Bitcoin has been one of the better-performing assets of the past few weeks, but a prominent financial educator says that the asset could become the fastest horse in the race.
Bitcoin Could Soon Become the Fastest Horse in the Race
“GOLD is up 35% in 2020. S&P only 3%. Silver is still the best, still 30% below all time high. Best because it is limited in quantity, used in industry and still affordable for those with tight budgets. The sleeper is Bitcoin. I suspect it is about to become the fastest horse.”
Already the Fastest Horse?
There are some, actually, that think Bitcoin is already the fastest horse in the race. Case in point: the asset is up by approximately 70% since the start of the year, outpacing a swath of other asset classes.
Paul Tudor Jones, a billionaire hedge fund manager worth over $5 billion, wrote in a research note earlier this year that he thinks Bitcoin is the fastest horse in the race at the moment. This was in reference to how the cryptocurrency may react to the current “unorthodox” monetary policies being enforced by central banks around the world:
“At the end of the day, the best profit-maximizing strategy is to own the fastest horse. Just own the best performer and not get wed to an intellectual side that might leave you weeping in the performance dust because you thought you were smarter than the market. If I am forced to forecast, my bet is it will be Bitcoin.”
Another individual that thinks Bitcoin is already in the lead is Raoul Pal, the chief executive of Real Vision. The former head of Goldman Sachs’ hedge fund sales division said that Bitcoin is the only asset that has outpaced the growth of the G4’s balance sheet in recent years. He added that he thinks no trade matters except for Bitcoin, discussing how the asset even outpaces gold.
“In fact, only one asset has offset the growth of the G4 balance sheet. Its not stocks, not bonds, not commodities, not credit, not precious metals, not miners. Only one asset massively outperformed over almost any time horizon: Yup, Bitcoin. My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that’s a story for another day (I’m still thinking through this).”
Pal is a believer that the cryptocurrency will reach over $100,000 with time.
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