Investment Firm That Manages $ 51 Billion Buys Bitcoin Instead Of Gold – Christopher Wood, head of global equity at investment firm Jefferies, said the billion-dollar investment firm had removed some gold from its portfolio in favour of Bitcoin (BTC) for the first time in years, the Business Standard reported.

While Bitcoin continues to consolidate above the $ 20,000 range, Christopher Wood says the company is buying the best cryptocurrency at the expense of the precious metal.

3 of 2020. the firm, which manages $ 51 billion in assets as of the quarter, is converting some of the gold assets it has long held in its global portfolio into US dollar-denominated pension funds, which it created in 2002. Wood said he plans to increase the rate of cryptocurrency investment in that portfolio if the market sees a correction after its recent pump.

Wood will cut its gold position in the long-standing asset share for US dollar-based pension funds from 50% to 45% and start holding 5% Bitcoin.

The global head of equity has previously said he has refrained from investing in BTC for fear of computer hacking, saying it can sometimes be declared illegal because it is being used for malicious purposes.

The remaining assets in the fund are in Japan stocks with an Asian output of 30% and gold mining stocks with 20%.

According to the Business Standard, Wood said he expected a “dramatic cyclical recovery” to occur after the pandemic subsided.

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