Bitcoin had the most increase, surpassing all those companies mentioned above. It even beat Amazon’s continuous price hike in 2020, and giving Nasdaq a run for its money.
Coinshares, a digital asset management company based in London, advised its investors to set 4% from their portfolios aside to Bitcoin, saying that its growth has likened to that of a tech stock and exhibits the same gradual rise.
Bitcoin started out with nothing, but is now valued at more than 100 billion.
The leading cryptocurrency is a form of disruptive innovation, changing the usual operations of individual consumers and businesses alike. As it reaches its full potential, its value skyrockets along with it, but it also poses a similarly great risk of crashing.
Over the last ten years, Bitcoin enjoyed incredible growth rates since its birth in 2009 - beginning with a few bucks during its early years, to more than $11,000 currently.
The technology companies have been supporting the transition to remote work during this time of a pandemic where going out is strongly discouraged. This explains why their stocks have been rising over the last few months since the virus outbreak compelled many governments around the world to impose lockdowns.
This follows the recent discovery showing Wall Street investors have been transferring into the cryptocurrency market. Bitcoin has also captivated the interest of “high-profile stock market day traders.”
Paul Tudor Jones, a well-known macro investor, put in a good word for Bitcoin when he announced he was going to purchase Bitcoin to serve as hedge from the possible inflation to come as a consequence of economic declines due to the pandemic.
It may not happen anytime soon that bitcoin is disassociated with the tech stock similarity. There are still existing hesitations on Bitcoin’s legitimacy and security. It is not spared from public commentary but as this changes, the market will definitely see more investors from institutions.