Bitcoin surged over the 20,000 mark for the first time ever today, gathering publicity and investor assets once again
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Bitcoin ($BTC) surged over the 20,000 mark for the first time ever today (12/17), gathering publicity and investor assets once again.
Individuals invested in the world’s largest cryptocurrency via the Bitcoin Investment Trust (GBTC) are enjoying a nice ride this year, as the ETF-like product is up over 200% through trading yesterday (12/31/2019 – 12/16/2020). The current run reminds some of Bitcoin’s previous charge in 2017, of which was shortly followed by a material drawdown, in excess of -80%, for the digital currency through December of 2018. However, crypto analysts seem to think that this year’s run is different because of an increased institutional presence, stating that prior surges were mainly driven by speculative retail flows. The accessibility of Bitcoin is also growing, as previously highlighted, evidenced by PayPal announcing that users could buy and sell the cryptocurrency, following suit of other large platforms like Square (SQ) and Robinhood.
Bitcoin’s role in a portfolio remains up for debate, as findings about its correlation to other investments appears largely dependent on timeframe and/or asset class. Additionally, keep in mind that Bitcoin was officially launched only 11 years ago, a rather short history compared to other asset classes. Now we find GBTC with a 5.58 fund score and a strongly positive score direction of 3.96, speaking to its latest improvement; however, the space is known to be extremely volatile. To get a feel for such, see the FactSet seasonality analysis below, in addition to an expanded $BTC chart.
For a deeper dive on the cryptocurrency, see our latest feature from October of this year. To view all cryptocurrencies tracked on the NDW Research Platform, navigate to Security Selection > Chart Lists > Cryptocurrencies (bottom left).
