Bitcoin Proxies Outperformed the Digital Currency Itself This Week
- Overstock.com, Bitcoin Trust, MGT Capital have surged
- Bitcoin’s gains still dwarf that of most proxies this year
UBS' Donovan on Bitcoin: A Bubble Is a Bubble
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This week, for once, the proxy was the better buy.
Bitcoin-related stocks, often seen as a safer bet than the volatile cryptocurrency, have outperformed the digital token since Monday, after a dose of optimism brought on by its futures debut on the Cboe exchange spurred a crypto feeding frenzy. The Bitcoin Investment Trust surged 54 percent this week, while MGT Capital Investments and Overstock.com Inc. climbed 47 percent and 44 percent respectively. Bitcoin posted a 13 percent gain.