Grayscale has added more to its cryptocurrency holdings, taking it to a new record amount as it tags a milestone figure.
Despite recent volatility in the market, Bitcoin is offering an enticing investment opportunity if the year’s gains are anything to go by.
According to data from TradingView, gold has seen an increase of around 12% so far in 2020 and is holding a price tag of $1,717 USD per ounce at the time of writing. Bitcoin, on the other hand, is looking at a gain of 30%, holding a current value of $9 627,85 USD.
Data backs Bitcoin as a hot asset to watch
The data over 2019 and 2020 highlights Bitcoin as an asset which continues to gain value. As reported earlier, Bitcoin has outperformed the other major asset classes by almost 40% so far in 2020. As Fundstrat’s Thomas Lee tweeted:
#Bitcoin Bitcoin is best performing asset class in 2020, beating Treasuries and Gold, both up an impressive +21%, +13%
– Bitcoin top performer in 2019
– the ‘halvening’ happens within days
– Paul Tudor Jones buying Bitcoin
— Thomas Lee (@fundstrat) May 8, 2020
Morgan Creek Digital’s Anthony “Pomp” Pompliano also commented, somewhat tongue-in-cheek, on the movement of Bitcoin vs the movement of gold, saying:
“Gold is up 12% year-to-date and Bitcoin is up 25% in the same time period. I won’t hold my breath for the media to write articles stating “Bitcoin proving to be the best safe haven asset in the economic crisis. But even their silence can’t change the truth 🙂“
Pomp has been a long-term Bitcoin bull and has stated on several occasions that he believes the price of Bitcoin will surge to potentially see the $100k USD mark by the end of 2021.
Bitcoin bullish as the week comes to a close
Bitcoin faced a rocky time just two days before the Bitcoin Halving, taking a near 10% nosedive. Since then, however, the token seems to be recovering from its losses. Over the past 24 hours, Bitcoin has gained 5.38% in trading value, showing a bullish trajectory immediately following the Bitcoin Halving.