asset allocation formula, BTC, Christopher Wood, gold, JP Morgan

Christopher Wood, the global head of equity at Jefferies, a global financial services company, says the firm will reduce exposure to gold in favor of bitcoin. He adds that there are plans to increase the crypto component of Jefferies’ long-only global portfolio for U.S. dollar-denominated pension fund if and when the bitcoin price drops from current levels. As a result of this decision, 5% of the fund will now consist of bitcoin.

The Case for Bitcoin

Before making the decision, Jefferies allocated funds as follows: 50% towards (now 45%) physical gold bullion, 30% to Asia ex-Japan equities, and 20% to unhedged gold mining stocks. Writing in his weekly “Greed and Fear†note to investors, the global head of equity explains the multinational investment bank’s rationale for choosing bitcoin over gold at this stage. Wood says:

asset allocation formula, BTC, Christopher Wood, gold, JP Morgan

Bitcoin, which recently surged past the $24,000 mark, has been rising since its infamous crash in March. Since Jan. 1, BTC has grown by more than 200% buoyed by rising institutional investors’ interest in the most dominant crypto.

asset allocation formula, BTC, Christopher Wood, gold, JP Morgan

Gold Losing and Bitcoin Gaining

Despite Jefferies’ decision to opt for bitcoin at the expense of gold, Wood remains bullish on the precious metal. He says:

Meanwhile, the move by Jefferies to trim the gold component of its long-only pension fund appears to undercut Peter Schiff’s denial that institutional investors are replacing gold with BTC. In his recent remarks, the gold bug and bitcoin opponent argued that large companies were not buying bitcoin using proceeds from gold sales.

Schiff’s latest comments follow predictions by strategists at JP Morgan that institutional investors will sell some of their gold holdings and use the proceeds to finance bitcoin purchases.

What are your thoughts on Jefferies’ bitcoin strategy? Share your views in the comments section below.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely†headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards. Bloomberg Commodity Strategist Suggests […]

Xem chi tiết: Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

Xem chi tiết: Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Onchain data indicates that bitcoin transactions per day have plummeted to lows not seen since October 2018. Further, bitcoin transaction fees have dropped 93% after touching a high of $62 per transaction in April 2021. Bitcoin Daily Transaction Rate Dips by 35%, Google Trends Data Shows Interest Has Dropped Since May While bitcoin (BTC) prices […]

Xem chi tiết: As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Bitcoin.com Games Player Gets Lucky Big Time, Wins 5 BTC on Popular Online Slot

Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

Out of Thousands of MIT Students That Got Free Bitcoin in 2014 – 6 Year Holders Saw 13,000% Gains

Clean Water Nonprofit Reveals Celebrity-Fueled Bitcoin Water Trust Initiative

US Pharmacy Chain Pharmcorx Accepts Cryptocurrency for Fast Covid Testing

Tony Hawk Purchased Bitcoin in 2012 After Reading About the Silk Road Marketplace

South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges

Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Other Articles