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HomeCrypto AnalysisBitcoin is gaining increasing recognition as a financial performance and digital asset.

Bitcoin is gaining increasing recognition as a financial performance and digital asset.

American entrepreneur Mike Novogratz made a bold statement about Bitcoin, calling it a report card on monetary policy and financial stability. Novogratz claimed that Bitcoin was created for current economic conditions and is the best performing asset this year for risk. He pointed out that Bitcoin has outperformed growth stocks, banks, and major stock indices.

A report published by Galaxy showed that Bitcoin data is improving increasingly by studying asset performance, market data, and supply. The report indicated that Bitcoin is the best performer this year compared to a range of securities, indices, and commodities.

The study showed that Bitcoin’s correlation with gold is increasing while its correlation with stocks is decreasing, indicating that it acts as a safe asset during crisis periods. Despite the 60% increase in Bitcoin’s price this year, funding for futures contracts and the underlying cryptocurrency fundamentals have not been affected, and there are no concerns about oversupply due to expected distributions from the bankruptcy of Mt. Gox. Bitcoin supplies from mining and trading have declined, and miner selling has stabilized.

Positive blockchain indicators show an increase in accumulation, ownership, and holding periods for Bitcoin, according to Galaxy. Expectations suggest that the upcoming Halving event, historically indicating long-term upward movements, may lead to a new rise in the world’s largest cryptocurrency market.

Overall, the Galaxy report shows that Bitcoin has become an important factor in evaluating financial policies and stability, becoming a report card on those policies and stability. It is the best-performing asset under current economic conditions and enjoys strong support from positive data and indicators.

SourceU.Today

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