Gold is good but Bitcoin is better; Hedge Fund portfolio manager says
By: Jinia Shawdagoron Jun 8, 2021
- Per Troy Gayeski, Bitcoin is a better option for investors seeking an alternative to fiats.
- According to him, SkyBridge Capital prefers BTC to gold because the asset has more upside.
- The performance of the SkyBridge Bitcoin Fund is also fueling the hedge fund’s bullish outlook on BTC.
Troy Gayeski, the co-CIO and Senior Portfolio Manager at SkyBridge Capital, has come out to share the hedge fund’s bullish outlook on Bitcoin (BTC). In an interview last week, Gayeski advised that while gold will soar to new heights in the coming year, investors that seek alternatives, especially now that global debts keep on increasing, should go the BTC way. Per Gayeski, BTC will rally just like gold despite the Federal Reserve trying to reduce its purchase.
In the interview, Gayeski said that SkyBridge Capital, which has approximately $7.5 billion in assets under management (AUM) intends to stick to Bitcoin and alternative cryptocurrencies because they have more upside. He acknowledged that the crypto market is quite volatile. However, he was overtly bullish on crypto, noting that the company stands to capture a little more juice from the sector than it would in gold.
Explaining the confidence in crypto, Gayeski noted that SkyBridge’s BTC fund has performed well despite being fairly new. According to him, the SkyBridge Bitcoin Fund, which launched in December last year, is up 51.2%.Gold is losing its luster to cryptoPer Gayeski, investors are making decisions based on the commentary of the US central bank as inflation increases after money was injected into the economy to prevent it from collapsing in the wake of the COVID-19 pandemic. Apart from inflation, this move also increased the government debt significantly, a move that further weakens the US dollar while pushing investors to seek alternatives.