Bitcoin, Ethereum, and other top 10 coins have created a lot of buzz around the market. Many individuals/firms even boarded this bandwagon before FOMO set in. Whereas, Gold mostly showcased a sideways trend.
Here’s a performance-wise breakdown since the Halving, BTC +347% ; SP500 +43.6% ; Gold +10.1%
Now, zooming out a bit, the entire community still remains divided. According to the latest report from Bloomberg, Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital was the latest addition to voice his support towards Bitcoin. He said:
“We’re going to stick to Bitcoin and crypto because we just think there’s more upside. While there’s more volatility, you’re going to capture a little bit more juice than you will in gold from that same phenomenon.”
Furthermore, he added that ‘fiat alternatives’ be it Bitcoin or Gold, “…are in a much better place now to handle that eventual taper and gradual slowing of money-supply growth, than they were as they were making higher-highs after higher-highs.”
Contrasting the two assets, Bitcoin reached a new ATH near $65,000 in April, before plunging; the asset was around the $36,600 mark. Gold contrastingly painted a completely different picture. It came close to sinking into a bear market in March but surged upward to erase year-to-date losses.
SkyBridge Capital and Bitcoin
The firm in question and its founder, Anthony Scaramucci not so long along collaborated with First Trust Advisors on an exchange-traded fund to buy and sell Bitcoin. Although hopeful about the product’s approval by the SEC, Gayeski stated:
“The only reason we exist professionally is to find interesting ways to generate attractive non-correlated returns that also have an attractive risk-reward profile. The mix of strategies in our broader portfolio is amplified by having a small-but-meaningful position in alternatives to fiat currencies like Bitcoin.”
Why do investors choose Bitcoin over Gold?
Now, both of these fiat alternatives provide a hedge against inflation. However, Bitcoin has a distinct advantage over gold.
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