First, Goldman Sachs Group Inc. highlighted Bitcoin as the best-performing asset in terms of absolute and risk-adjusted returns earlier this year. Then the banking crisis happened and the largest digital coin rose to its highest price in ten months. It’s enough to make even some naysayers reconsider.
But is this year’s turnaround just a short-lived bubble or evidence of the what-doesn’t-kill-you-makes-you-stronger thesis? Views are all over the place. The White House put out an economic report recently slamming crypto, saying the assets don’t have fundamental value; while Bitcoin bulls like ARK Investment Management CEO Cathie Wood see its climb as an affirmation of decentralization.
