Getting towards the end of the first half of 2019 and Bitcoin has outpaced the stock market by almost 10 times.
Tweeting on Friday, Morgan Creek Digital CEO Anthony Pompliano noted that Bitcoin price 00 is up by about 111 percent in 2019. Meanwhile, by comparison, stocks have risen only 12 percent within the same period.
Stocks are up 12% in 2019.
Bitcoin is up 111% in 2019.#GetOffZero and get in the game.
— Pomp (@APompliano) May 24, 2019
Between April and May alone, BTC has added $2,000 to its market price. Such is the extent of Bitcoin’s 2019 run that as eToro’s Mati Greenspan puts it:
At this point, a $200 move in the price of Bitcoin could easily lead to a move of $2,000.
Speaking recently to CNBC, billionaire venture capitalist Tim Draper pointed out the emergence of investor fatigue for some of the companies like Uber that have newly gone public.
According to Draper, established brands going public aren’t going to experience massive price growths. Instead, Draper expects stock value increases between 10 and 20 percent.
Bitcoin bulls, however, don’t envisage any price fatigue for the top-ranked cryptocurrency by market capitalization. BTC has so far remained in close proximity to the $8,000 mark in May despite a few downward retracements.
In an interview with CNBC on Wednesday (May 22, 2019), Mark Yusko, the Managing Director of Morgan Creek Capital Management described BTC as a great investment portfolio diversifier.
Yusko also espoused sentiments similar to Pompliano’s saying Bitcoin is a better investment bet than stocks. Back in early 2019, Yusko highlighted Bitcoin’s potential, calling it the greatest wealth opportunity of our time.
— CNBC's Fast Money (@CNBCFastMoney) May 22, 2019
Bitcoin’s stock as a great investment portfolio diversifier might come into even more significant prominence on the back of an imminent market decline.
According to Yusko, the Federal Reserve saying they are closer to slashing interest rates indicates the emergence of economic weakness.
Central banks across the world from Japan to Australia and even the European Central Bank (ECB) are also reportedly on course to adopt similar dovish monetary policies.
The historical precedence shows that rate cuts tend to lead to market weakness as seen in 2001 or even full-blown meltdowns like in 2008.
By how much do you predict that Bitcoin will outperform the stock market at the end of 2019? Let us know in the comments below.
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