Source: Medium
Bitcoin overtakes gold and oil
Morehead also noted BTC’s performance in comparison to legacy assets since he wrote a letter to investors on March 25, tweeting that the cryptocurrency had outperformed gold.
#Bitcoin overtakes Gold Year-To-Date.
Bitcoin was born in a financial crisis. It will come of age in this one. pic.twitter.com/Lw2Sn9RtR1
— Dan Morehead (@dan_pantera) April 29, 2020
The asset may be losing some of its luster according to the Pantera CEO — “it’s certainly past its Sell By date” — but “gold’s been around for 5,000 years, so it’s not going away overnight.”
The CEO also targeted oil markets with a rather on-point jab at the asset: “At least you don’t have to pay people to take your Bitcoin.” The statement was in response to oil going negative for the first time in history, when the industry had to pay others to take barrels off their hands.
“...oil has been a terrible asset class. Oil’s 35-year compound annual growth rate (CAGR) is zero point zero.... It’s never even hit 6% in the very best of times. Bitcoin has a 9-year CAGR of 215% with essentially zero long-term correlation to the rest of the world.”
