Is Bitcoin a Tech Stock? Stellar 30-day Performance Shows BTC is Built Different

Despite its highly volatile nature, Bitcoin has shown it is built differently after outperforming leading tech stocks.

In the last 30 days, the leading cryptocurrency, bitcoin’s price has surpassed the top six tech investment vehicles by an average return on investment (ROI) of 12.24%, according to recent data compiled by Finbold’s return on investment, or ROI tool.

Bitcoin Outperforms 6 Major Tech Stocks

Based on the data, Bitcoin surpassed Meta (NASDAQ: FB) by a significant 47.77%, Tesla (NASDAQ: TSLA) by 19.30%, Amazon(NASDAQ: AMZN) at 3.39%. 

The King coin also outperformed Microsoft (NASDAQ: MSFT) by 2.77%, Alphabet (NASDAQ: GOOGL) by 1.53%, and Apple (NASDAQ: AAPL) with a little 0.31%.

Since its inception, Bitcoin has shown its potential among other asset classes despite its highly volatile nature. The digital asset outperformed other assets to become the best-performing asset of 2021.

Same last year, bitcoin added over $500 billion in market cap and it became the fastest asset to reach a $1 trillion market cap. It took the king coin just 12 years to reach such a milestone. At the time of writing, bitcoin is trading at 42,157.

Big Tech Companies Show Interest in BTC

Major tech firms’ strong belief and investments in Bitcoin has been one of the major reasons that have driven the digital asset’s growth over the years. These big tech firms have in turn benefited hugely from investing in the asset class.

Since its first acquisition back in February last year, electric car company Tesla revealed in its Q4 2021 financial report that it still holds over $1.26 billion worth of bitcoin in its portfolio. Despite removing support for bitcoin payments, the electric car manufacturer had disclosed no plans of offloading its bitcoin stash.

Last February, payment service giant, Block formerly called Square, announced that it had added 3,318 bitcoins for $170 million after acquiring 4,709 BTC back in October.

Meanwhile, business intelligence firm and largest corporate bitcoin holder, MicroStrategy recently disclosed the acquisition of 660 bitcoins, totalling its Bitcoin holdings to 125,051 bitcoins, approximately $5.3 billion in current prices.

MicroStraegy has shown no signs of ever stopping on its bitcoin accumulation spree nor plans of selling off its bitcoin holdings. It is convinced that the digital asset has a lot of potentials.