Skybridge Capital Says Bitcoin Still Has More Upside Than Gold

Since the summer of 2013, Skybridge has been one of the most active hedge funds in the cryptocurrency industry. It has bought and sold over $17 million worth of bitcoin and other cryptocurrencies in the period, and most of these trades were executed at prices that were lower than the current market price. In November of last year, Skybridge said it had made a market in bitcoin and was “satisfied with it,” but the firm’s investment thesis and the extent of its bets have been unclear.

Bitcoin is now worth over $1,000.00, but for anyone who believes this is the beginning of a new era in finance, it’s time to think again. Bitcoin has gone up by over 1,000% so far this year, and is now worth more than many of the most popular investment products on the global market. But is it crazy to compare the cryptocurrency to gold?

A recent report from Wall Street-backed Skybridge Capital claimed that bitcoin is the better investment than gold. Apparently, Skybridge, a global alternative fund, has a new strategy that can outperform the entire gold and precious metals market combined. In its recently published report, Skybridge pointed out that bitcoin has the potential to reach a price of $8,000 in the next three years, while the gold market can only reach $1000 by 2029.

The chief investment officer of global investment firm Skybridge Capital believes bitcoin has even more potential than gold. Although he expects gold and bitcoin to rise, he said his hedge fund remains committed to bitcoin.

Asset manager Skybridge prefers bitcoin to gold

Troy Gajeski, co-CEO and senior portfolio manager at Skybridge Capital, a $7.5 billion hedge fund, thinks gold is good but bitcoin is better, Bloomberg reported Sunday. He thinks gold and bitcoin are likely to rise even as the Federal Reserve begins to reduce its asset purchases: We are sticking with bitcoin and cryptocurrencies because we believe they have more room to grow. The IT director acknowledged that bitcoin has higher volatility than gold. In April, the price of bitcoin reached the $65,000 mark before falling. According to Bitcoin.com Markets, it now stands at $32,512. Meanwhile, gold was on the verge of a bear market in March, but the price recovered and made up for the year’s losses. Gayeski, added: All of the fiat money alternatives that have recently undergone significant corrections are now in a much better position to deal with an eventual contraction and gradual slowdown in money supply growth than they were when they were peaking. Skybridge launched its bitcoin fund last December with $25 million. When released in January, the fund had reached $310 million in assets under management. Skybridge Bitcoin Fund is an institutional level fund that invests in bitcoin. Fidelity Digital Assets, a division of Fidelity Investments, is the company’s bitcoin custodian and Ernst & Young is its auditor. On the 1st. In June, Skybridge’s bitcoin fund was up 51.2 percent since its inception last December, Gajeski said. Founder Anthony Scaramucci predicted that the price of bitcoin would reach $100,000 by the end of the year, simply because of the high demand for the cryptocurrency and the dwindling supply. In March, the company registered a bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Gajeski expects the SEC to approve the product in the fourth quarter of 2021 or the first quarter of next year. Do you agree with Skybridge Capital’s CEO on Bitcoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.In the wake of recent market volatility, there has been a great deal of discussion about the future potential value of Bitcoin. After all, Bitcoin is still the largest cryptocurrency in terms of market capitalization, and it has seen explosive growth in recent months. The price of a single Bitcoin has nearly tripled in 2017, from approximately US$1000 to over US$2200.. Read more about skybridge capital performance 2020 and let us know what you think.

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