Breaking News, Latest News and Current News from OANN.com. Breaking news and video. Latest Current News: U.S., World, Entertainment, Health, Business, Technology, Politics, Sports.
Gold will surge to fresh highs in the next year, but investors seeking currency alternatives as global debt balloons should look to Bitcoin, according to a $7.5 billion hedge fund. Both are likely to rally even as the Federal Reserve moves to taper asset purchases, said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. The two are frequently compared by investors, with former Treasury Secretary Lawrence Summers saying cryptocurrencies could stay a feature of global markets as something akin to digital gold. “We’re going to stick to Bitcoin and crypto because we just think there’s more upside,” Gayeski said in a telephone interview last week. While there’s more volatility, “you’re going to capture a little bit more juice than you will in gold from that same phenomenon,” he added.
Gold will surge to fresh highs in the next year, but investors seeking currency alternatives as global debt balloons should look to Bitcoin, according to a $7.5 billion hedge fund.
SkyBridge founder Anthony Scaramucci has teamed up with First Trust Advisors on an exchange-traded fund that plans to buy and sell Bitcoin, and Gayeski expects the Securities and Exchange Commission to approve the product by the fourth quarter of 2021 or the first quarter of next year.
So far, the official view at the Fed and the ECB is that price rises are transitory and the present levels of support for financial markets should be maintained, but there are concerns this could lead to major problems.