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Bitcoin Beaten By Avocado As A Store Of Value During Recent Crash Reveals Data
Following Bitcoin's historic drop and the ensuing investor reprisal against Tesla and SpaceX chief Elon Musk, the cryptocurrency seems to have stabilized, as it is trading roughly at a price level of $40,000. While this price level has not allowed Bitcoin to recover all of its lost value since the crash, it is an optimistic indicator that the worst might be behind investors. However, the recent gains have not stopped journalists and analysts from asking whether a Bitcoin investment is worth the risk, especially since the cryptocurrency is not 'backed' by a traditional guarantor.
Alongside these questions, Bloomberg's finance journalist Tracy Alloway made an interesting discovery. Using her financial data repository, Alloway discovered that Avocados would have proved to be a better store of financial value during Bitcoin's recent crash than the world's premier cryptocurrency, which was trading below $10,000 only last year.