Hello everyone! I shortly just wanted to welcome you and let you know that I appreciate you spending time here at the blog very much. Everyone is so busy and frustrated trying to get back to their normal lives, so I really do appreciate you taking time out of your busy day to check out my blog! I will always appreciate your feedback to the blog. If you have any comments or suggestions I welcome them and would love to hear them. Today we'll be talking about the extreme performance of Bitcoin and how it has become the best performing asset of 2020.
The world has changed and the concept of money may also change in the future. Although we are experiencing a troubled time on the economic front, this change had already started some years ago. Thus, this sudden increase in the value of Bitcoin may not be strange.
According to the information, this change made cryptocurrency the best performing asset of 2020, surpassing gold, silver, and crude oil. ( Zubair, 2020)
The price of bitcoin over the past four months, has increased by almost a third despite a major crash in March that wiped more than $4,000 (£3,200) from its value.
In the same time period, gold has only risen by around 13 per cent, while silver has fallen by 14 per cent and crude oil has dropped by more than 70 per cent in value.
Both bitcoin and gold have seen significant gains since around mid March, when countries around the world began to introduce lockdown measures in an effort to slow down the spread of the Covid-19 coronavirus outbreak.(Cuthbertson, 2020)
This resulted in a global economic slowdown and caused stock markets to crash, as investors looked to secure their holdings in safe haven assets.
This is why gold performed well during times of economic uncertainty, however market data suggests that the finite supply of bitcoin means it is increasingly being viewed as a safe haven asset.
“Bitcoin has been surging ahead of the May halving event, with investors eagerly anticipating the positive impact of a tightening in supply that comes once every four-years stated Joshua Mahony,
As things stand we are in line to post a 182 per cent rise for bitcoin since the lows of December 2018, and the surge we are currently seeing paints a bullish picture for the months following this third halving. (Mahony, 2020)
Other cryptocurrencies have performed even better than bitcoin, with ether (ethereum) experiencing gains of more than 60 percent since the start of the year. Despite their recent gains, bitcoin and ethereum remain a long way off the highs of late 2017 and early 2018, when one bitcoin was worth more than twice its current value.(Cuthbertson, 2020)
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