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Crypto mogul Mike Novogratz has made a bold statement about Bitcoin, saying that it is a report card on monetary policy and financial stability.
The statement was made on Twitter, where Novogratz highlighted that BTC was built for the current economic climate.
On a risk-adjusted basis, he said that BTC is the best-performing asset of the year, outpacing growth stocks, banks, and major stock benchmarks.
Novogratz’s statements are backed up by a research piece published by Galaxy, which shows that Bitcoin data is increasingly bullish.
The research examines performance, on-chain, and supply-side data, which shows the key reason for continued optimism for Bitcoin bulls.
Galaxy suggests that on a risk-adjusted basis, Bitcoin is the best performer of the year compared to a range of securities, indices, and commodities.
The research indicates that the flagship cryptocurrency’s correlation with gold is rising, while its correlation with stocks is decreasing, indicating that it behaves more like a safe-haven asset during times of crisis
Despite a 60% rally in Bitcoin’s spot price this year, futures funding and basis have remained stable, and concerns over an oversupply due to the pending Mt. Gox bankruptcy distributions appear to be overblown, with exchange and miner supplies down and miner selling stabilized.
Positive on-chain metrics suggest increasing accumulation, wider ownership, and longer holding periods for Bitcoin, according to Galaxy. The upcoming halving, which has historically led to long-term bullish runs, might point toward another major bull run for the world’s largest cryptocurrency.