Bitcoin may have fallen over 10% in the first quarter, but it still managed to beat major U.S. equity indices as the coronavirus crisis tore into the market.
How did those indices perform in the first quarter?
– The Dow lost 23%, its worst first-quarter performance ever.
– The S&P 500 fell 20%, its biggest quarterly loss since 2008.
– The Nasdaq dropped more than 14%.
Meanwhile, safe-haven asset gold rose about 4% in the first three months of 2020. Over the past few years, bitcoin has been likened to “digital gold” and has been seen by some as a safe haven asset. But it hasn’t necessarily played out that way even though it’s fallen less than major stock indices.
Those inside the crypto industry, though, feel that could be starting to shift.
Will more people begin to turn to the cryptocurrency as the market continues to feel coronavirus pain?