According to Business Standard reports, Christopher Wood, head of global equity strategy at multinational financial services company Jefferies Group, has reduced the gold percentage in his portfolio by 5% in favor of Bitcoin. This development seems to be a sign that the yellow metal is lagging behind Bitcoin as a hedge against inflation.
Jefferies Group, which has $440 billion in assets under management, cut its exposure to gold in December for the first time in many years to invest in the largest cryptocurrency. He invested 5% in Bitcoin when the price of the largest cryptocurrency was around $22,000.
Wood, who has been repeatedly named Asia’s “best strategist” by magazines such as Asiamoney and Institutional Investor, stated in April that the leading cryptocurrency is “extremely bullish” due to global monetary expansion. He also added that the largest crypto has become “investable” for institutions. The launch of the first Bitcoin futures exchange-traded fund in October spurred the New York-based investment giant to ramp up its crypto investment. Bitcoin surged 114% afterwards, but gold, the traditional safe-haven asset, actually fell 6.43% over the same time frame.
The crypto king is currently trading above $61,000 after struggling to reclaim its record price level recently.