Bitcoin is like a high-flying tech stock.
- Anastasia Amoroso explains why bitcoin has been on a tear recently.
- She sees the world’s largest cryptocurrency as a tech asset.
- Bitcoin is currently up roughly 80% versus the start of the year.
Bitcoin has been experiencing a significant surge in value ever since the Federal Reserve decided not to increase interest rates for the first time since March 2022.
Anastasia Amoroso shares her view on BTC
Another possible explanation for the recent popularity of the cryptocurrency is that the central bank is closer to the end of its cycle, which typically attracts interest in risk-on assets.
Most importantly, according to Anastasia Amoroso, Chief Investment Strategist at iCapital, the recent surge in value is a testament to the resilience of the crypto ecosystem.
“The fact that institutional investors are still stepping into the space and bitcoin tells you that this is an asset class that is most likely here to stay.”
Earlier this week, Fed Chair Jerome Powell also acknowledged that cryptocurrencies seem to have some staying power ( read more ).
Anastasia Amoroso sees bitcoin as a tech asset
Bitcoin has gained sharply in value even though the U.S. Securities & Exchange Commission sued both Binance and Coinbase this month.
Part of the reason may be that neither of those lawsuits classified it as a security. According to Amoroso on Yahoo Finance Live, investing in Bitcoin is more like adding a high-flying tech stock to your portfolio.
There’s a technological aspect to bitcoin. But there’s also volatility that is associated with it that is much more in line with a high-flying, high-beta tech stock than anything else.
She also believes that the recent regulatory crackdown is a net positive for the crypto market in the long run.