Bitcoin price today: drops below $105k after $1.3 bln crypto liquidation wave
U.Today - Bitwise CIO Matt Hougan has expressed confidence in Bitcoin’s long-term potential, highlighting that the world’s leading cryptocurrency by market capitalization has returned a 24.3% gain since Election Day, despite its sideways trajectory due to market uncertainty.
Matt Hougan stays optimistic about Bitcoin
Hougan recently reminded the crypto community of Bitcoin’s bigger picture in an X post, showcasing its strength against gold and other traditional stocks.According to Hougan’s analysis, Bitcoin has gained 24.3%, outperforming gold, which recorded only 13.9% returns amid growing macroeconomic uncertainty.
The report also shows that Bitcoin outpaced the S&P 500 (SPY) and NASDAQ, which declined 2.9% and 5.1%, respectively. This highlights Bitcoin’s resilience as a long-term asset, despite its short-term volatility.
These returns suggest that traders who held Bitcoin since Election Day have seen greater profits than those who invested in gold or other traditional assets.
In his post, Hougan attributed Bitcoin’s short-term downtrends to unstable market conditions, driven by inflation concerns and interest rate policies, which continue to impact the global economy.
Despite the uncertainty, Bitcoin’s solid post-election performance has helped investors maintain confidence as the market prepares for a potential rally.
"Watching Bitcoin chop sideways during macro uncertainty is frustrating," Hougan admitted, expressing his frustration over Bitcoin’s short-term volatility.
"But it’s worth zooming out occasionally to remember we’re making progress," he added, reinforcing his optimism about Bitcoin’s long-term performance.
Bitcoin’s outperformance against gold post-election contradicts the narrative that Bitcoin and gold serve the same investment purpose.
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