Erik Voorhees, CEO of Shapeshift, has drawn a metaphorical line in the financial sand, saying that Bitcoin should now be understood by any asset manager based on its astonishing rate of return.
Voorhees made comments while retweeting data shared by Messari’s analytics platform co-founder Dan McArdle, which shows that Bitcoin has dramatically outperformed everything over the last decade. While gold returned a profit of 32 percent and the S&P 500 tripled the money of investors, Bitcoin has reported an astounding 7,837,884 percent rise in ten years.
Looking across its 10-year life, Voorhees believes Bitcoin is “vastly superior to any other investment.” He said that: “One could be forgiven for not understanding it eight years ago… but any asset manager today who remains ignorant of this phenomenon needs to seriously check their premises.” Voorhees is not the only one to address the new race adoption of Bitcoin by traditional finance. Half a dozen figures with expertise in the traditional world of finance made equally bullish statements this week alone. On the 2nd of December, Crypto’s Genesis trading company CEO Michael Moro estimated that by the end of 2021 250 publicly traded firms will invest in Bitcoin. On December 4, Danny Masters, a former JP Morgan commodity trader, told CNBC that it will be a “career-risk for not having Bitcoin in your portfolio.”