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Bitcoin beats Wall Street bull run 💰
Investors are cheering the S&P 500's gains since a 2022 low—but Bitcoin's gains in the same span are way larger.
Andrew Hayward
October 12, 2024
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📝 What you need to know
It’s easy to for Bitcoin investors to get down amid sideways trading and expectations for “Uptober” gains that have yet to materialize. But some perspective might help.
In the last two years since the S&P 500 hit a yearly low in October 2022, the stock market index has marked a meaty 60% jump. But over the same span, the price of Bitcoin has surged by 220%, handily beating the S&P, Dow, and Nasdaq. Zoom out! It’s easy to lose perspective in the day-to-day grind of watching prices.
Beyond the historical expectation that Bitcoin and other top crypto prices will jump in October and November, there are other bullish signals to consider—such as Friday’s news that famed Bitcoin exchange Mt. Gox will take an extra year to distribute its billions of dollars’ worth of Bitcoin back to users, potentially alleviating sell pressure.
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💬 Quote of the Day
“As crypto becomes more and more institutionalized, it will behave much more like other asset classes.”
