Christopher Wood, head of global equity at multinational financial services firm Jefferies, said the billion-dollar investment firm has removed 5% of gold from its Asia ex-Japanese portfolio in favor of Bitcoin (BTC), per the Business Standards Report. This seems to be the latest sign that the yellow metal is losing its shine as a hedge against inflation.
Jefferies removed gold from its portfolio in favor of Bitcoin
cryptocoin.com As we covered in our news, Jefferies, which has $440 billion in assets under its management, reduced the gold ratio in its portfolio in December for the first time in many years to dip its fingers in the leading cryptocurrency. The company has allocated 5% of its portfolio to Bitcoin while the Bitcoin price is roughly $22,000.
Christopher Wood wrote in April that the leading cryptocurrency is “extremely bullish” due to global monetary easing. The manager also added that BTC has become “investable” for institutions. The launch of the first Bitcoin futures exchange-traded fund (Bitcoin futures ETF) in October spurred the New York-based investment giant to raise the stake.
Bitcoin is up 114% to date, but gold is down 6.43% over the same time frame, despite a lot of headwinds for the traditional safe-haven asset. The leading crypto was trading above $61,000 at the time of writing, after struggling to reclaim its recent all-time high.
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