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.
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. At press time it currently stands at $34,570 based on data from Binance. 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 percent 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.
Bitcoin Near $60,000 Per Coin After Bloomberg Report Favour Bitcoin ETF
Bitcoin, the world’s most capitalised cryptocurrency, rallied near $60,000 per coin after a report by Bloomberg said bitcoin futures exchange-traded fund (ETF) will clear the U.S. Securities and Exchange Commission (SEC) late on Thursday.
Cryptocurrency’s most dominant coin rose to $59,961 per coin before pulling back to $59,258.38 at the time of writing.
The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.
The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.
Bloomberg named applications by ProShares and Invesco as two proposals that may be allowed to launch under this law next week.
JPMorgan CEO Continues to Think Bitcoin is Worthless
CEO of New York-based international investment bank JPMorgan Chase Co, Jamie Dimon says in his personal opinion Bitcoin is worthless although the bank’s customers think differently.
The executive shared his views during an Institute of International Finance event on Oct. 11. At the same time, he said he doesn’t want to be a spokesperson. Dimon noted if clients want to purchase BTC, the bank can’t custody that, but gives legitimate exposure.
Dimon says he also finds that smoking is bad, but people want cigarettes and the demand is what makes markets. In July, JPMorgan started offering wealth managers access to crypto funds.
Joseph Young, a crypto and blockchain analyst noted on Twitter, there is no Bitcoin bull run without Jamie Dimon saying the coin is not worthy. Previously, JP Morgan CEO said several times that BTC has no future. Meanwhile, Bitcoin’s price hit a 5-month high, breaking above $57.500. The coin’s market cap stands at above $1 trillion.
Bitcoin Hits 5 Month High; Trades at Over $54,000 a Coin
Bitcoin, the world’s leading cryptocurrency, gained 9.64 percent on Wednesday to $54.900.10 per coin, a 5-month record high. The cryptocurrency has gained 24 percent in the month of October alone despite China’s regulations and restrictions.
“Bitcoin’s move to a five month high comes as no surprise to those who have been following this asset closely over the last few months,” said Jason Deane, analyst at Quantum Economics.
Sentiment has significantly improved over the first week of October, signalling a shift away from the previous few months’ market panic. Bitcoin was trading at $43,798 on the first day of October, and has jumped over $10,000 since, to $54,220.
Denis Vinokourov, head of research at Synergia Capital, attributed today’s price pump to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler telling Congress on Tuesday that the SEC has no plans to ban crypto.
“Gensler may have come across as very anti crypto but he is not here to kill off crypto,” said Vinokourov.
“Tectonic plates have come together with the threat of a ban being removed,” said Charles Morris, founder of ByteTree Asset Management.
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