- Barely a month of 2023 has passed and Bitcoin has managed to position itself as the best performing asset so far this year with a total return of 27%. according to Goldman Sachs.
- Bitcoin the leading cryptocurrency also tops the Goldman Sachs risk-adjusted return list, with a Sharpe ratio of 3.1. and has managed to outperform the S&P 500, gold, real estate and the Nasdaq 100.
- The closest asset to Bitcoin is the MSCI Emerging Markets Index, with a year-to-date return of eight percent.
Digital assets have generated endless reactions from both users and companies that see them as both a business opportunity and a field full of scammers since their appearance.
It can be said that it depends on the perspective from which you look at it, since for some the glass may be half full, for another half empty and for some more, half.
However, there are companies that, at the beginning, pointed to Bitcoin as a currency that was only used to defraud, however, with the movement of the market, they have had to change their argument in this regard, as is the case with Goldman Sachs.
An old and well-known saying goes that rectifying is wise, and nobody knows this better at this time than the financial group Goldman Sachswhich at the time managed an anti-Bitcoin position and later is popularly known in the crypto market for having historically anti-Bitcoin positions, starting to offer crypto derivatives, and even considering the option of offering its clients the option of being able to invest in emerging assets such as Bitcoin.
Such has been the change in the institution’s position that even in its recent asset performance report for the year the company pointed to Bitcoin as the best performing asset to date (YTD). The Goldman Sachs report was shared by the site Documenting Bitcoin on his official Twitter account and took place on January 23.
“Bitcoin is the best performing asset in the world this year, according to the latest data from Goldman SachsDocumenting Bitcoin tweeted.
bitcoin is rising
The post made on Elon Musk’s social network includes a Goldman Sachs market performance chart, showing total returns for the top 25 markets, as well as their risk-adjusted returns to date.
In said list, the so-called “digital gold” is found neither more nor less than in the first seat with a total return of 27 percent, while in second position is the MSCI Emerging Markets Index with 8 percent. Also The leading cryptocurrency also tops Goldman Sachs’ risk-adjusted return list, with an index of Sharpe from 3.1.
Bitcoin, gold and the prospects for December
Bitcoin once again demonstrates its capabilities because, in addition, Goldman Sachs pointed out that Satoshi Nakamoto’s asset has managed to outperform the S&P 500, gold, real estate and the Nasdaq 100.
In this regard, it should be remembered that gold experienced a growth of five percent, along with real estate, while the Nasdaq 100 and the S&P 500 added three percent and one percent, respectively.
This generated mixed views, especially for those who have compared Bitcoin to gold as a store of value and a hedge against inflation, as the precious metal ranked several notches below the crypto asset, both on the list of total return and risk-adjusted return.
As we pointed out, the Gold boasts a total return of five percent plus a Sharpe ratio of 2, according to the Goldman chart. However, Goldman Sachs indicated last December that gold is a better “portfolio diversifier” than cryptocurrency, Ythat there is a possibility that it is less conditioned by tighter financial conditions, as well as indicating that he expected gold to outperform bitcoin in the long term.
Likewise, according to what was pointed out by Goldman Sachs, the closest asset to Bitcoin is the MSCI Emerging Markets Index, with a year-to-date return of eight percent.
It should be said that the renewed resurgence of the value of the Bitcoin It has been attributed, at least in part, to rising expectations that the US Federal Reserve System is very close to changing its rate-hike schedule.
Finally, it is important to know that this rebound in the crypto asset is highly relevant, given that by starting 2023 on the right foot, Bitcoin has relieved investors who suffered heavy losses in the crypto winter of last year.
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