- Bitcoin has seen an increase of 111% from April 2019 to May 2019.
- The stock market has only increased by 12% during the same time.
Anthony Pompliano, a well-known proponent of cryptocurrency and the CEO of Morgan Creek Digital, decided to bring attention to the price of Bitcoin, which saw a price of $8,553.33 on Friday. Overall, in 2019, the token has experienced 111% growth, while stocks are only at about 12% growth in the same period. Pompliano added that stocks need to “get in the game.”
Stocks are up 12% in 2019.
Bitcoin is up 111% in 2019.#GetOffZero and get in the game. 🔥
— Pomp 🌪 (@APompliano) May 24, 2019
From April to May, Bitcoin managed to add a total of over $2,000 to the market price, which follows a prediction of eToro’s Mati Greenspan.
At this point, a $200 move in the price of bitcoin could easily lead to a move of $2,000. $BTC
— Mati Greenspan (@MatiGreenspan) May 24, 2019
Tim Draper, a venture capitalist that has become a billionaire through his endeavors, spoke with CNBC, discussing how the ways that investors truly feel about companies like Uber, which have recently gone public. Brands that have already established themselves that decide to ultimately go public won’t be seeing big growth in their own prices, adding that they will most likely see 10% to 20% in price growth.
None of the Bitcoin proponents believe that this top-ranking cryptocurrency is going to experience the same price fatigue. At this point, even though there have been a few downward trends, they have been short, and Bitcoin has been able to stay around the $8,000 at almost all times.
Mark Yusko, who works with Morgan Creek Capital Management as a managing director, spoke with CNBC as well, saying that Bitcoin is a great tool for diversifying someone’s investment portfolio. In fact, there are many commentators in the investment world that say a balanced investment portfolio needs to include at least 1% Bitcoin.
During the segment, Yusko had much of the same perspective as Pompliano, adding that an investment with Bitcoin would be much better than one with stocks. This is not any change to how Yusko has previously felt, considering he said that this asset is the greatest wealth opportunity to come around in our time when he referenced Bitcoin earlier this year.
Considering the market decline ahead, holding Bitcoin would be a wise choice for anyone’s investment portfolio, even at much more than 1%. Yusko claimed that the fact that interest rates may soon be lowered by the Federal Reserve, the economy must be experiencing a weakness right now. There are also indications that similar paths will be followed by Central Banks in the eastern hemisphere soon.
Bitcoin is presently trading at $8,680.71, seeing a 7.79% increase in the last 24 hours.