U.Today – Michael Saylor, permabull and co-founder of BTC aggregation giant MicroStrategy, published a tweet highlighting Bitcoin’s high performance, which has far exceeded the performance of leading assets in conventional financial markets.
Over the past few days, the price of digital gold has increased by more than 5%, again reaching the price of $66,000.
Bitcoin is smashing gold and bonds with gains
Bitcoin evangelist Saylor shared a chart showing Bitcoin’s excellence in year-to-date performance compared to other leading assets. According to Saylor’s post, since August 2020 (the month and year MicroStrategy made its first Bitcoin purchase), Bitcoin has shown yearly returns significantly higher than time-honored markets.
Since September this year, BTC has shown annual gains of 51%. The second largest after it is the Magnificent 7 stock index (which includes such monsters as Amazon (NASDAQ:)), Microsoft (NASDAQ:)), Apple (NASDAQ:) and Tesla (NASDAQ:)) with 27%, and followed by the S&P 500 (up 14%), real estate (up 10%) and gold (up 7%). As for the bond market, it entered the red zone, falling by 4%.
Highlighting Bitcoin’s success, Saylor tweeted: “Bitcoin wins.”
On Friday, Saylor reacted to Bitcoin’s $66,000 recovery by posting a tweet that read, “Bitcoin is storm-proof.” He also responded to a tweet from renowned investor Raoul Pal after Pal stated that his primary cryptocurrency bets include SOL and DOGE. Saylor stated that “Bitcoin misses” Pal, to which the investor replied that while he still believes in Bitcoin 1000%, he is looking for an asset that can quickly bring high returns, even if it involves high risk.
Bitcoin recovers $66,000
Over the past two days, the world’s leading cryptocurrency has increased by 5.32%, from $62,850 to $66,340. However, this was followed by a marginal decline that pushed Bitcoin to $65,816, where it was changing hands at the time of writing.
Since Wednesday last week, the price of Bitcoin has risen more than 10%, soaring from $59,410 after the Federal Reserve announced a 50 basis point interest rate cut for the first time in four years. This was the initial factor influencing the price of Bitcoin, after which the Central Bank of China and BlackRock (NYSE:) bought a gigantic amount of Bitcoin this week, similar announcement. Over the past four days, its spot Bitcoin ETF IBIT has seen additional inflows totaling $388.19 million.
