CCTV Reference News reported in turn: In 2020, the global major cryptocurrencies rose by nearly 70%, becoming the "number one" asset

Beijing, September 24 (Xinhua) -- Reference News published a report from Bloomberg News on September 24 titled "Cryptocurrency Becomes This Year's "No. 1 Asset"." The report excerpt is as follows:

The market 's enthusiasm for cryptocurrencies , known as decentralized financial instruments, has made them the best performing asset so far this year.

In 2020, the Bloomberg Galaxy Crypto Index rose by about 65%, exceeding the more than 20% increase in gold prices and the returns of global stock, bond and commodity markets. A key reason for the higher increase is the surge in Ethereum, which accounts for more than one-third of the weight of the cryptocurrency index.

Mike McGlone, a strategist at Bloomberg Intelligence, said increased use of decentralized financial tools has driven the price of Ethereum, which "appears to be maintaining its platform leadership" in the digital currency space.

With decentralized financial tools, people can borrow, lend, and earn interest like in a savings account without traditional intermediaries like banks.

Supporters of digital currencies such as Bitcoin say they also offer a store of value at a time when there are concerns that huge amounts of stimulus money poured in to respond to the coronavirus pandemic will stoke inflation and weaken the dollar.

Marc Fleury, CEO of TwoPrime, a cryptocurrency asset management and financial technology company, said the cryptocurrency market has performed well during the coronavirus crisis in part because cryptocurrencies, like gold, become a "safe haven" when risks multiply. "When the real economy is stagnant, a purely virtual instrument performs well."

(Source: Xinhuanet)

CCTV Finance: This year, the global major cryptocurrencies have increased by nearly 70%, surpassing gold and US stocks! Times have changed! The following are excerpts from some financial news videos