Bitcoin outperforms Tech stocks

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Last Updated on 12 August 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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The focus of global media in recent months has been on Silicon Valley’s tech stocks that outperformed their classic rivals. Amazon, Google, Apple, Netflix and Facebook (the so-called FAANG stocks) can all present a nice increase since the so-called lockdowns in Europe and the Stay at Home advices in the US.

People (who could afford the price difference) were more inclined to order their groceries through Amazon than physically go to the department store and because many had to work from home, they surfed more on Facebook and watched Netflix more than ever.

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CNN and Forbes

However, all these tech stocks and their rise fall into thin air when compared to the rise of Bitcoin’s price this year. For example, CNN business calculated that Bitcoin has risen by 180% since the fall of 12-13 March, much better than what Amazon showed. Year To Date, Bitcoin is about 60% higher. The well-known American television channel even talked about Bitcoin as a surprise safe haven for 2020.

Magazines such as Forbes are therefore convinced that classic investors should have at least a small part of their portfolio in Bitcoin.

So does digital asset management company CoinShares, which now recommended that investors allocate 4% of their portfolios to Bitcoin in their latest analyst report. Their argument is that “Bitcoin is behaving like a tech-share in its growth phase”.