Skybridge Capital Says Gold Is Good But Bitcoin Is Better; Expects BTC To Reach $100,000 Before Yr-End

Global investment firm Skybridge Capital's Chief Investment officer is of the view that bitcoin has more upside potential in comparison to gold. Though both the asset classes i.e. gold and bitcoin are set for a rally, his hedge fund prefers bitcoin over gold.

Skybridge Capital Sees More Upside In BTC Than Gold; Expects BTC To Hit $100,000 Before Year End

As per a Bloomberg report released on Sunday, Troy Gayeski- co-chief investment officer (CIO) and senior portfolio manager at Skybridge Capital, a hedge fund with AUM of $7.5 billion said "gold is good but bitcoin is better".

Gayeski see both gold and bitcoin to spurt despite Federal Reserve considering to shift US monetary policy and gradually taper its asset purchase programme. "We're going to stick to bitcoin and crypto because we just think there's more upside", he added. Further while he acknowledged that bitcoin has more volatility in comparison to gold, he at the same time opined "you're going to capture a little bit more juice than you will in gold from that same phenomenon."

The bitcoin price scaled to an all time high of sub $65k in April before it plunged and currently quotes at $32,972 as per Coindesk.com. At the same time, the precious yellow metal gold which was close to fall into a bear territory in March, recovered in price and erased its year to date losses.

"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", Gayeski added.

Price prediction for bitcoin

The compnay's founder - Anthony Scaramucci estimates bitcoin to scale to $100,000 before the year-end owing to heavy demand for the crypto-asset and at the same time on account of its diminishing supply. Also check the price prediction of other top cryptocurrencies to invest in 2021.

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