06 May Bitcoin outperformed Google, Facebook and Apple in Q1 this year
In the first quarter of 2020—despite a price crash and successive rebound towards the end—Bitcoin outperformed several of the biggest tech firms, including Google, Facebook, and Apple.
Last week, FAANG companies–the collective term for Facebook, Apple, Amazon, Netflix and Google–released their first-quarter earnings. Considering the economy and its agents have taken a veritable beating from the coronavirus pandemic and its subsequent lockdowns, most FAANG firms appear to be keeping their heads above water. However, their stock valuations tell a different story. Down approximately 15-20% across the board, the only FAANG stock doing well is, unsurprisingly, Netflix.
Bitcoin (BTC): -10%
Meanwhile, although falling violently into the red in March, wiping out almost 50% of its total value, Bitcoin’s Q1 performance cites a slightly less adverse reaction to some FAANG stock, reporting a comparatively tame 10% reduction.