Bitcoin outperforms 97% of all S&P 500 companies in 2023
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Bitcoin outperforms 97% of all S&P 500 companies in 2023
Nasdaq’s launching a crypto custody business
Meme of the day
Bitcoin outperforms 97% of all S&P 500 companies in 2023.
There are two things the crypto space loves:
Dunking on Gary Gensler
When Bitcoin shows the world who’s boss
And so far this year, that’s exactly what Bitcoin has done. YTD gains have clocked in at ~37% thus far, which is better than 488 of the publicly-traded giants listed on the S&P 500.
That means Bitcoin is beating the gains of Apple (+19.3%), Amazon (+17.8%), and FedEx (+27.2%).
Only 12 S&P 500 companies are beating Bitcoin’s 37%, including Meta and Tesla.
It is also worth mentioning that the flagship crypto has outperformed commodities in 2023, particularly gold, “the top-performing old-guard commodity,” almost 10-fold, indicating it might be in a ‘super cycle,’ according to Bloomberg’s commodity specialist Mike McGlone.
Do check it out :
Bitcoin’s price has gone from ~$20,000 to ~$28,000 so far this year. It’s crazy what a little distrust in the national banking system will do.
Bloomberg: Nasdaq Plans to Launch Bitcoin Custody Service by end of the Q2.
The stock exchange operator announced its intentions last September as it looked to respond to the demand from institutional crypto investors
Nasdaq (NDAQ) is aiming to debut its crypto custody services by the end of the second quarter, Bloomberg reported on Friday.
The stock market exchange operator's senior vice president and head of digital assets, Ira Auerbach, said the firm is working on getting the necessary infrastructure and regulatory approval in place. Nasdaq applied to the New York Department of Financial Services (NYDFS) for a limited-purpose trust company charter which would oversee its custody service.
Nasdaq announced its intentions in September as it looked to respond to the demand from institutional crypto investors.
Traditional finance companies such as Nasdaq are looking to fill the gap left by more crypto-centric firms that have shut their doors in recent months, with exchange FTX and banks Silvergate and Signature the most prominent.
Should appetite for crypto among the likes of Nasdaq remain strong, it may prove a positive signal for mainstream cryptocurrency adoption.