Bitcoin Outperforming Major US Banks
Despite the recent drop of 6.4%, Bitcoin (BTC) is still outperforming major US bank stocks such as JPMorgan, Bank of America and Citigroup which has taken a hit and dropped by 26%, 29% and 40% respectively.
In fact, Forbes reported the latest report from digital asset research firm Delphi Digital mentioned that Bitcoin is still up by 40% over the past 12 months. Adding on it is Bitcoin’s performance is beating nearly every other key asset classes over the same time period.
With the impending halving within sights, most Bitcoin traders hope that it will boost the coin’s value even further. According to an article on Yahoo Finance, BayernLB, a German based bank made a bold statement mentioning last year that the halving can result in Bitcoin trading as high as $90,000. On the other hand, there are some who believe that the impending halving would not have such a significant effect on the price.
Image Source: Bitcoinist
The crypto community had a taste of how halving would be with Bitcoin Cash’s first ever halving with price gain not exceeding its trading range according to Denis Vinokourov, head of research at cryptocurrency exchange and institutional brokerage Bequant. Executive chairman of Bitcoin.com and major advocate of Bitcoin Cash, Roger Ver, likens the situation with a leap year, saying that there wouldn’t be much notice given after the first event which happened in 2012.
With industries across the globe slowing down and more lockdowns in place, the future may not be as bleak as people thought. There are opportunities within the crypto market that allows users to get into the market from as low as 0.001 BTC, which is equivalent to approximately US$6.80 based on the current prices.
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