- The leading cryptocurrency is now more valuable than the Nasdaq 100 and gold.
- The principal digital asset, in contrast to 2022, has had a good start to the New Year.
Goldman Sachs, one of the most prestigious financial institutions in the United States, has singled out bitcoin as the year’s top-performing asset. The leading cryptocurrency is now more valuable than the Nasdaq 100, gold, the S&P 500, and many other traditional financial assets.
In terms of year-to-date (YTD) and risk-adjusted returns, the bank said bitcoin’s potential has exceeded conventional assets, precious metals, and other investments.
Great Start to the Year
The principal digital asset, in contrast to 2022, has had a great start to the New Year. On January 1st, it was selling for $16,500, but as of this writing, the price has increased to almost $28,400, a markup of around 70%.
The surge in price has led some to declare that the bear market is now finished and that a new bull run for Bitcoin has begun. A CEO of a digital asset management firm, Eric Peters, recently predicted that the next phase would be “very powerful” due to the participation of large institutions.
Messari CEO Ryan Selkis has also laid forth a positive scenario for bitcoin, predicting a value increase to $100,000 within the next year.
Maybe the most optimistic forecast came from Balaji Srinivasan, a former chief technology officer at Coinbase, who bet a Twitter user named James Medlock $2 million that bitcoin would be worth $1 million within 90 days. He reasons that hyperinflation will ensue after the collapse of the American financial system, which he thinks will cause prices to rise.
All eyes are on the scheduled FOMC meeting today as it will either boost or shrink the prices of crypto assets.
