Here’s Why Matrixport Recommends Bitcoin for Investor Portfolios



Matrixport’s recent report highlights bitcoin’s impressive performance, outpacing the Nasdaq Index by 73% over the past two years.

The company emphasized on X that Bitcoin is increasingly seen as a strategic investment, offering diversification and risk mitigation in investment portfolios, as well as representing a stake in the future of technology.

Bitcoin Outperforms Nasdaq Index

Bitcoin has previously shown a correlation with the Nasdaq, a prominent index for U.S. technology companies. While there have been periods of high correlation between the two, the current is notably low, standing at just 9%.

This low correlation indicates that bitcoin’s performance is largely independent of the Nasdaq, offering investors the potential for returns that do not move in tandem with this benchmark index.

Bitcoin is trading at $66,350, having failed to break the $70,000 resistance mark a few days ago. This downturn has impacted the broader crypto market, including Ethereum, the second-largest cryptocurrency, now priced at $3,30,0, according to CoinGecko data.

Market analysts point to several factors behind the correction, including the ongoing repayments to Mt. Gox creditors. The defunct cryptocurrency exchange has been slowly repaying its creditors, and there is concern that some of these recipients, after waiting nearly a decade, might choose to liquidate their BTC holdings. However, the evidence so far indicates that most creditors are opting to hold onto their bitcoin.

Bitcoin’s Price Expected to Surge

MicroStrategy’s executive chairman, Michael Saylor, has made a bold prediction for bitcoin’s future. He forecasts that by 2045, the asset’s price could range from a bear case of $3 million to a bull one of $49 million, with a base case of $13 million. Saylor emphasizes bitcoin’s potential to revolutionize the global economy, advocating for its adoption as a primary treasury asset to ensure economic stability and wealth accumulation.

MicroStrategy has established itself as the first bitcoin-focused development firm. As of June, MicroStrategy reported that its holdings had increased to 226,331 BTC, valued at $8.33 billion.

Saylor argues that the U.S. government should amass the majority of the world’s bitcoin to bolster the dollar, comparing BTC to critical assets acquired in the past. He further highlights that the future of the country lies in cyberspace, positioning bitcoin as the “cyber Manhattan.”





Source link

About The Author

Scroll to Top