Bitcoin’s RSI Index Outperforms Wall Street’s Leading Sectors in 2021
Goldman Sachs said Bitcoin’s 2021 returns have eclipsed those of the exchange’s highest-performing sector. New players are joining the cryptocurrency industry, including oil companies.
Bitcoin is changing the world
Investment bank Goldman Sachs announced it began tracking Bitcoin’s performance earlier this year, and the leading cryptocurrency is currently outperforming the stock market. According to Goldman Sachs, the performance of Bitcoin since the beginning of the year is twice as high as that of the best-performing sector on Wall Street.
In its latest US Weekly Kickstart report, Goldman Sachs said it began tracking Bitcoin’s performance by the end of January. Since then, the BTC has outperformed stocks, bonds, commodities, oil, and currencies.
As of the beginning of March, the annual yield of the main cryptocurrencies is about 70%. The return on investment is twice as high as in the energy sector (35%), which took the second position. BTC started the year around the $ 30,000 mark and quickly rose to a historic high of $ 58,300 in February. BTC has had a tumultuous two weeks: it fell below $ 44,000 last week, but is recovering and is currently trading above $ 53,600 at the time of publication.
Bitcoin’s excellent performance against stocks is even better when you consider the recent wave of U.S. stock sales that has sent the Standard & Poor’s 500 index back to about 0% since the start of the year.
The energy and financial sectors have posted strong gains since the start of the year, thanks to a rebound in oil prices and real returns this year. However, despite the recovery in the performance of these sectors, they are still lagging behind Bitcoin.
Bitcoin’s performance has led to an overall rally in the cryptocurrency market, with several other coins hitting historic highs in recent months. The cryptocurrency’s market cap surpassed the $ 1,000 billion mark earlier this year thanks to a rally in BTC, ETH, and other players.
Among the asset classes tracked by Goldman Sachs, gold performed the worst since the beginning of the year. Some experts attribute the poor gold yield to the Bullion in recent months. The main cryptocurrency is said to be growing at the expense of gold, as many investors now view Bitcoin as a hedge against inflation.
More and more investors are gaining access to Bitcoin and other cryptocurrencies. Last week, Goldman Sachs announced that after a three-year hiatus, it is restarting its cryptocurrency trading service and intends to support trading in PTS futures again. A recent survey found that 40% of Goldman Sachs customers have access to cryptocurrencies. More than half of customers (54%) believe that by the end of the year, the value of the king of cryptocurrencies will exceed $ 100,000, and the oil and gas holding company AKER ASA believes that the Cue ball will be worth millions.
Bitcoin Will Be Worth Millions
Days go by and they look the same-companies that fully or partially convert their cash reserves into Bitcoin have become the norm. The most recent, AKER ASA, is an oil and gas holding company with a value of more than $ 6 billion on the Oslo Stock Exchange. To implement her plans to save her money, she went so far as to create a new company dedicated entirely to cryptocurrency-Seetee AS.
The new management of Seetee AS has stated that it will convert all its liquid assets into Bitcoin with a capital of about $ 60 million currently. It aims to actively participate in the crypto sphere, collaborating with some of the major players in this sector.
For example, despite the end of government subsidies, it intends to take advantage of Norway’s eighth place in Bitcoin mining to launch its project in collaboration with the famous company Blockstream, while continuing to look for other long-term strategic partnerships.
According to Seetee AS CEO Kjell Inge Recke on Twitter, his firm intends to take advantage of its parent company’s capabilities to offer innovation: for him, “Bitcoin technology” can enable dramatic changes in cybersecurity, micropayments, etc. Interaction with the blockchain, which would be more environmentally friendly, is a serious problem for our northern friends.
“We are very excited about the industrial opportunities that Bitcoin and blockchain technology will open up, and we want to contribute to this effort. These technologies can reduce the friction in our daily lives, increase the security of our digital economy, and open up new business models for innovation.”
It seems that the billionaire investor is making a big bet on Bitcoin, and the creation of Seetee is considered the result of “a long fundamental discussion of the concept of value”. By his own admission, Recke estimates that one day a single PTS will be worth millions of dollars.