Fund managers prefer Bitcoin over gold – say it’s a better store of value

Fund managers prefer Bitcoin over gold - say it's a better store of value

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.

Fund managers and institutional investors are increasingly picking to put resources into bitcoin rather than gold, considering the cryptocurrency to be a superior store of value and a favored hedge against inflation. During his organization’s Q3 profit call last week, Galaxy Digital Holdings CEO Mike Novogratz discussed bitcoin being a better store of significant worth over gold. While expressing, “I still think gold was probably an okay asset to own in this environment,” he underlined that “It’s just gotten crushed by bitcoin.” Global investment bank JPMorgan said in October that institutional investors have been unloading gold for bitcoin.

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.

“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.

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