Bitcoin (BTC) “eats the world” thanks to a 10-year return of over 6,200,000% and an annualized return of around 200% per year, said investment strategist Raoul Pal.
In a December 15 tweet, Pal reiterated his oft-quoted sentence as new data showed the extent to which Bitcoin has outperformed key assets.
Bitcoin record profits exposed
As noted by Charlie Bilello, Founder and CEO of Compound Capital Advisors, a 2011 Bitcoin investment produced a return of 6,271,233%. There has been nothing since then, he said, and the next best bet, the Nasdaq, offers a paltry 512%.
“Bitcoin is eating the world,” summarized Pal as he shared the numbers.
As Cointelegraph reported, 2020 was a landmark year for Hodler as Bitcoin trumps stocks, gold and other macro bets to easily earn the title of best investment.
From March lows of $ 3,600, BTC / USD is up 440%.
Regardless of whether it is an averaging of the dollar cost or a one-time investment of $ 100 10 years ago, Bitcoin has dwarfed other investments like Apple or Amazon in the past decade.
$ 20,000 breakout “will come”
Bitcoin, staying below $ 20,000 for longer, will only make its breakout more difficult, popular market commentators agree.
In a tweet on Tuesday, macro analyst Alex Krueger argued that the current price move is just Bitcoin preparing to expand to new highs.
According to Krueger, a push over $ 20,000 – something Bitcoin has so far escaped – is all but guaranteed.
“The more time BTC spends below 20,000 and the lower the funding and futures base as the price approaches 20,000, the stronger the upside pause once it occurs,” he wrote.
“It will come.”
BTC / USD has so far failed to stifle selling pressure which starts at $ 19,500. Attempts to flip the area for support resulted in quick losses.
Institutional buyers who accumulate BTC have become the bulls’ first line of defense as they forecast further upward momentum. The futures markets, an important institutional entry point, have seen record activity in recent months.
In connection with this, as Krueger notes, aspects such as the funding rate for perpetual swaps have provided few bearish signals, even though Bitcoin has hit all-time highs again.
One exception came in late November when funding rates soared to lows of $ 16,500 just before the BTC / USD collapsed.
His comments coincide with those of developer Vijay Boyapati, who said earlier this month that a bitcoin under $ 20,000 is a healthy thing. “The longer #Bitcoin hovers below 20,000, the more energy accumulates underneath, making the movement beyond 20,000 more explosive,” he wrote. Bitcoin stayed above the $ 10,000 mark for 143 consecutive days and counted.
His comments coincide with those of developer Vijay Boyapati, who said earlier this month that a bitcoin under $ 20,000 is a healthy thing.
“The longer #Bitcoin hovers below 20,000, the more energy accumulates underneath, making the movement beyond 20,000 more explosive,” he wrote.
Bitcoin stayed above the $ 10,000 mark for 143 consecutive days and counted.