Goldman Sachs named Bitcoin the best asset of 2023

One of the leading American banks – Goldman Sachs – named bitcoin is the most performing asset this year.

The first cryptocurrency outperformed the Nasdaq 100 and S&P 500 stock indices, gold, and other investment assets in terms of profitability. The bank said bitcoin’s potential has surpassed that of traditional assets, precious metals and other investments in terms of YTD and risk-adjusted returns.

Unlike 2022, Bitcoin started the new year off on a strong note. Its price rose from $16,500 to $28,400. In less than three months, its growth was 70%. Thus, the asset outperformed the stocks of IT companies (up 15%), telecommunication service providers (up 15%), consumer goods (up 11%), Russell 1000 Growth (up 10%), gold (up 4 %) and the S&P 500 (up 4%).

Analysts at Goldman Sachs suggest that the first cryptocurrency is growing in anticipation of easing monetary policy by the US Federal Reserve.

The Term Bank Financing Program (BTFP), which the US Federal Reserve believes will save the traditional banking system, has also helped Bitcoin rise. Experts believe that it provided an influx of liquidity into the US economy just at the moment when confidence in banks was shaken.

Cryptovizor CEO Alex Zukutoke believes that the price of bitcoin will rise to global resistance at $36,000, then a range of $28-38 thousand will form. The rally will continue when the stock markets begin a new wave of growth.

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