Bitcoin’s seduction of mainstream investors continues as a new report suggests it’s a better performing asset than stocks and gold.
- Bitcoin pushes past $16000 as it outperforms stocks and gold.
- Ethereum suffered a brief hard fork but prices continued to climb.
- Stock Markets had a mixed day as US fails to halt rising COVID cases.
It was another strong day on the crypto markets as research highlighted Bitcoin’s market-beating performance when compared to traditional stocks and shares.
According to a note from analytics firm Messari, Bitcoin in comparison to real estate, stocks, gold and bonds delivers a higher rate of return over a four year period.
Bitcoin’s low correlation with other asset classes has made it an increasingly attractive asset to offset any losses seen in other parts of investor’s portfolios, said Mira Christanto, the Messari report author.
The report noted renewed interest from sovereign wealth and pension funds, concluding, “they have realized this opportunity and have begun new allocation strategies to maximize long-term value.”
The news helped crypto global market cap record its fourth straight day of growth. Prices ticked up 2.58% over the past 24 hours. Bitcoin took a healthy jump up with a 4.35% rise, thanks to its surge into the $16,000 at the time of writing.
Read more: Decrypt