Michael Saylor, the co-founder of MicroStrategy, recently highlighted Bitcoin’s supremacy over all other asset classes. A chart he shared shows that Bitcoin’s cumulative returns have reached an astounding 21,372,237% since 2011. This emerging cryptocurrency dwarfs the returns of gold, tech stocks, and other assets.
Bitcoin has also outperformed all other asset classes on a yearly basis, with an average annual return of 148%. However, during the current halving cycle, Bitcoin’s price performance has been somewhat disappointing. The leading cryptocurrency lags behind MicroStrategy’s stock (MSTR) as well as numerous mining stocks.
Following the launch of Bitcoin Exchange-Traded Funds (ETFs) in early 2024, the leading cryptocurrency hit an all-time high of $73,737 in March. Notably, Bitcoin managed to surpass the peak of the previous cycle before the halving, making this bullish trend quite exceptional.
Currently, Bitcoin has dropped by 12.73% from its record high, and it is unclear whether it will be able to reclaim its current peak in the near future due to the lack of bullish catalysts. Earlier this week, the cryptocurrency fell below $64,000 for the first time in over a month. Bitcoin’s inability to revive its upward momentum is attributed to the double blow of significant outflows from cryptocurrency investment products and persistent inflation that prevents further interest rate hikes.
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Nonetheless, some critics, such as Peter Brandt and Tom Lee, believe that the largest cryptocurrency could reach new heights.
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