Bitcoin returns in 2021 destroy everything on Wall Street, says Goldman Sachs

Wall Street

Stating the obvious here. Storied Wall Street firm Goldman Sachs only started including Bitcoin in its weekly ranking of global asset-class returns in late January.

Back then, the world’s biggest cryptocurrency quietly appeared atop the chart.

But that was just the start. Since then, Bitcoin’s lead over different forms of assets like stocks, bonds, oil, banks, gold, the euro, and tech stocks has widened. And these comparisons could become even more flattering to the digital coin now that a recent bout of selling in US stocks has taken hold.

As noted, the year-to-date return of Bitcoin stands at around 70%, which is roughly double that of its next closest competitor, the energy sector.

It had numbers to report of 35%.

Gold remains the worst performing asset class year-to-date, which is why the fact that Australians now wholly prefer investments in cryptocurrencies than the yellow metal. Gold has lost about 10% on the year, prompting some to argue that Bitcoin is stealing its market share.

But the main highlight is that investors, both in crypto and traditional markets, have started to view Bitcoin as a potential inflation hedge.

This is doubly true in an era where central banks around the world are pumping trillions of dollars of freshly created money into financial markets for stimulation purposes after the devastation that coronavirus caused to economies the world over.

Speaking in numbers, some 40% of Goldman clients now have exposure to cryptocurrencies, and 22% of them are of the view that Bitcoin will hit value of $100,000 in due time.

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