Skybridge Capital claims that Bitcoin always has more advantages than gold
The global chief investment officer Skybridge Capital investment firm says bitcoin has even more advantages than gold. While expecting 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, claims gold is good but bitcoin is better, Bloomberg reported on Sunday. He thinks gold and bitcoin are likely to recover even as the Federal Reserve prepares to cut asset purchases, noting:
While acknowledging that bitcoin has more volatility than gold, the IOC noted: "you will capture a little more juice than you will in gold from this same phenomenon.
The price of bitcoin has climbed to the $ 65,000 level in April before plunging in. It currently stands at $ 32,512 based on data from Bitcoin.com Markets . Meanwhile, theGold almost slipped into a bear market in March, but its price has recovered and faded from losses since the start of the year.
Skybridge launched its bitcoin fund in December of last year with $ 25 million. When it opened to the public in January, the fund's assets under management had reached $ 310 million . The Skybridge Bitcoin Fund is an institutional grade fund that invests in bitcoin. Fidelity Digital Assets, a
According to Gayeski, the Skybridge Bitcoin Fund is up 51.2% as of Jul 1n compared to its creation last December.
The firm's founder, Anthony Scaramucci, targets predicts that the price of bitcoin would hit $ 100,000 before the end of the year simply due to the high demand for cryptocurrency and its decrease in supply.
In March, the company registered a bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) of United States. Gayeski expects the SEC to approve the product by Q4 2021 or Q1 next year.
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