On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
A growing number of fund managers and institutional investors now prefer bitcoin over gold. They see the cryptocurrency as a better store of value and a better inflation hedge. “I think it’s probably going to be ten times better than gold over a long period of time,” said the founder of one asset management firm.
Bitcoin vs Gold: Bitcoin Is a Better Store of Value
Fund managers and institutional investors are increasingly opting to invest in bitcoin rather than gold, seeing the cryptocurrency as a better store of value and a preferred hedge against inflation.
During his company’s Q3 earnings call last week, Galaxy Digital Holdings CEO Mike Novogratz talked about bitcoin being a better store of value than gold. While stating, “I still think gold was probably an okay asset to own in this environment,” he emphasized that “It’s just gotten crushed by bitcoin.” Novogratz added:
Bitcoin is just a better version of a store value and it’s being accepted at an accelerating pace … There are now over two hundred million people around the world that participate in the bitcoin ecosystem, and it continues to grow.
Skybridge Capital founder Anthony Scaramucci also expects bitcoin to outperform gold. He said last week that bitcoin “will eventually eclipse gold.” He has been saying that it is still very, very early for bitcoin, predicting that the price of the cryptocurrency will easily reach $500K. He urges investors to own some BTC now.
In a discussion about market capitalization, Scaramucci opined:
I think it’s probably going to be ten times better than gold over a long period of time … I’m not going to be surprised if bitcoin goes up at an exponential rate and gold goes up at a linear one.
Another famed fund manager who recently admitted that he prefers bitcoin over gold is Paul Tudor Jones. He said last month that he prefers bitcoin as a hedge against inflation in the current economic environment, stating:
Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at the moment.
Global investment bank JPMorgan said in October that institutional investors have been dumping gold for bitcoin. “Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold,” the firm’s analysts described.
In September, the pro-bitcoin Nasdaq-listed company Microstrategy said it avoided “a multi-billion dollar mistake” by choosing bitcoin over gold last year. The company now hodls about 114,042 BTC. CEO Michael Saylor said last week that he expects bitcoin to become a $100 trillion asset class.
“It’s pretty clear that bitcoin is winning, gold is losing … and it’s going to continue … It’s pretty clear digital gold is going to replace gold this decade,” Saylor opined.
Goldman Sachs’ head of energy research said recently that he has seen funds moving out of gold into bitcoin. “Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto,” the executive noted.
What do you think about fund managers preferring bitcoin to gold? Let us know in the comments section below.
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