By
Godfrey Benjamin
July 3rd, 2024
This market outlook is bound to question the sentiments of critics like Peter Schiff who have constantly spoken against Bitcoin’s status as a “safe haven”.
The newly released Exponential Age Asset Management (EXPAAM) data shows that digital assets like Bitcoin (BTC), Solana (SOL), and Ethereum (ETH) significantly outperformed several traditional assets. This outperformance is both for the long-term and Year-to-Date (YTD) period.
Traditional Assets Bleed amidst Crypto Surge
In a data table shared by the co-founder and CEO of Real Vision Raoul Pal, the EXPAAM table showed the performance of 16 assets. These were a mix of digital assets and their traditional counterparts. In terms of cumulative returns, Bitcoin was seen leading other digital assets as well as traditional assets like SPDR S&P 500 ETF Trust (SPY), Gold (GLD), Invesco QQQ Trust Series (QQQ), and iShares 20+ Year Treasury Bond ETF (TLT) amongst others.
The Latest EXPAAM performance tables are out. Crypto still comfortably leading both long-term and YTD. pic.twitter.com/JoWys1cX0W
— Raoul Pal (@RaoulGMI) July 1, 2024
A glance through each of the presented annualized returns underscores how well digital assets are performing. Noteworthy, this metric is a measure of how much an investment has increased on average each year during a specific period. Bitcoin has an annualized return of 140%, ETH came in at 149% and Solana led with a 214% surge in gains.
For these same metrics, none of the traditional assets performed half as well as any of the cryptocurrencies profiled. Invesco QQQ Trust Series, known to have the highest annualized return amongst traditional assets, registered only an 18% surge. The others, including gold, ranked between 1-8% with a significant number of years trading closer to the lower limit of the range.
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) comes off as one of the worst-performing assets with zero annualized returns. Unfortunately, the stock has been on a downtrend for the last 14 years, as seen on the EXPAAM ranking table. On the flip side, Invesco DB Commodity Index Tracking Fund (DBC) plunged downward to register a -1% annualized return.
Bitcoin and Ethereum Critics May Now Surrender
It is worth noting that amidst the consistent fluctuation that Bitcoin, Ethereum, and Solana have seen as ‘volatile’ assets, they have significantly outshone these other rivals.
This market outlook is bound to question the sentiments of critics like Peter Schiff who have constantly spoken against Bitcoin’s status as a “safe haven”. Schiff has not stopped comparing Bitcoin to gold, citing the periodic price surge that the latter usually experiences.
In May, healthcare firm Semler Scientific (NASDAQ: SMLR) made headlines after it announced its acquisition of $40 million worth of Bitcoins as part of its treasury. However, the renowned economist and gold proponent was quick to give his antagonist view about the acquisition. Schiff took to social media to share what he believes could be the negative impact of adopting a Bitcoin strategy.
With such growth outlined in the EXPAAM data, Schiff and his fellow crypto critics may not have many people listening to their anti-crypto opinions again. Consequently, the crypto industry could see more mainstream adoption in the long run.