There is a bit of chaos in the cryptocurrency space following the dip Bitcoin has experienced from well over $11,000 to the mid $10,000s. Whatever may be the reason for the crash, Morgan Creek partner and Co-Founder Anthony Pompliano says even a crash of 50% will still leave Bitcoin ahead of the S&P 500.
The current dip has raised some concerns as there is no clear direction as to what is causing it. However, the traditional stock market seems to be experiencing much worse as 27% of the total global market is trading at a negative rate.
Bitcoin YTD performance 10 times better than S&P 500’s
Pompliano’s confidence could have come from the historical performance of Bitcoin and the S&P 500. According to data, the S&P 500 has only gained 16% YTD while Bitcoin has gained well over 200% from the December low. That is over 10 times the gains of the latter and a 50% crash will still leave Bitcoin with better gains than the S&P 500.