Cryptocurrency
Chris Wood cuts exposure to gold, a first in years; invests in Bitcoin
Chris Wood cuts exposure to gold, a first in years; invests in Bitcoin: (Business Standard) The spectacular surge in Bitcoin over the past few months has lured traders and investors to the cryptocurrency. The spurt over the last few weeks has now prompted Christopher Wood, global head of equity strategy at Jefferies to trim exposure […]
Chris Wood cuts exposure to gold, a first in years; invests in Bitcoin:
(Business Standard) The spectacular surge in Bitcoin over the past few months has lured traders and investors to the cryptocurrency. The spurt over the last few weeks has now prompted Christopher Wood, global head of equity strategy at Jefferies to trim exposure in gold in favour of bitcoin in his long-only global portfolio for US dollar-denominated pension funds, which was established at the end of the third quarter of calendar year 2002 (Q3-02). He plans to increase exposure to the crypto in this portfolio on any correction.
“The 50 per cent weight in physical gold bullion in the portfolio will be reduced for the first time in several years by five percentage points with the money invested in Bitcoin. If there is a big drawdown in bitcoin from the current level, after the historic breakout above the $20,000 level, the intention will be to add to this position,” Wood wrote in his weekly note to investors, GREED & fear.