Here’s why Matrixport recommends Bitcoin for investor portfolios

Matrixport's latest report highlights bitcoin's impressive performance, which has outperformed the Nasdaq index by 73% over the past two years.

The company's emphasis on X is that Bitcoin is increasingly being seen as a strategic investment, diversifying investment portfolios and reducing risk, as well as representing a technology stake in the future.

Bitcoin outperforms the Nasdaq index

Bitcoin has already shown its connection to the Nasdaq, a well-known index of American technology companies. While there have been periods of high correlation between the two, the current one is particularly low, standing at just 9%.

This low correlation indicates that Bitcoin's performance is largely independent of the Nasdaq, giving investors the opportunity to earn returns that do not move in tandem with this benchmark index.

Bitcoin is trading at $66,350 after failing to break the $70,000 resistance mark a few days ago. This decline has affected the broader crypto market, including the second largest Ethereum at a price of $ 3,30,0 according to data from CoinGecko.

Market analysts point to several reasons behind the adjustment, including payments to Mount Gox lenders. The defunct cryptocurrency exchange is slowly paying off its creditors, and there are fears that some of these receivers, after waiting for almost a decade, may choose to liquidate their BTC holdings. However, the data so far suggests that most lenders are choosing to hold Bitcoin.

The price of Bitcoin is expected to increase

Michael Saylor, Executive Chairman of MicroStrategy, has made bold predictions about the future of Bitcoin. In the year By 2045, asset prices are forecast to range from a bear position of $3 million to a bull position of $49 million, and a base case of $13 million. Saylor emphasized Bitcoin's potential to transform the global economy, advocating its adoption as the primary form of treasury to ensure economic stability and wealth accumulation.

MicroStrategy has established itself as the first Bitcoin-focused development company. As of June, Microstrategy's holdings have increased to 226,331 BTC, worth $8.33 billion.

Saylor compares BTC to previous critical assets and argues that the U.S. government should collect most of the world's bitcoin dollars. He went on to say that the country's future lies in cyberspace and described Bitcoin as “Cyber ​​Manhattan”.