Bitcoin outperforms S&P 500, Nasdaq, gold since the start of Iran war
A Bitcoin comeback may be on the way.
ProShares’ Simeon Hyman was highlighting Bitcoin’s bullish trend on CNBC’s “ETF Edge” as the cryptocurrency embarked on its latest winning week.
“If you look at Bitcoin it’s up a little bit and stocks are down [since the Iran war began,]”The firm’s global investment strategist said on Monday.” “So I think the diversification story is really valid in this current environment.”
As of Friday’s market close, bitcoin It gained 5% this week; Most of the gains occurred in a 24-hour period. It has also increased by nearly 8% since February 28, when the Iran war began.
Meanwhile, S&P 500 And gold There has been a decline of more than 3% since the start of the war with Iran, and the technology-heavy Nasdaq More than 2% off.
ProShares is active in the cryptocurrency space, operating more than a dozen cryptocurrency ETFs. started ProShares CoinDesk 20 Crypto ETF (KRYP) last month. It has risen nearly 5 percent since the start of the Iran war, but the fund has lost nearly 7 percent since its launch in early February.
Bitcoin still down over 40 despite recent strength% since reaching a record high of $126,198 last October.
Bitcoin’s volatile year
Home Management co-founder and CEO Kim Arthur thinks Bitcoin is in a classic crypto winter; This is a phenomenon that usually occurs every four years. According to Arthur, the situation is at rock bottom.
“Bitcoin was trading at $125,000 five months ago. So it was down more than 50 percent when this conflict broke out,” he said in the same interview. “I like that it’s outperforming many other asset classes [since the war,] But… you need to widen the lens a bit on this.”
Arthur, who has exposure to Bitcoin, notes that he is currently taking a passive investment approach to the cryptocurrency.
Adding that Bitcoin is an extremely difficult master to beat, especially since 2021, Arthur said, “For myself, as an asset distributor and portfolio manager… I see Bitcoin as my reference and compare everything else accordingly.”
The digital currency has gained nearly 15% in value over the past five years.
