RATE Group | Bitcoin is more profitable than banks in 2020
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Bitcoin is more profitable than banks in 2020

19 May Bitcoin is more profitable than banks in 2020

Posted at 08:50h in Bitcoin News by

  • Bitcoin is still in a green zone since the start of the year, while major banks incur losses.
  • BTC/USD may extend the decline within the current range.

Bitcoin turned out to be more profitable than shares of the world’s biggest banks, even despite the sharp collapse of the first cryptocurrency in the middle of March, according to the observations of Ryan Selkis from the cryptocurrency research company Messari. 

The “Pomp trade” having an epic year. “Long bitcoin, short the bankers” he tweeted recently (@twobitidiot)

For the sake of comparison, Bitcoin’s price gained over 36% since the beginning of the year, while the shares of banking giants experienced sharp declines. Thus, the shares of JPMorgan are 37% cheaper than in January, while Wells Fargo lost over 55% of its market value.

The selling pressure on the banking sector was caused by the economic consequences of the pandemic. The cryptocurrency experts believe that Bitcoin and gold will…

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