For Non-Believers, Cryptocurrency and the Price Increases Are Hard To Argue With.
So here you are, the “doubting Tom,” talking bad about cryptocurrencies, saying that it’s just another bubble, blah blah blah. Well, here’s a newsflash, cryptocurrencies have now taken a huge chunk of money out of the stock market because of the fact that they’ve started to become very real. In the ninth year of the longest bull market in history, crypto is outpacing normal investments.
The market has even jumped past gold and the crazy fact is that if you bought bitcoin in January of this year, you’d still be looking at tripling you money today. That’s even after the recent pullback that cryptocurrencies like bitcoin have seen this week.
What’s even more impressive is that if you bought some of the “lesser” cryptocurrencies like ethereum, for example, a purchase of the crypto in January at $10 would be somewhere in the realm of $350 today. The percentage gain on that is over three thousand percent.
When it comes to year to date returns, consider this: the S&P has returned 11.12%, the Dow Jones was slightly higher with 11.61%. If you look at gold and the return on the NASDAQ, both are under 20% returns with 16.72% and 19.49% respectively. The cryptocurrency run has far eclipsed the gains that traditional investments have shown this year, by leaps and bounds.
Some say that they are likely to continue to do so. Some projections, considering the current climate, show that bitcoin prices could be as high as $100,000 by 2021. Obviously the huge gains already realized, in addition to projections, shouldn’t be the only things to look at when considering your position on the topic. But even with the volatile market, some market participants are now considering at least some of their portfolio should be in cryptocurrency at this time.