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With concerns about the rising inflation, a growing number of institutional investors and fund managers are now showing a preference for Bitcoin (BTC) over gold. Many now view the crypto as better than the precious metal as inflation hedge and store of value.
For instance, Skybridge Capital founder Anthony Scaramucci said that Bitcoin’s technical properties make it better than gold. “You can move it move it costlessly, you can store it virtually costlessly and it has this ledger that is completely missile-locked – you can’t hack it,” he explained.
The fund manager also cited Bitcoin’s limited supply and its potential to grow exponentially as compared to gold’s linear growth trajectory. “With 21 million coins and its scarcity, the shortage of supply, the technical properties, I think it’s going to be ten times better than gold over a long period of time,” Scaramucci added. “It will eventually eclipse gold.”
Galaxy Digital Holdings CEO Mike Novogratz also said that Bitcoin is a better store of value than gold. “I still think gold was probably an okay asset to own in this environment,” he said during the company’s third-quarter earnings call, according to Bitcoin.com. “It’s just gotten crushed by bitcoin.”.
“Bitcoin is just a better version of a store value and it’s being accepted at an accelerating pace …,” Novogratz added. “There are now over two hundred million people around the world that participate in the bitcoin ecosystem, and it continues to grow.”
Fund manager Paul Tudor Jones said he prefers Bitcoin over gold as inflation hedge. “Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment …,” he said in October. “It would be my preferred one over gold at the moment.”
Meanwhile, Starwood Capital Group co-founder Barry Sternlicht revealed he owns Bitcoin and Ethereum (ETH) and views BTC as a better store of value and inflationary hedge. “Gold is kind of worthless too, and so is silver, I mean they have some industrial uses but they are minor,” Sternlicht said in October. “The reason I own Bitcoin is because the U.S. government and every government in the western hemisphere is printing money now to the end of time.”
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