The new report claims that Bitcoin is still ahead of traditional assets in year-to-date gain. The credit goes to uncertainty in the traditional markets, which causes institutional investors to hedge their funds by investing in the top digital asset Bitcoin.
The thorough analysis of Bitcoin is published today by Bitcoin technical data provider firm lookintobitcoin and crypto news outlet, Cointelegraph. Following the current growth of the crypto industry, it is not wrong to say that Bitcoin has a safe future.
Almost one month ago, the highly anticipated event Bitcoin halving happened but it did not get successful in initiating the bullish rally as speculated by the crypto analysts. But the rise of interest in digital assets on the part of retail as well as institutional players have been noticed.
The data analytical firm Skew finds out that Bitcoin beats other assets in gaining high gain in year-to-date data. Bitcoin tops the list with 35.95% gain while gold resides in second place with 12.11%. This shows that investors are in search of safe-haven assets- Bitcoin and gold- to avoid unlimited printing of cash by central banks.
Institutional and Retail Growth
Recently, it is reported that institutional interest in Bitcoin is reaching its peak as one of the giant digital investment firms Grayscale has bought BTC supply more than the newly minted coins since May 11.
Last month, the chief executive of Tudor Investment Corporation, Paul Tudor, accepted that the firm allocated 1-2 percent of funds to Bitcoin CME futures.
Retail exposure to Bitcoin has also increased significantly as digital payment processor Square recently said that its revenue surged by 71% as compared to the previous quarter.