By Susie Violet Ward · Forbes · 14 August 2023
The article argues that bitcoin should be compared with traditional assets such as technology stocks, bonds and gold rather than speculative tokens. Bitcoin had delivered ten times the Nasdaq’s returns over the previous decade, with cumulative gains of about 20,000,000% between 2011 and 2021 despite several crashes. A chart produced for the article compares bitcoin with gold, bonds, Microsoft and the S&P 500 from 2008 to 2023.
In 2023, K33 Research found that bitcoin’s volatility had fallen to levels comparable to gold, while its correlation with US stocks was at a record low. Glassnode data showed 2.3 million bitcoin on exchanges on 12 August 2023. Citing PwC’s forecast of $145.4 trillion in assets under management by 2025, the article calculated that a 1% allocation would need roughly 68 million bitcoin at the then price of $29,416, and pointed to spot ETF filings and the 2024 halving as further supply pressures.