Bitcoin And Chinese Internet Stocks Beat Wall Street
Bitcoin and Chinese Internet stocks have left Wall Street in the dust, so far, in 2017, making some investors multi-millionaires quickly.
The market is never too old for new players and new realities, and this year Bitcoin and Internet stock out of China are the new kids on the block, beating Wall Street.
People who got in early on the cryptocurrency frontrunner, Bitcoin, are now multi-millionaires, and the same apply to a handful of the Chinese Internet stocks. Bitcoin Investment Trust Shares (GBTC) has catapulted an astounding 485.28%, and The KraneShares SCI China Internet ETF (KWEB) has gained 52.10%.
Bitcoin is an exotic asset that comes with big advantages — a better hedge against global uncertainties than conventional hedges like gold; a convenient medium of payment worldwide; and a limited supply — 21 million. Meanwhile, there’s investor hype. More and more investors are becoming familiar with the digital currency, and can use investment trusts like GBTC to conveniently participate in the market.
China has also pushed into the market by offering innovation and new opportunities to advance quickly in a tech market defined by creative and agile thinking. Two of these companies that made it to the list this year are Tencent (8th position) and Alibaba 41th.
Tencent Holdings has changed from chat software to an investment holding company, and, most auspiciously, the world’s largest player in online game revenues.