Bitcoin was the top performing macro investment of 2020.
Dan Tapiero, a prominent macro investor and co-founder of firms such as 10T Holdings and Gold Bullion Int. believes this will continue.
Tapiero even says he cannot imagine a world in which „the coin does not outperform all other assets“.
Bitcoin – the best performing asset?
Bitcoin is up over 60% in the past month alone. The leading crypto currency rose from USD 11,200 at its low four weeks ago to currently USD 18,000.
As of the beginning of the day, BTC was trading for $ 17,850, which shocked most investors who thought the coin would slide into a downtrend after pumping to $ 16,000.
This performance has made the cryptocurrency one of the best performing assets in the past month – apart from a few smaller altcoins. Technically, Bitcoin is the best performing macro investment for the past month and year.
Dan Tapiero, a prominent macro investor and co-founder of firms like 10T Holdings and Gold Bullion Int., Even says he can’t imagine a world where Bitcoin doesn’t outperform all other assets.
“For the first time I can remember that #Bitcoin was added to the macro-asset list by the BoAML blue-chip fund mgr survey. Can’t imagine #btc not outperforming all other assets. Fastest horse! It is so early for btc that it will only be accepted NOW, and that is AFTER 11 years + 250% annualized performance. „
He is referring to a chart shared by the securities division of Bank of America Securities, stating that most fund managers believe that emerging markets and the S&P 500 will outperform in 2021 – not Bitcoin, gold or even anything as “safe” as real estate.
Tapiero is known to be a bitcoin bull. He has repeated his belief on several occasions that the cryptocurrency will reach $ 50,000 and more in this market cycle.
Setup of a macro rally
Analysts are seeing a macro rally from a technical perspective. For example, top analyst Josh Rager believes the cryptocurrency is on the verge of an exponential uptrend as it appears to close its monthly candle above its all-time high.
The monthly candle still has to be closed – however, BTC will probably achieve the target as it succeeds in maintaining these extremely high levels:
“Every time Bitcoin closed above the previous monthly all-time high, it was followed by an upward trend of 700% to 1000%. November could be the first end of the month where we see a break from the previous high, and historically that was a very bullish sign for the crypto market. „