By Solomon Odunayo
Bitcoin is the first cryptocurrency. Its token is BTC. Its emergence can also be tagged anonymous like how its creator, Satoshi Nakamoto remains until today.
But the digital currency has left the anonymity to prominence, and touted as the best performing asset by the global news platform, Cable News Network (CNN), using Bank of America (BoA) Securities report.
In a report published a few days ago by the news outlet CNN, Bitcoin was described as a standout asset in the last 10 years. It said BTC outperformed assets such as bonds, commodities, stocks, and fiat currencies across the world.
CNN Leans Its Claim on Bank of America (BoA) Securities Report
The report made available by the Bank of America Securities was the measure that CNN leaned its claim on.
The report provided by BoA Securities says that the supposed minute investment of $1 in 2010 is now estimated to worth more than $90 thousand today, considering BTC’s latest market price.
Bitcoin Outshines US Dollar and Commodities Like Gold
Despite its below-par performances of late, Bitcoin still remains on top in the midst of traditional investments and currencies such as US Dollar.
Comparing the $1 American stock market of the last decade to the present-day value, CNN reported that its value would be a bit above $3.
The report furthered that the investment of $1 in 30-year US treasury bond over the last 10 years would have appreciated up to $2.08. Not even close to the percentage increase of Bitcoin over the same period.
Before Bitcoin’s parabolic upsurge started getting obvious, Gold was the lone commodity outperforming others. But considering a $1 Gold of 2010 to its value today, the precious metal only added $0.34 to its worth. Almost the same can be said of oil as reported by CNN.
Bitcoin Outperforms Greek Equity Market
In addition to the estimations made above, the major news outlet, CNN also mentioned some assets that are presently in very bad shape compared to their values in 2010.
$1 in Myanmar currency in 2010 now worth 4 tenths of 1 US cent in present-day, while Greek equity market has since devastatingly depreciated compared to its worth back in 2010.
Recap of Bitcoin Performance since 2010
As aforementioned, Bitcoin seemed anonymous during its emergence. The digital asset was more like nothing in terms of worth. But it has since risen to prominence with a steady rise in price.
Obviously, the price trend of BTC displays high volatility, which raises the point of criticism for the pessimists. However, that does not take away the fact that Bitcoin has created a scene towards itself, giving the world an asset to watch.
At the time of filing this report, BTC is trading at $7,193.40, with a 0.45% price downtrend in the last 24 hours.