itemprop=description content=Jefferies says Bitcoin and gold are “critical hedges” in a recent note to investors and recommends that pension funds allocate 10% of their capital to the top crypto.
- Bitcoin continues to gain ground in establishing itself as an asset to be considered in any well-diversified portfolio, with Jefferies calling the top crypto a “critical hedge” against the potential for monetary policy that reduces the value of currency, as well as the return on inflation.
“G7 central banks, including most importantly the Federal Reserve, will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another,” said Christopher Wood, global head of equity strategy at Jefferies.
The firm previously added the top crypto to its global portfolio alongside physical gold, unhedged gold mining stocks, and Asia equities. The Jefferies global long-only equity portfolio now includes a 3% weighting in the Grayscale Bitcoin Trust . While Jeffries has grown more bullish on Bitcoin amid deteriorating global financial conditions, Mike McGlone, senior macro analyst at Bloomberg Intelligence, said that one problem with BTC is that “it’s still about twice as volatile as the Nasdaq 100 stock index and the top crypto’s performance has been basically flat vs. the stock index since listed futures were launched in 2017.”
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