Cryptocurrency

Bitcoin looks less volatile than before

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Bitcoin looks less volatile than before

Bitcoin’s success is not particularly great compared to stocks like Tesla, says crypto strategist.

Compared to major market indices that have surpassed record highs despite the economic fallout from Covid-19, Bitcoin looks «less volatile», than before. This is what Meltem Demirors (Meltem Demirors), Chief Strategy Officer, CoinShares, which invests in digital currencies.

«Everything else has become even more unstable», – Demirors said in an interview with CNBC on Monday.

Bitcoin looks less volatile than before

«As we know, volatility is a relative measure, she said. – Bitcoin is actually less volatile in the current environment than in the past».

To illustrate this point, the strategist compared the gains between bitcoin and shares in electric car maker Tesla..

Tesla shares that were added to the benchmark S index&The P 500 on Monday has skyrocketed over 676% this year. Meanwhile, Bitcoin is up about 220% at Tuesday’s prices, according to Coin Metrics..

«If we look at the astronomical rally in the stock market, the rally in bitcoin really won’t be that dramatic.», – stressed Demirors.

After a sharp downturn in early 2020, markets around the world have largely relied on the unprecedented monetary stimulus imposed by central banks around the world in an effort to save the economy..

In addition to changing investor perceptions of volatility, Demirors added that the bitcoin industry has matured and developed over the past two years..

Hedge fund managers Stanley Druckenmiller (Stanley Druckenmiller) and Paul Tudor Jones (Paul Tudor Jones) – Two well-known investors who have invested in bitcoin and bet on its potential to hedge inflation. Major investors new to cryptocurrency also appear to have contributed to the Bitcoin rally in the past few months, according to Chainalysis..

«It used to be a career risk to get access to bitcoins, now a career risk is not have access to bitcoins, – concluded Demirors. – The world has certainly changed a lot in the past nine months».