1201 days ago
$51 Billion Global Investment Firm Jefferies is selling Gold for Bitcoin
As Bitcoin continues to consolidate above the $20,000 range, the global head of equity strategy at Jefferies, Christopher Wood, says the company is purchasing the top cryptocurrency at the expense of the precious metal. The firm, with $51 billion in assets under management as of Q3 2020, is converting some of its gold holdings in its long-only global portfolio for US dollar-denominated pension funds, which was created in 2002, according to Business Standard. Wood says he plans to increase exposure to cryptocurrency in this portfolio if the market sees a correction after its recent pump. “The 50 percent 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.” - source: www.dailyhodl.com
