According to a new report by United States-based cryptocurrency exchange and wallet service Coinbase, Bitcoin (BTC) continues to outperform the world’s most popular stock indexes.
Coinbase published its latest report on the day that the Bitcoin whitepaper turned 11 years old, claiming that BTC has outperformed tech stocks and the S&P 500 since 2013, saying:
“While Bitcoin’s price fluctuates, it’s trending up and to the right following many bull runs. This year, Bitcoin has also outperformed world stock market indexes.”
Bitcoin generated 132% return this year alone
Coinbase points out that Bitcoin generated an impressive 132% return this year alone, while in comparison, the Nasdaq 100 only generated 17%, the S&P 500 12%, the FTSE Europe 100 11%, while the FTSE ASEAN 40 had to swallow a loss of 3%.
In a national survey of 4,415 people that Coinbase conducted with Qriously, most investors were seemingly convinced that cryptocurrencies such as Bitcoin will have a higher return than exchange-traded funds, index funds and stock in their own company 10 years from now.
Coinbase’s report estimates that 27 million Americans have been using the world’s biggest cryptocurrency in 2019, which represents only 9% of the U.S. population, indicating that Bitcoin adoption is still in its infancy and only needs time to flourish, saying:
“Email was invented in 1972, but it took until 1997 to adopt, surpassing 10 million people. The television set was invented in 1927, but by the late 1940s only 2% of American families had one.”
Coinbase CEO Brian Armstrong recalled how he discovered Bitcoin in 2010. The CEO said that he instantly understood that Bitcoin could be the most significant invention since the internet:
“Back in 2010 I read the Bitcoin white paper for the first time – perusing Hacker News one day. It immediately captured my attention. I felt like it could be the most significant idea I’d encountered since the internet.”