Bitcoin has outpaced traditional markets and more than doubled the gains for gold throughout the first half of the year.
Despite the global economic unrest caused by the coronavirus pandemic, Bitcoin has managed to surpass traditional equity markets and precious metals in terms of gains.
While gold has been touted as a hedge asset against looming economic turmoil, Bitcoin has proven to be the more fortuitous asset.
Gold prices are trading at $1,722 per ounce, up 13% since the start of the year. In comparison, the Bitcoin price has appreciated more than 31% year-to-date, despite undergoing one of the worst days of losses in mid-March.
Recently, Morgan Creek Digital Co-Founder and Partner Anthony “Pomp” Pompliano took to Twitter to point out the disparity between Bitcoin and gold.
Pomp, in a tweet using prices calculated on May 13, criticized the media for continuing to support other asset classes while ignoring Bitcoin:
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 🌪 (@APompliano) May 13, 2020
Last week, legendary investor Paul Tudor Jones II revealed he had over 1% of his total assets allocated in Bitcoin futures as a way to offset the central banks’ debasement of fiat currency.
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