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The year 2023 experienced many setbacks because of bankruptcies and lawsuits. The collapse of Silicon Valley Bank (SVB) and FTX fallout is one of the major reasons why crypto underperformed during the start of 2023, but Bitcoin proved to be a game-changer as many adopted it due to its security and transparency and its rise from $16,000 during the start of the year and ending year with remarkable $45,000.
Bitcoin Beats Gold and S&P 500
As Bitcoin continues to surge, its recent rally has exceeded the returns of traditional asset classes such as gold and major stock indices like the S&P 500. With almost triple-digit gains, Bitcoin performance has significantly left back gold behind which has only seen a 14% boost in value, and the S&P 500 witnessed a 25% gain.
This notable performance is not a new incident as Bitcoin has consistently beaten both gold and S&P 500 on various yearly timelines since its creation in 2009. In the year 2022 gold and S&P 500 managed to leave it behind as it performed better than bitcoin.
According to the study paper by Plos One which shows the connection between S&P 500 and Bitcoin in higher order moments.
Bitcoin’s 180% boost from January to December beat most other known assets by a notable margin. However, some individual equities beat Bitcoin by a significant amount. The data chart by Forbes shows Coinbase and Nvidia surpassed Bitcoin in price.
The Federal Reserve’s decision to scale down its interest rate hikes made more difficult assets seem more appealing, which was one of the main elements pushing the price of bitcoin this year. The upcoming bitcoin halving, which is set for May 2024 and occurs every four years, also helped to support prices.
It remains to be seen if Bitcoin will be ready to boost and proven best-decentralized exchange for investors.
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