2 years ago
Blockchain-exposed stocks person connected mean underperformed the S&P 500 by 8% year-to-date, falling 13% versus a 5% diminution for the index, Goldman Sachs said successful a enactment connected Wednesday.
Despite the underperformance, median blockchain-exposed stocks are expected to turn income astatine 16% annually done to 2024, compared with a 9% income maturation for median U.S. stocks, strategists led by David Kostin wrote.
An equal-weight portfolio of these stocks returned 3% during the 19% rally successful bitcoin since the extremity of January, versus a level instrumentality for the S&P 500, the study said, and these stocks exhibited a 67% correlation with bitcoin successful the past six months, it added.
The slope notes that portion these stocks are correlated with bitcoin, the cryptocurrency itself has go much correlated with equity scale returns successful caller months.
Goldman screened 26 U.S. stocks with blockchain and cryptocurrency exposure, and with marketplace caps greater than $1 billion.
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