Fund Managers Increasingly Prefer Bitcoin Over Gold — Say It"s a Better Store of Value
A growing number of fund managers and institutional investors now prefer bitcoin over gold. They see the cryptocurrency as a better store of value and a better inflation hedge. “I think it’s probably going to be ten times better than gold over a long period of time,” said the founder of one asset management firm. Bitcoin vs Gold: Bitcoin Is a Better Store of Value
Fund managers and institutional investors are increasingly opting to invest in bitcoin rather than gold, seeing the cryptocurrency as a better store of value and a preferred hedge against inflation.
During his company’s Q3 earnings call last week, Galaxy Digital Holdings CEO Mike Novogratz talked about bitcoin being a better store of value than gold. While stating, “I still think gold was probably an okay asset to own in this environment,” he emphasized that “It’s just gotten crushed by bitcoin.” Novogratz added: Bitcoin is just a better version of a store value and it’s being accepted at an accelerating pace … There are now over two hundred million people around the world that participate in the bitcoin ecosystem, and it continues to grow.
Skybridge Capital founder Anthony Scaramucci also expects bitcoin to outperform gold. He said last week that bitcoin “will eventually eclipse gold.” He has been saying that it is still very, very early for bitcoin, predicting that the price of the cryptocurrency will easily reach $500K. He urges investors to own some BTC now.
In a discussion about market capitalization, Scaramucci opined: I think it’s probably going to be ten times better than gold over a long period of time … I’m not going to be surprised if bitcoin goes up at an exponential rate and gold goes up at a linear one.
Another famed fund manager who recently admitted that he prefers bitcoin over gold is Paul Tudor Jones. He said last month that he prefers bitcoin as a hedge against inflation in the current economic environment, stating: Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at the moment.
Global investment bank JPMorgan said in October that institutional investors have been dumping gold for bitcoin. “Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold,” the firm’s analysts described.
In September, the pro-bitcoin Nasdaq-listed company Microstrategy said it avoided “a multi-billion dollar mistake” by choosing bitcoin over gold last year. The company now hodls about 114,042 BTC. CEO Michael Saylor said last week that he expects bitcoin to become a $100 trillion asset class.
“It’s pretty clear that bitcoin is winning, gold is losing … and it’s going to continue … It’s pretty clear digital gold is going to replace gold this decade,” Saylor opined.
Goldman Sachs’ head of energy research said recently that he has seen funds moving out of gold into bitcoin. “Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto,” the executive noted. Tags in this story bitcoin better than gold, bitcoin preferred, Bitcoin vs gold, crypto preferred, cryptocurrency preferred, fund managers
What do you think about fund managers preferring bitcoin to gold? Let us know in the comments section below. Nigerian Remittances Rebound as Country Tops Sub Sahara Africa — Sending Costs Still High ECONOMICS | 18 hours ago ‘Inflation in the News Driven by Rich People’ — Media Pundits Claim "Inflation Is Good" as Americans Struggle With Less Purchasing Power ECONOMICS | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIRS Expects to Seize Billions of Dollars in Cryptocurrency Next Year — More Than $3.5 Billion in Crypto Seized This Year Next articleFiniko Founder Doronin Offers to Testify Against 44 Accomplices at Crypto Pyramid Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS ‘Kidnapped’ Russian Crypto Businessman Denis Dubnikov, Lawyer Says
U.S. law enforcement agents have “kidnapped” crypto entrepreneur Denis Dubnikov in Mexico, before transferring him to the Netherlands where he was arrested, his lawyer told Russian media. Dubnikov is suspected of money laundering and faces up to 20 years in ... read more.Russian Nationalists Prepare Bill to Regulate Cryptocurrency Mining 13,000 BTC Moved in 20 Months — 2010 Mystery Miner Transfers Another String of 20 Decade-Old Block Rewards Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims Bank of England Governor Warns Crypto Is Providing Means of Payment for Criminals