It’s still early days, but Goldman Sachs reveals that Bitcoin will outperform all other assets in 2023

[ad_1]

Global investment bank Goldman Sachs GS recently announced Bitcoin BTC/USD as the world’s best performing asset so far this year.

This comes as a surprise to many, as the bank has been known to be a vocal critic of Bitcoin in the past.

A tweet containing details from the report and showing year-to-date asset returns revealed that Bitcoin has outperformed other traditional assets such as the S&P 500, gold, real estate and the Nasdaq 100.

It also outperformed various indexes such as the MSCI Emerging Markets Index, the MSCI Developed Markets Index and sectors like Energy, Information Technology and Financials.

According to the report, Bitcoin tops the list with over 27% total returns and a risk-adjusted ratio of 3.1.

Also read:UK Financial Services Chief Plans ‘Fast, Sensible and Balanced’ Crypto Regulation

This is a significant change for Goldman Sachs, as the investment bank was previously skeptical of Bitcoin and other cryptocurrencies.

However, in early 2021 the bank added Bitcoin to its returns report, and later in 2022 it introduced crypto services for its wealthy clients, citing increased demand.

The world’s largest digital currency is currently trading at $22,720, showing a decline of 1.28% in the last 24 hours, but a gain of 8.4% in the last 7 days and an overall increase of 34 .1% over the past month.

Bitcoin’s market capitalization is $435.13 billion, surpassing that of large traditional financial firms such as JPMorgan Chase, Bank of America, and Wells Fargo.

The Goldman Sachs report indicates that Bitcoin is increasingly seen as an increasingly valuable asset, even among traditional financial institutions.

Next:DeFi Will Dominate The Crypto Market In 2023: Pantera Capital Predicts A Decentralized Financial Future

[ad_2]