Bitcoin still outperforming stocks

Updated Jun 16, 2020 | Published Jun 15, 2020
[2 mins read]
According to data revealed by Cointelegraph Markets, the current valuation of Bitcoin (BTC) remains steady, with BTC’s global footprint consolidating and the currency showing resilience, while still outperforming the stock market.
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One of the events to occasion a fairly steady performance has been the bitcoin block halving, with retail and institutional investors continuing to secure BTC cryptocurrency assets as investment tools.

From the standpoint of consumers, there have been more individuals to buy stock of the currency for either e-commerce or entertainment purposes. Meanwhile, BTC remains the best performing asset with a 31.42% gain to date, based on Cointelegraph Markets insight.

Grayscale Investments has been one of the largest companies to continue and accumulate BTC assets, too. A similar move was undertaken by Tudor Investment Corp in May, with the company allocating 1-2% funds to manage Bitcoin CME futures.

Another important element driving more people to buy the cryptocurrency has been retail interest. Most spikes in the purchase of bitcoin are linked to “global uncertainties,” with people opting for a digital asset to store their funds in.

On a consumer level, one of the biggest drivers of bitcoin value has been not just e-commerce, but also entertainment outlets. Gamblers have been slowly turning to BTC, confident in the currency’s longevity and resilience, even though the asset tends to change its value too abruptly and by too much.

Yet, BTC has proven the leading crypto gambling asset for many casinos, including Bitcasino.io and BitStarz which presently advertise all their bonuses in BTC as the go-to gambling currency.

Some alternatives have been introduced by FunFair who have their own FUN utility token. In the meantime, gamblers have shown steadfast interest in USD Tether, an altcoin based on the blockchain with its value directly pegged to the fluctuations of the US dollar.

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