The chief investment officer of global investment firm Skybridge Capital says that bitcoin is still more bullish than gold. Anticipating a rally for both gold and bitcoin, he said that his hedge fund is sticking to bitcoin.
Asset Manager Skybridge Prefers Bitcoin to Gold
Gold is good but bitcoin is better, says Troy Gesky, co-chief investment officer (CIO) and senior portfolio manager at $7.5 billion hedge fund Skybridge Capital, Bloomberg reported on Sunday. He believes that both gold and bitcoin have the potential to be bullish, despite the Federal Reserve moving to reduce asset purchases:
We will stick to bitcoin and crypto as we feel there is more upside.
Acknowledging that bitcoin has more volatility than gold, the CIO said: “You’re going to get a little more juice than gold from the same event.”
The price of bitcoin rose to the level of $65,000 in April before falling. It is currently $32,512 based on data from Bitcoin.com Market. Meanwhile, gold came close to sinking into a bear market in March, but its price recovered and erased year-on-year losses.
All fiat-currency options – all of which have recently gone through substantial reforms – are now in a better place to handle that eventual taper and gradual slowing of money-supply growth, as they hit higher after higher- Were making high – high.
sky bridge launched Its bitcoin fund was $25 million in December last year. By the time it was opened to the public in January, the fund’s assets under management had grown to $310 million. Skybridge Bitcoin Fund is an institutional-grade fund that invests in bitcoin. Fidelity Digital Assets, a division of Fidelity Investments, serves as the firm’s bitcoin custodian and Ernst & Young serves as its auditor.
According to Gesky, the Skybridge Bitcoin Fund is up 51.2% as of June 1, from its founding last December.
The firm’s founder, Anthony Scaramucci, Predicted The huge demand for the cryptocurrency and its dwindling supply will cause the price of bitcoin to reach $100,000 before the end of the year.
In March, the firm Registered A bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Gesky expects the SEC to approve the product by the fourth quarter of 2021 or the first quarter of next year.
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