Bitcoin (BTC) and despite the stock market getting off to a rough start to the year, BTC proved its growing popularity by outperforming big tech companies. According to data from Finbold’s ROI tool, Bitcoin outperformed the top six technology stocks with an average return on investment (ROI) of 12.24% as of February 13, 2022.
Bitcoin surpassed Meta (NASDAQ: FB) by 46.74%, followed by electric car maker Tesla (NASDAQ: TSLA) by 18.37%. Amazon (NASDAQ: AMZN) outperformed 3.78% and Alphabet (NASDAQ: GOOGL) outperformed 1.84%. Bitcoin’s ROI was 1.95% higher than Microsoft’s (NASDAQ:MSFT). BTC also surpassed ROI by 0.76 percent. apple(NASDAQ: AAPL) came close to matching.
The gains were also interpreted as a detail that could help show that Bitcoin is on track to maintain its position as one of the best-performing assets in recent months. Bitcoin was the most popular investment product last year, making almost 60% gains.
While Bitcoin has a higher return on investment than tech stocks, the two investment products have also stepped in together. The correlation can show the impact of interest rates and inflation concerns on stocks and the cryptocurrency market.
The stock market continued to seek forward corrections as volatility affected both asset groups. The Federal Reserve’s contraction tactics and the upcoming rate hike have the potential to trigger a correction.
Technology Companies Keep Investing In Bitcoin
Also, several attempts have been made by major tech companies to integrate digital currencies into traditional offerings. Tesla was one of the first institutions to invest in Bitcoin and helped fuel the asset’s explosive rise in 2021. Tesla also announced that it will accept Dogecoin (DOGE) as a form of payment for its goods.
On the other hand, Microsoft opened an executive position for the cryptocurrencies division. The accepted candidate will be responsible for the company’s Web3 development.
Apple has announced a new feature that will allow Apple Pay customers to transact Bitcoin (BTC) and other cryptocurrencies using the iPhone’s “Tap and Pay” feature. For example, users with a Coinbase Card will be able to use the Tap and Pay feature to pay with crypto assets.
Bitcoin hash rate has reached an all-time high. According to data from Blockchain.com, the total Bitcoin hash rate increased by 31.7% to reach an all-time high of 248.11 EH/s. This shows that Bitcoin is currently more secure than ever.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.