A growing number of fund managers and institutional investors now prefer Bitcoin over gold. They see cryptocurrency as a good store of value and a good inflation hedge. “I think it’s probably going to be ten times better than gold in the long run,” said the founder of an asset management firm.
Bitcoin vs. Gold: A good store for Bitcoin prices
Fund managers and institutional investors are increasingly choosing to invest in Bitcoin instead of gold, seeing cryptocurrency as a good store of value and a preferred hedge against inflation.
During his company’s Q3 earnings call last week, Mike Novogratz, CEO of Galaxy Digital Holdings, talked about Bitcoin being a better store for value than gold. Mentioning, “I still think gold was probably a good asset of ownership in this environment,” he stressed that “it has been crushed by bitcoin.” Novogratz added:
Bitcoin is an improved version of a store value and it is being adopted at an accelerated pace… there are now over 200 million people worldwide participating in the bitcoin ecosystem and it is growing steadily.
Anthony Scarmucci, founder of Skybridge Capital, also hopes that Bitcoin will surpass Gold. He said last week that Bitcoin would “eventually accept gold.” He says that for Bitcoin it is still very, very soon, predicting that the price of cryptocurrency will easily reach $ 500K. He urged investors to now own some BTCs.
Discussing market capitalization, Scarmucci commented:
I think it’s probably going to be ten times better than gold for a long time… I wouldn’t be surprised if Bitcoin rises at an index rate and gold rises at a linear rate.
Another famous fund manager who recently admitted that he prefers Bitcoin to gold is Paul Tudor Jones. He said last month that he prefers Bitcoin as a hedge against inflation in the current economic environment, noting:
Obviously, there is a place for crypto. Obviously, at the moment it has won the race against gold এটি at the moment it will be one of my favorites over gold.
Global investment bank JPMorgan said in October that institutional investors were dumping gold for bitcoin. “Institutional investors seem to be seeing a return to Bitcoin, perhaps seeing it as a better inflation hedge than gold,” the firm’s analysts said.
In September, pro-bitcoin Nasdaq-listed company Microstrategy said it had avoided a “multi-billion dollar mistake” by choosing Bitcoin over gold last year. The company now holds about 114,042 BTC. CEO Michael Salor said last week that he expects Bitcoin to become a শ্রেণ 100 trillion asset class.
“It’s very clear that Bitcoin has won, gold is losing … and it’s going to continue … It’s very clear that digital gold is going to replace gold this decade,” said Seller.
Goldman Sachs’ head of energy research recently said he has seen funds move from gold to bitcoin. “As we argue that silver is the gold of the poor, gold may be the crypto of the poor,” the executive noted.
What do you think about the fact that fund managers prefer Bitcoin to gold? Let us know in the comments section below.
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