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Bitcoin (BTC) is winning the battle of the safe havens as another corporate buy-in sees $115 million enter its books.

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Asset
management giant Stone Ridge confirmed that it made the significant
purchase via its spin-off New York Digital Investment Group or NYDIG,
which now has over $1 billion in assets under management.

Economist: Fed must print $5 trillion in 2021

“The
macro backdrop against the public health backdrop has caused a lot of
people to rethink their portfolio composition,” the company’s new CEO,
Robert Gutmann, told Forbes on Oct. 13.

Michael Saylor, CEO of MicroStrategy, which purchased $425 million of BTC in August and September, responded:

“As
the trillions of dollars on the balance sheets of banks, asset
managers, insurance firms, endowments, & family offices begin their
migration to the #Bitcoin universe, they will need firms like NYDIG to
guide them.  $1 billion down, more to go.”

The news comes as a new report warns that the United States Federal Reserve will need to print $5 trillion next year.

Published
on Oct. 12, the report by economists Lawrence ‘Larry’ Summers and David
Cutler calculates the indirect cost of the Coronavirus to be $16
trillion.

“The total cost is estimated at more than $16
trillion, or approximately 90% of the annual gross domestic product of
the US. For a family of 4, the estimated loss would be nearly $200 000,”
it summarizes.

“Approximately half of this
amount is the lost income from the COVID-19–induced recession; the
remainder is the economic effects of shorter and less healthy life.”

Commenting on the findings, David Rosenberg,
chief economist at Rosenberg Research & Associates, concluded that
the Fed alone would thus need to print $5 trillion of liquidity in 2021.

This
would compound the feeling of unease which began with this year’s mass
money printing, which has sent U.S. national debt over $27 trillion.

Rosenberg told Twitter followers to buy gold, but for Max Keiser, there is a clear alternative which makes more sense.

“Gold works, but #Bitcoin is THE FASTEST HORSE IN THE RACE,” he wrote in reply to Rosenberg.

Bitcoin
hit highs of $11,690 on Tuesday before returning towards $11,400 at
press time, still on monthly gains of 10.5% and year-to-date returns of
60%. As Cointelegraph reported,
hopes are increasing that the short term will bring further upside,
with even $17,000 coming into play should $12,000 be flipped to support.

From V-shaped to K-shaped

For
the fiat economy, however, the picture is looking much bleaker,
according to new comments from the International Monetary Fund (IMF).

Speaking to CNBC
last week, IMF Managing Director Kristalina Georgieva said that the
outlook for many countries was now not a V-shaped recovery but a
K-shaped one.

“Most countries are going to be faced with
uneven recovery and we see in many cases a ‘K,’ with parts of the
economy doing really well, and other parts contracting dramatically,”
she forecast.

For Keiser, this was a textbook definition
of a phenomenon he calls “neofeudalism.” This involves the
concentration of more of the world’s wealth closer to the state at the
expense of those further away, creating the modern equivalent of lords
and peasants.

“The extreme wealth concentration created by Covid becomes permanent. This would be a new Dark Ages,” he tweeted on Wednesday.

“Bitcoin fixes this.”