Bitcoin would still Outperform the S&P 500 in 2019 even if it Loses 50% of its current price – Pompliano

2019-8-15 00:55

There is a bit of chaos in the cryptocurrency space following the dip Bitcoin has experienced from well over $11,000 to the mid $10,000s. Whatever may be the reason for the crash, Morgan Creek partner and Co-Founder Anthony Pompliano says even a crash of 50% will still leave Bitcoin ahead of the S&P 500.

The current dip has raised some concerns as there is no clear direction as to what is causing it. However, the traditional stock market seems to be experiencing much worse as 27% of the total global market is trading at a negative rate. 

Bitcoin YTD performance 10 times better than S&P 500’s

Pompliano’s confidence could have come from the historical performance of Bitcoin and the S&P 500. According to data, the S&P 500 has only gained 16% YTD while Bitcoin has gained well over 200% from the December low. That is over 10 times the gains of the latter and a 50% crash will still leave Bitcoin with better gains than the S&P 500.

Bitcoin’s YTD performance is exceptional and unlike anything ever recorded for any asset class before, senior analyst at eToro, Mati Greenspan said. With the traditional market still operating at negative interest rates, Bitcoin could way out do companies in the arlet especially as institutional investors prepare to get into Bitcoin with the addition of Bakkt and Fidelity.

More money likely to flow into Bitcoin

As negative interest rates become a problem, investment managers may start to consider other sources of investment and may be forced to consider Bitcoin which is currently considered to be a safe haven. If they do decide to put some money into Bitcoin, a major price hike could happen that will further outshine companies in the S&P 500.

At the current price of $10,168, it is not certain where the price may be going next, but obviously, Pompliano expects a great recovery in the near future as he has always said Bitcoin is about to enter its biggest bull market yet. 

The post Bitcoin would still Outperform the S&P 500 in 2019 even if it Loses 50% of its current price – Pompliano appeared first on ZyCrypto.

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