Bloomberg's top analyst Eric Baltunas notes that the business intelligence company's strategy has been able to significantly outperform Invesco QQQ Trust, one of the most actively traded ETFs tracking the performance of the high-tech NASDAQ-100 stock market index.
Despite QQQ's down 10%, Strategy shares are currently up 7% over the course of a year.
This counters the narrative that while indicating the “toughness” of stock, the strategy is simply a high beta version of the NASDAQ-100.
Balchunas added that he finds Bitcoin's powerful performance astounding. The biggest cryptocurrency is changing hands near the $85,000 level.
Notable Bloomberg analysts believe the success of multiple ETF products launches is the reason Bitcoin prices have skyrocketed from $30,000 to $70,000 within months.
The fact that Bitcoin managed to maintain close to $85,000 despite stock market corrections and a significant ETF inflow indicates that Bitcoin is “shockingly strong.”
“What happened was that Saylor and ETFS purchased it from tourists for 12 months, creating a much stronger holding base than the previous cycle,” he said.
