Despite what has been called Bitcoin’s worst start to a year since the dawn of cryptocurrencies, investors believe that Bitcoin, NFTs, and other altcoins will deliver better returns than the stock market in 2022.
Bitcoin ended 2021 with 65% gains, compared to the 28% of the S&P 500. Bitcoin’s competitor, gold, ended the year with a 7% loss. Economist and market analyst Alex Krüger, writes;
Markets may be overreacting short-term but looking beyond hard to overestimate how hawkish the Fed minutes were.— Alex Krüger (@krugermacro) January 6, 2022
QE reduction + 3 hikes OK, but 3 hikes + accelerated QT was not in anybody's radar.
A poll taken by almost 6,000 investors – and tracked by more than 146,600- reached a consensus that crypto will outperform stocks in 2022. However, the result showed that Bitcoin would not be the best performing crypto at the end of 2022.
The founder and chief executive of deVere Group, Nigel Green, explained that stocks are falling out of favor with investors. He adds that digital assets are now taking over as a way to create and build wealth.
Will Bitcoin Be Best Performing Crypto?
The poll result showed that 30% of respondents are backing another cryptocurrency to outperform Bitcoin in 2022. This is more than likely to be the case.
Despite Bitcoin’s decent 70% gain in 2021, the leading digital asset was egregiously surmounted by the likes of Polygon (MATIC), Terra (LUNA), and the Sandbox (SAND), which yielded more than 10,000% gains in 2021.
25% of the respondents believe that Bitcoin and non-fungible tokens (NFTs) will outperform other investments.
On the Flipside
- 20% of the respondents said they think stocks will perform better than crypto and NFTs in 2022.
Why You Should Care
Green explained that the bullish stance comes as investors increasingly become confident that digital currencies are the inevitable future of money.