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Strategist recommends Bitcoin (BTC) for ‘adventurous’ investors

Investors are scouting for alternative investment options as central banks' money printing activities could hurt stocks.

Wikimedia Commons

Mon, 14 Sep 2020, 06:21 am UTC

Cryptocurrency has slowly been making its way into mainstream finance with top banks already offering crypto-related services to their clients. In fact, a strategist of a Wall Street financial behemoth is now recommending Bitcoin (BTC) as an alternative investment option.

For years, mainstream finance viewed cryptocurrency such as Bitcoin with skepticism. But things have indeed changed these days as even fMorgan Stanley Investment Management’s chief global strategist and head of emerging markets Ruchir Sharma is now pushing Bitcoin as an investment alternative to stocks as central banks’ start to print more money into the financial system.

In an interview with CNN on Tuesday, September 8, Ruchir Sharma discussed his views on gold, crypto, and stocks. One of his concerns is that interest rates could rise “more quickly than we think, possibly even as early as next year” which could hurt tech stocks and other assets, according to Bitcoin.com.

While stock prices remain high at the moment despite the weak economy, Sharma expects the reverse to happen next year. Stocks will struggle “just because of the incredible support they have got from liquidity and interest rates and that support goes away next year.”

The Morgan Stanley strategist also shared his views on gold and crypto saying that it’s a generational thing. Sharma said that some older investors prefer gold while “some of the younger ones are, the millennials are buying more of the bitcoin and cryptocurrencies.”

The fear of fiat becoming devalued is what’s driving some investors to scout for alternative investment vehicles such as cryptocurrency or gold. “Generally I think what that’s telling you is that there is this lingering feeling out there that given what central banks are doing in terms of printing so much money there is a search for alternative assets, I think that these assets could keep doing well,” Sharma added.

For more adventurous investors, Sharma is even recommending Bitcoin and other tokens. “To have about 5% or so of your portfolio in gold is not a bad idea, and if you’re a bit more adventurous, and I guess it’s more to do with demographics, then obviously search for bitcoin and other cryptocurrencies,” the strategist said.

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