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Goldman Sachs ranks Bitcoin as the best-performing asset of 2023

Goldman Sachs ranks Bitcoin as the best-performing asset of 2023

Despite the massive setbacks that the cryptocurrency industry suffered in 2022, including multiple bankruptcies and fraud investigations, the banking giant Goldman Sachs (NYSE: GS) has ranked Bitcoin (BTC) as the best-performing asset in the world this year.

According to the year-to-date asset return report by Goldman Sachs – a former vocal critic of Bitcoin, the maiden crypto has performed better than the likes of S&P 500, gold, real estate, and Nasdaq 100 this year, as per a screenshot shared by Documenting Bitcoin on January 23.

On top of that, BTC has outperformed MSCI emerging markets index, MSCI developed markets, energy, information technology (IT), financials, 10-year U.S. Treasury, health care, utilities, materials, crude oil, consumer staples, and many more.

BTC superior results

Indeed, the flagship decentralized finance (DeFi) asset occupies the first spot on this list, with over 27% in total returns and a risk-adjusted ratio of 3.1, and the following assets are far behind, as the graph by Goldman Sachs’s Global Investment Research department indicates.

Goldman Sachs YTD absolute and risk-adjusted returns. Source: Documenting Bitcoin

As a reminder, Goldman Sachs added Bitcoin to its returns report in early 2021, following years of crypto skepticism and bashing the maiden digital asset, leading to the introduction of crypto services for its high net-worth clients in the second quarter of 2022, citing increased demand.

Bitcoin price analysis

Elsewhere, Bitcoin was at press time changing hands at the price of $22,546, which represents a decline of 1.65% across the previous 24 hours but nonetheless a gain of 6.57% compared to seven days ago and 33.87% on its monthly chart.

Bitcoin 30-day price chart. Source: Finbold

Its market capitalization currently stands at $433.88 billion, outperforming by this indicator all the leading traditional finance entities in the world, including JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Wells Fargo (NYSE: WFC), as Finbold reported.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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