bank and tech stocks. The cryptocurrency has also driven far from stocks to bonds and the euro.

Bitcoin and almost the entire crypto market in 2021 are looking quite majestic. As far as analysts are concerned, the cryptocurrency doing well indicates an overpowering competitor.

Explicitly, the contrast could now get more gratifying for Bitcoin as gold is currently viewed as the worst asset class year-to-date performer due to client staples and utility sectors’ penalization. Energy and crude oil have a high Sharpe ratio which surpasses that of bitcoin so far in 2021. Also, oil regaining its expected price has increased year-to-date returns for sectors like the energy sector, although Bitcoin has outperformed all these sectors.

From reports, investors see Bitcoin as a potential inflation hedge when comparing the cryptocurrency in recent times to a short time back as trillions of dollars were pushed into financial institutions by central banks across the globe in an attempt to restore a coronavirus-affected economy.

However, Bitcoin has still taken a more significant market share with its incredible performance. Therefore it is no surprise that 40% of Goldman Sachs clients find themselves in the crypto space, according to a study.

Goldman declared Bitcoin in May last year, which stated that the cryptocurrency is not the right investment choice for their clients but a regular beneficiary of a mania.

Despite all the downgrades, an unknown source has confirmed that the bank will begin trading bitcoin futures and non-deliverable forwards for their customers in a few days. The reports also suggest that Goldman Sachs is making an effort to inquire into digital asset custody and bring in a bitcoin exchange-traded fund (RTF).

Add a comment