Data from Forbes Crypto reveals that Bitcoin has performed better than the S&P 500 in the traditional market. When reviewing the performance of the Nasdaq 100 and Bitcoin (BTC), the cryptocurrency indicates a growth of 32%. A comparison with the S&P 500 is more impressive as Bitcoin has outperformed the S&P 500 by 1,600%.
The institutional interest in adopting Bitcoin (BTC) is at a turning point. Experts predict a further increase in the adoption of the leading cryptocurrency as “the herd approaches”. Outside of space, investors like Paul Tudor Jones are very bullish.
Experts comments about Bitcoin, S&P 500 and other markets
In an interview for CNBC’s Squawk Box, Jones said he is more convinced about BTC now than he was in May when he announced his investment in Bitcoin (BTC). At the time, Jones compared Bitcoin to gold and said it is one of the best assets to hedge against the U.S. Federal Reserve measures. Time seems to have proved him right. However, this time he said it is more appropriate to compare Bitcoin to a Silicon Valley company:
“I came to the conclusion that btc was going to be the best of the inflation trades–the defensive trades. Bitcoin has a lot of characteristics of being an early investor in a tech company…it’s like investing with Steve Jobs and Apple.”
Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, finds a bullish trend for Bitcoin. McGlone stated:
“Bitcoin breaching $12,000 resistance vs. the #Nasdaq100 backing away may indicate firmer underpinnings for the crypto in 2021. At similar levels since 2017, diminishing supply and the foundation of an 80% correction, along with an extended period of underperformance, favor BTC.”
In total, Bitcoin records a gain of 80% in 2020 with an estimated 98% of its UTXOs in gain. Tudor Jones said that one of the factors he feels more optimistic about Bitcoin is its community. The legendary investor thinks they are among the smartest people in the world. Hence, he expects further growth in the cryptocurrency.
Adoption of the Bitcoin Standard (BTC)
Since the announcement of buying over 38,000 BTCs by the S&P 500 company, MicroStrategy, its CEO Michael Saylor has become one of Bitcoin’s most prominent advocates. In the program, Saylor reiterated the company’s intention to “Hodl Bitcoin for over 100 years”.
In that sense, Saylor showed that the purchase of Bitcoin was not an impulsive decision, but part of an internal consensus in the company. MicroStrategy’s strategy has made Bitcoin its primary reserve asset. Saylor said:
“This is not a speculation, nor a hedge. It is a deliberate corporate strategy to adopt the Bitcoin Standard (…). Bitcoin, if it’s not a hundred times better than gold, it is a million times better than gold, and there is nothing close to it.”