Investment giant Jefferies gives up some gold for Bitcoin – To war as to war!
Bitcoin is all the rage among VIPs – Bitcoin seems to have caught the interest of billionaires and investment fund managers lately. Fund manager Christopher Wood is even going so far as to liquidate some of his precious gold to invest in the king of cryptomoney. So what happened?
Christopher Wood is the Global Head of Equity Strategy for the leading investment bank Jefferies Group.
According to a Business Standard revelation, Christopher Wood has Wealth Matrix announced that he is reducing his investment fund’s exposure to gold and buying bitcoin instead.
In a note to investors, the manager explains that :
„The current 50% allocation to physical gold bullion in our portfolio will be reduced, for the first time in several years, by 5 percentage points, and that money will be invested in Bitcoin. And should there be a big correction [in prices] for Bitcoin from the current level, after this historic break above the $20,000 level, our intention will be to add [even more BTC] to that position. »
Not only has Jefferies already decided to sacrifice 5% of all these assets to invest in Bitcoin at the current price, but this would only be the beginning. Provided the current euphoria subsides a bit, with a price retracement (which statistically has a good chance of happening).
Gold is a good asset, but Bitcoin is becoming more and more attractive
Nevertheless, Christopher Wood is far from denigrating gold metal. In fact, Bitcoin and gold are both seen as a winning pair against the uncontrolled actions of central banks and their fiduciary currencies.
„This does not mean that [we are] going to give up gold. In fact, the yellow metal is likely to rise again if the Fed (US Federal Reserve) remains in Dove mode [dovish = pro money printing] (…). »
If Christopher Wood was, until recently, reluctant to invest in Bitcoin, it is because he feared the stories of massive piracy, but not only! It’s also because he was afraid that the king of cryptos would end up being declared illegal, because of the malicious actors and other illicit trafficking using it as a means of payment.