The chief investment officer of global investment firm
Skybridge Capital says bitcoin still has more upside than gold. While
expecting both gold and bitcoin to rally, he said his hedge fund is
sticking to bitcoin.
Asset Manager Skybridge Prefers Bitcoin to Gold
Troy Gayeski, co-chief investment officer (CIO) and senior portfolio
manager at Skybridge Capital, a $7.5 billion hedge fund, says gold is
good but bitcoin is better, Bloomberg reported Sunday. He believes that
both gold and bitcoin are likely to rally even as the Federal Reserve
moves to taper asset purchases, elaborating:
We’re going to stick to bitcoin and crypto because we just think there’s more upside.
While acknowledging that bitcoin has more volatility than gold, the
CIO noted: “you’re going to capture a little bit more juice than you
will in gold from that same phenomenon.”
The price of bitcoin soared to the $65,000 level in April before plunging. It currently stands at $32,512 based on data from Bitcoin.com Markets. Meanwhile, gold came close to sinking into a bear market in March but its price recovered and erases year-to-date losses.
Gayeski, added:
All fiat-currency alternatives — which have all gone
through fairly recent substantial corrections — are in a much better
place now to handle that eventual taper and gradual slowing of
money-supply growth, than they were as they were making higher-highs
after higher-highs.
Skybridge launched
its bitcoin fund in December last year with $25 million. By the time it
opened up to the public in January, the fund’s assets under management
had risen to $310 million.
The Skybridge Bitcoin Fund is an institutional-grade fund investing 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 Gayeski, the Skybridge Bitcoin Fund is up 51.2% as of June 1, from its inception last December.
The firm’s founder, Anthony Scaramucci, has predicted
that the price of bitcoin will reach $100,000 before the year-end
simply due to heavy demand for the cryptocurrency and its diminishing
supply.
In March, the firm registered
a bitcoin exchange-traded fund (ETF) with the U.S. Securities and
Exchange Commission (SEC). Gayeski expects the SEC to approve the
product by the fourth quarter of 2021 or the first quarter of next year.
source link : https://news.bitcoin.com/skybridge-capital-says-bitcoin-still-has-more-upside-than-gold/
