Bitcoin’s 2021 Returns Destroy Everything on Wall Street, Goldman Sachs Says

CRYPTONAIRE LYWEEK

CRYPTO investment journal

Bitcoin’s 2021 Returns Destroy Everything on Wall Street, Goldman Sachs Says

Goldman Sachs didn’t start ranking bitcoin versus global assets until late January, but its year-to-date return is double the next-closest competitor.

Goldman Sachs, the storied Wall Street firm, didn’t start including bitcoin in its weekly ranking of global asset-class returns until late January, when the largest cryptocurrency quietly appeared atop the chart.

But since then, bitcoin (BTC, +6.89%)‘s lead over assets from stocks to bonds, oil, banks, gold and tech stocks and the euro has widened.

As of March 4, bitcoin’s year-to-date return, at about 70%, was roughly double that for the next-closest competitor, the energy sector, at about 35%, according to Goldman Sachs’s latest “US Weekly Kickstart” report.

The comparisons could become even more flattering to bitcoin now that a recent bout of selling in U.S. stocks has taken the Standard & Poor’s 500 Index’s year-to-date return to roughly zero – flat on the year.

Read more...