CandleFocus Bitcoin Up 40% YTD, but Gold Wins on Risk-Adjusted Returns
2024-10-08
Author: Content Editor
According to a chart by Goldman Sachs, the recent surge in the price of Bitcoin does not compensate for its high volatility. While Bitcoin has outperformed major indices, fixed-income securities, gold, and oil in terms of price gains this year, its risk-adjusted return is significantly lower than that of gold. The chart shows that only Ethereum's ether token, Japan's TOPIX index, and the S&P GSCI Energy Index have lower return to volatility ratios than Bitcoin. This supports the view held by skeptics that Bitcoin is too volatile to be considered a safe haven like gold. The low risk-adjusted returns also explain why gold prices rose and Bitcoin prices dropped alongside equity markets when tensions heightened in the Middle East. This has led to the popularity of the bitcoin cash and carry arbitrage strategy among traditional institutions, allowing traders to profit from price discrepancies while minimizing the risk of volatility.
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