Christiano Ronaldo is facing a class action lawsuit over his NFT collection promotion in partnership with Binance.
Investment strategist Raoul Pal has gone back to his favourite phrase as Bitcoin shows enormous returns from the past decade. Looking at data showing the figures from the past 10-years of returns, Pal commented that “Bitcoin is eating the world.”
Bitcoin is eating the world… https://t.co/pa2xIjKur3
— Raoul Pal (@RaoulGMI) December 15, 2020
Bitcoin profits point to an unparalleled asset
The data offered by Charlie Bilello of Compound Capital Advisors, if someone had made an investment in Bitcoin in 2011, they’d be looking at returns of over 6271233%. In comparison, Nasdaq as the second leading asset class only has 512% and gold is only looking at 24.3%.
This year has been especially strong for safe-haven assets with the US dollar battling and the global economy struggling to regain any strength as a result of the global pandemic. Bitcoin, in particular, has had a particularly strong year marking itself out as a prime investment opportunity to hedge against fiat. Looking at its low point in March, the cryptocurrency has gained 440%. As pointed out by Bilello using metrics of high and low returns, Bitcoin is looking at a current increase of over 160% since the beginning of the year.
Bitcoin’s market movements in its next cycle
Now, as Bitcoin price has managed to finally surpass the $20,000 USD, it’s possible that the bull run predicted for 2021 will kick off with more strength. In response, investors might look to the cryptocurrency to a long-term investment opportunity. On the other hand, we might see a sell-off and recorrection. Whatever the case, it’s undeniable that Bitcoin has reached its next cycle and that a rally is underway. This trend, looking at previous data and historic movements of the token from the past ten years indicates that the cryptocurrency industry is headed for a significant opportunity as a worthwhile store of value.