Blockchain players beat gold, Bitcoin in pandemic

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Blockchain players beat gold, Bitcoin in pandemic
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[TAIPEI] Gold and its digital counterpart, Bitcoin, have had a pretty good run among investors seeking a haven or those willing to take a punt on cryptocurrency. Read more at The Business Times.

Its top-three holdings are Taiwan Semiconductor Manufacturing, Kakao and Monex Group. TSMC is well known as the chief supplier of chips that go into cryptocurrency miners, the high-powered computers that solve mathematical calculations at the heart of Bitcoin and similar digital currencies.

Seoul-based Kakao was best known for its chat app of the same name before it started getting into the blockchain business two years ago. Japan's Monex was once the nation's largest online brokerage, subsequently losing ground to SBI Holdings and Rakuten, and bought cryptocurrency exchange Coincheck in 2018.

Collectively, the top 10 performers in the index have each returned more than 54 per cent over the past year, with"online retailer and advocate of blockchain technology" Overstock.com climbing ninefold after second-quarter revenue more than doubled. Kakao is the third-best, up 147 per cent. To be fair, the solid returns among most of the index's members may be only obliquely connected to their exposure to the blockchain ecosystem. TSMC, for example, has largely benefited from the US-China tech rivalry and increased demand for personal computers, servers and games consoles amid prolonged pandemic-driven social distancing.

Investors may not care exactly why these players did so well, but the mere fact that they delivered such solid returns will likely be reason enough for the true believers to advocate embracing the blockchain revolution.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

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