'Bitcoin Winning,' Michael Saylor Tweets as BTC Leaves Gold and Bonds in Dust

investing.com 28/09/2024 - 08:00 AM

U.Today

Michael Saylor, a Bitcoin permabull and co-founder of MicroStrategy, recently tweeted about Bitcoin’s impressive performance, significantly surpassing traditional financial markets.

Over the last few days, Bitcoin has risen more than 5%, reclaiming the $66,000 price mark.

Bitcoin Smashes Gold and Bonds by Gains

Saylor shared a diagram showcasing Bitcoin’s annual performance against other top assets. Since August 2020, the month MicroStrategy made its first Bitcoin purchase, Bitcoin has delivered annual gains much higher than traditional assets.

As of September this year, Bitcoin shows annual gains of 51%. The second-best performer is the Magnificent 7 stocks index (including Amazon, Microsoft, Apple, and Tesla) at 27%, followed by S&P 500 (14% increase), real estate (10% rise), and gold (7% increase). The bond market has faced a decline of 4%.

Highlighting Bitcoin’s success, Saylor tweeted, "Bitcoin is winning."

On Friday, Saylor commented on Bitcoin recapturing $66,000, stating, "Bitcoin is Storm-Proof." He also interacted with renowned investor Raoul Pal, who after naming his core crypto bets (SOL and DOGE), said he still believes in Bitcoin 1,000%, though he is seeking profits from higher-risk assets.

Bitcoin Reclaims $66,000

In the last two days, Bitcoin saw a 5.32% increase, rising from $62,850 to $66,340. However, it slightly declined to $65,816 at the time of this writing.

Since last Wednesday, Bitcoin has seen over a 10% surge, jumping from $59,410 following the Fed Reserve's announcement of a 50 basis point interest rate cut—the first in four years. This news drove Bitcoin's initial price increase, followed by similar announcements from the Central Bank of China and BlackRock's substantial Bitcoin purchases. In the past four days, its spot Bitcoin ETF, IBIT, has received total inflows of $388.19 million.

This article was originally published on U.Today




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