BTC $43034.48 (-1.6%)
ETH $3025.98 (-0.8%)
USDT $1.00 (0.00%)
BCH $543.94 (-0.8%)
BSV $152.09 (7.31%)
LTC $159.42 (0.13%)
BNB $369.09 (-0.3%)
ADA $2.16 (1.24%)
DOGE $0.21 (0.38%)
BTC $43034.48 (-1.6%)
ETH $3025.98 (-0.8%)
USDT $1.00 (0.00%)
BCH $543.94 (-0.8%)
BSV $152.09 (7.31%)
LTC $159.42 (0.13%)
BNB $369.09 (-0.3%)
ADA $2.16 (1.24%)
DOGE $0.21 (0.38%)

Report: Blockchain Stocks Better Than Bitcoin, Gold

Report: Blockchain Stocks Better Than Bitcoin, Gold

Blockchain technology companies are having a stellar performance amid the COVID-19 pandemic. According to Bloomberg, the stocks of these companies fared better than gold and Bitcoin.

Published earlier this year, the report revealed that Elwood Asset Management LLP’s Blockchain Global Equity Index, a basket of stocks of blockchain companies, showed a stellar 54% increase since 2019. This is twice the performance of gold, which recorded a 27% growth during the same period.

Meanwhile, top cryptocurrency Bitcoin still struggles to break past the $12,000 psychological resistance level. At the time of writing, Bitcoin is changing hands at $10,916.33, according to CoinGecko.

Report- Bitcoin vs Gold
Report – Bitcoin vs Gold

There are about 45 blockchain companies under the Elwood Blockchain Index. Top companies include Taiwan Semiconductor Manufacturing Co., a manufacturer of chips used for cryptocurrency mining rigs; Kakao, a South Korean messaging app that started its foray into blockchain technology two years ago; and Monex, a Japanese online brokerage company that purchased crypto exchange Coincheck in 2018.

This report comes as a surprise, especially that many investors are encouraged to invest in Bitcoin & gold during the economic downturn caused by the COVID-19 pandemic. Others even speculate that  Bitcoin will have a $100,000 valuation per piece before 2024.

At the moment, Bitcoin seems to not perform according to the expectations of many investors and analysts. In fact, S&P 500 companies have outshined Bitcoin in the last months despite the current economic situation, considering that the US dollar has had a weak run in the early months of the coronavirus crisis.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.