Bitcoin made another move in its upward trend on Friday night, ending up between $18,800 and $18,830 on most major exchanges. Now, to overcome the record peak of $19,665, recorded on December 17, 2017, the cryptocurrency needs to gain less than 5%.
Fundstrat Global Advisors Managing Partner Tom Lee says Bitcoin is “crushing all other hedges and asset classes this year.”
“I think 2021 could be the year of fireworks for Bitcoin. Perhaps the best is yet to come,” he added.
As you can see in the graph provided by market research firm Skew, Bitcoin is indeed outperforming other asset classes this year. Since January 1, its rate has risen by 160%, while the price of gold – by 22%, and the S&P 500 stock index added even less – 10.9%.
Lee also mentioned that Bitcoin halving took place this year, which has historically been a positive development for the first cryptocurrency, but the movement usually reached full swing the following year.
Earlier today, the CIO of the world’s largest investment company BlackRock Rick Reader said that Bitcoin “can largely replace gold.” Commenting on Reader’s words, former hedge fund manager and CEO of Real Vision, Raul Pal said:
“This is extremely important news. It is the largest asset management firm on Earth. 2021 will be the year of a severe shortage of Bitcoin supply.”
