Is Apple Better Bet Than Bitcoin? Adam Back Weighs In

by

As a researcher with a keen interest in both technology and finance, I have been closely following the performance of both Bitcoin and Apple (APPL) for quite some time now. Having witnessed the 2017 bull run of Bitcoin and its subsequent bear market, I must admit that the outperformance of Apple since then has caught me off guard.

It may be shocking to some Bitcoin supporters, yet it’s worth noting that Apple (APPL) has surpassed Bitcoin’s performance since the launch of Bitcoin futures in 2017.

Nevertheless, Blockstream CEO Adam Back – a prominent advocate for Bitcoin – seems unperturbed by this inconvenient truth. In a social media message, he stated, “Take a step back and hold on. Nothing beats it as an investment.”

Back in December 2017, two significant U.S. derivatives exchanges – CME and CBOE – launched Bitcoin futures trading. This event was considered a significant step towards institutional acceptance of Bitcoin. It happened during the high point of the Bitcoin bull market that ran from 2016 to 2017. However, in 2018, Bitcoin experienced a severe downturn, losing much of its value, marking a bear market.

In 2018, Yukio Noguchi, a Japanese economist, expressed his view that the launch of Bitcoin futures contracts might have ended the Bitcoin price surge, often referred to as the “Bitcoin bull market.”

Fast-forward to September 2024, the leading cryptocurrency is up 202% since late 2017.

To give you an idea, the Apple share price was around $42.5 during that timeframe. However, it has increased a significant 427% over the same duration.

Although Bitcoin’s growth is significant, it cannot match the spectacular increases achieved by the technology giant based in California.

Apple has seen remarkable expansion thanks to the success of its service division, the development of the iPhone along with additional items like AirPods and the Apple Watch. More recently, this technology giant has ventured into the virtual-reality/augmented-reality sector by launching the Apple Vision Pro.

In June, Apple reclaimed the position as the globe’s most financially significant corporation, a title it had momentarily lost to semiconductor manufacturer Nvidia earlier in the year during the surge of interest in Artificial Intelligence (AI).

As a crypto investor, I’m excited about Apple’s active involvement in the AI revolution, as they’ve just announced a partnership with leading AI player, OpenAI.

Can Bitcoin catch up with Apple?

2021 hasn’t been a stellar year for Bitcoin’s performance, but certain experts foresee it climbing up to an impressive $150,000 by year-end.

Currently, the cryptocurrency is finding it tough to pick up speed again because there’s no clear factor driving prices upward, or what we might call a strong ‘bullish driver’.

Read More

2024-09-01 18:26