Price analysis 12/18: BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB, XLM
Cointelegraph
Published Dec 18, 2020 04:18PM ET
Updated Dec 19, 2020 06:20PM ET
Christopher Wood, the global head of equity strategy at Jefferies (NYSE:JEF), has dumped five percent of their physical gold position in order to buy Bitcoin (BTC). This move shows that a growing number of institutional investors consider Bitcoin to be at par or a better store of value than gold.
Wood also said that if Bitcoin were to have a big correction, he would buy more. The fact that institutional investors are content purchasing in the $16,000 to $20,000 range suggests that institutional investors are not worried about a pullback as they view it as an opportunity to accumulate for the long term.
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Written By: Cointelegraph
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