By Solomon Odunayo
Going by a recent report, Bitcoin (BTC), the first and largest digital currency by market capitalization has now outperformed the popular precious metal, Gold in 2020 Year-To-Date.
Bitcoin (BTC) and Gold have always been side by side in comparison. This comparison starts with real-life functionality to market price performance. And the former has always been termed as digital gold, due to their similar qualities.
Bitcoin Overtakes Gold Year-To-Date
Dan Morehead, the CEO of Pantera Capital, the first investment firm in the US to launch a digital currency, pre-auction ICO, and blockchain-enabled venture funds, has recently taken to Twitter to prove that Bitcoin (BTC) has outperformed Gold in 2020 Year-To-Date.
In the tweet, he captioned data to serve as proof. According to the data, Bitcoin has so far recorded a 16% increase, while the precious metal, Gold, managed to record a 13% increase, in terms of 2020 Year-To-Date performance.
Morehead then concluded that Bitcoin (BTC) came to existence in a financial crisis, and it will also beat the ongoing one.
Dan Morehead shared this, “Bitcoin overtakes Gold Year-To-Date. Bitcoin was born in a financial crisis. It will come of age in this one.”
#Bitcoin overtakes Gold Year-To-Date.
Bitcoin was born in a financial crisis. It will come of age in this one. pic.twitter.com/Lw2Sn9RtR1
— Dan Morehead (@dan_pantera) April 29, 2020
Bitcoin (BTC) Struggles to Prove Being an Asset of Financial Crisis
Sometimes in late February 2020, when the global financial crisis initiated by the coronavirus pandemic, started to show face, Bitcoin (BTC) was holding at $9,200 price region. This gave the majority of the crypto enthusiasts the confidence that the digital currency is capable of beating the financial crisis that has already overpowered some assets in the stock market.
However, the effect of the situation was significantly noticed on the price on Bitcoin (BTC) sometimes in mid-March 2020. Back then, the cryptocurrency lost over 50% of its price in a matter of hours. The downtrend continued some days later, and BTC was forced to trade at $3,000 price region.
Many crypto pundits lost their confidence in the fact that Bitcoin as an asset made for a time of financial crisis, such as what the whole world is facing at the moment.
Afterward, BTC experienced a notable price resurgence to trade at $6,000 price region, a trend the digital currency has consolidated in preparing for the much-awaited halving. At the time of publication, BTC is trading at $8,421.36, with an 8.4% price increase based on 24 hours estimation.