As there are many asset managers out there who have not yet thought about holding Bitcoin. Erik Voorhees, CEO of Shapeshift, says that every asset manager should think about the world’s leading digital asset.
Erik Voorhees believes that Bitcoin is one of the potential assets out there, and every asset manager should understand it before it becomes too late.
10-Years Performance of Bitcoin
Dan McArdle, the co-founder of on-chain analytics firm Messari, has shared the data over micro-blogging site Twitter claiming that top digital asset has witnessed an exponential increase after beating every asset in the market in performance. In a period of 10-years, the S&P 500 has surged by over 201% while gold has increased by only 32%. In the same period, Bitcoin has submitted an exponential growth of 7,837,884%.
Over McArdle’s post of comparison between three assets, Voorhees reacted and advised asset managers to bet over the leading digital currency. “One could be forgiven for not understanding it eight years ago… but any asset manager today who remains ignorant of this phenomenon needs to seriously check their premises,” he said.
It is very evident now that publicly traded companies will invest in the flagship cryptocurrency. To date, unlimited members in the crypto space and some Wall Street personalities have declared it a good hedge asset similar to gold against high inflation.
Recently, Michael Moro, CEO of OTC trading company Genesis, speculated a scenario on December 2 that almost 250 different publicly traded firms will accept Bitcoin as a good investment instrument by the end of the next year. Similarly, Danny Masters, a former renowned trader at JP Morgan claimed that it would “take the place of gold to a large extent.”
Bitcoin over Gold
Few members who are linked with asset management firms have also started to like Bitcoin due to its high return over the last ten years since its inception in the financial world. For instance, Larry Fink, the chief investment officer at the world’s largest asset management company BlackRock, claimed the weak position of the US dollar could benefit Bitcoin in pushing its price value upward. He also posed a scenario that it would take a significant portion of gold’s market cap. Even Dan Tapiero, the co-founder of Gold International Bullion, predicted that it would achieve six-figure value soon.