In December 2018, the mainstream media proclaimed the death of bitcoin (BTC/USD) for the millionth time. At that point, the first cryptocurrency dropped by as much as 84% from the all-time high of around $20,000 as the price plunged below mining costs. The bearish sentiment was so strong that almost no one dared to long the digital asset. Those who did, however, have been handsomely rewarded because bitcoin is 2019’s best-performing asset globally.
It may come as a shock to you but bitcoin is way ahead of any asset in terms of this year’s returns. As of this writing, it is up by more than 67% on Coinbase year-to-date. Coming in at No. 2 is oil (USOIL), up by 38.35%. The other investable assets in the
green this year are the Nasdaq 100 (through the QQQ ETF), small caps (through the IWM ETF), and S&P 500 (through the SPY ETF). These investment vehicles are up by 22.25%, 18.17%, and 16.54% percent, respectively. On the other hand, gold (GLD),
which is considered as a safe store of value, is down by 0.12%.