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Saylor Highlights Bitcoin’s Dominance Over Other Assets

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Sun, 23/06/2024 - 8:56
Saylor Highlights Bitcoin’s Dominance Over Other Assets
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MicroStrategy co-founder Michael Saylor recently took to X (formerly Twitter) to highlight Bitcoin's dominance over every other asset class. 

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The chart shows that Bitcoin's cumulative returns have reached 21,372,237% since 2011. 

The nascent cryptocurrency dwarfs the returns of gold, tech stocks, and other assets. 

Bitcoin has also outperformed every other asset class on an annualized basis, with average returns of 148%. 

During this halving cycle, however, Bitcoin's price performance has been rather underwhelming so far. The leading cryptocurrency is lagging behind the MicroStrategy (MSTR) stock as well as a slew of mining stocks. 

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Following the launch of Bitcoin exchange-traded funds (ETFs) in early 2024, the price of the leading cryptocurrency hit its current all-time high of $73,737 in March. Notably, the flagship cryptocurrency managed to surpass the peak of the previous cycle before halving, which is why this bull run is so unusual. 

Bitcoin is currently down 12.73% from its record high, and it is unclear whether it will be able to reclaim its current peak in the near future due to the lack of bullish catalysts. 

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Earlier this week, the cryptocurrency slipped below $64,000 for the first time in more than a month. The cryptocurrency is failing to revive its bullish momentum due to the double-whammy of significant outflows from cryptocurrency investment products and persistent inflation that is preventing further rate hikes. 

Still, some pundits of the likes of Peter Brandt and Tom Lee believe that the largest cryptocurrency could peak at as high as $150,000 during this cycle. 

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