Erik Voorhees – The CEO of Shapeshift has drawn a metaphorical line within the financial sand, stating that each asset manager should understand Bitcoin [BTC] now supporting its astonishing rate of return.
Voorhees made the comments while retweeting data revealed by analytics firm Messari co-founder Dan McArdle that shows Bitcoin has dramatically outperformed everything over the last decade. While gold has returned a 32% profit and therefore the S&P 500 has tripled investors’ money, Bitcoin has posted a fantastic 7,837,884% gain in 10 years.
Looking across its 10-year life, Voorhees believes Bitcoin is “vastly superior to the other investment.” He added that:
“One might be forgiven for not understanding it eight years ago… but any asset manager today who remains unaware of this phenomenon must seriously check their premises.”
Voorhees isn’t the sole one discussing the recent embrace of Bitcoin by traditional finance that’s believed to underpin the newest rally. Within the week alone half a dozen figures expertly in the traditional finance world made similarly bullish observations. Earlier on 2nd Dec. Cryptocurrency trading firm Genesis CEO Michael Moro assumed that over 250 publicly traded firms will invest in Bitcoin by the end of 2021.
On 4th Dec., former JP Morgan commodity trader Danny Masters told CNBC that soon it’ll be a “career-risk for not having Bitcoin in your portfolio.”
Also this week, BlackRock chief investment officer Larry Fink warned that Bitcoin’s success could have a true impact on the USD, and can even “take the place of gold to an outsized extent.” This fits with Gold Bullion International co-founder Dan Tapiero’s recent assertion that it’s only a matter of your time prior to Bitcoin’s price surges into the 6-figure threshold.