Bitcoin (BTC) vastly outperformed traditional wealth preservation assets during the United States-China trade war, American digital asset manager Grayscale confirmed in research published on June 11.
Updating “Hedging Global Liquidity Risk with Bitcoin” — a report originally from 2016 — Grayscale noted that bitcoin gained 47% in the period from May 5-31. The next best-performing asset, the Japanese yen, gained 2.1%.
In addition, many assets saw a drawdown due to the trade dispute, which is ongoing; the Nasdaq Composite index shed 8.7%, making it the worst performer out of global equities.
Grayscale also noted the depreciation in the Chinese yuan, a factor that others have already said spurred bitcoin’s bull market in May due to local investor uncertainty.