One of the leading American banks – Goldman Sachs – highlighted bitcoin as the best-performing asset since the start of the new year.
The primary cryptocurrency surpasses Nasdaq 100, gold, S&P 500, and other investment assets and sectors.
The bank said bitcoin’s potential had outpaced that of traditional assets, precious metals, and other investments in terms of year-to-date (YTD) and risk-adjusted returns.
Bitcoin Performance YTD, Source: Twitter
Contrary to 2022, the primary digital asset has started off the new year on the right foot. Its price has skyrocketed from $16,500 on January 1 to approximately $28,400 at the moment of writing these lines (a 70% increase).
The rally caused some to believe that the bear market could be over and that BTC has entered into a new bull run. One example is Eric Peters – CEO of One River Digital Asset Management – who recently claimedthat the next phase will be “very powerful” because major institutions will dive in.
Ryan Selkis – CEO of the crypto intelligence firm Messari – also outlined a favorable scenario for bitcoin, forecasting its valuation to surge to $100,000 in the next twelve months.
He thinks it will act as “a life raft and peaceful exit option” to the adverse events in the financial world, including additional bank collapses, that could occur in the near future.
The most bullish prediction came from Coinbase’s former CTO – Balaji Srinivasan – who wagered $2 million against Twitter user James Medlock that bitcoin will be worth $1 million in 90 days. He believes the price expansion will happen due to a possible collapse of the US banking system and consecutive hyperinflation.
“I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should just go buy Bitcoin, as it’ll be much cheaper for you than locking one up for 90 days,” Srinivasan said.
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Melodie Denning is a blockchain expert and visionary thinker. With a background in computer science and a deep understanding of the inner workings of distributed ledger technology, she has become a go-to source for all things blockchain.
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