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Global Equity Head at Jefferies Says the Investment Bank Will Buy Bitcoin and Reduce Exposure to Gold
Christopher Wood, the global head of equity at Jefferies, a global financial services company, says the firm will reduce exposure to gold in favor of bitcoin. He adds that there are plans to increase the crypto component of Jefferies’ long-only global portfolio for U.S. dollar-denominated pension fund if and when the bitcoin price drops from current levels. As a result of this decision, 5% of the fund will now consist of bitcoin.
The Case for Bitcoin
Before making the decision, Jefferies allocated funds as follows: 50% towards (now 45%) physical gold bullion, 30% to Asia ex-Japan equities, and 20% to unhedged gold mining stocks. Writing in his weekly “Greed and Fear” note to investors, the global head of equity explains the multinational investment bank’s rationale for choosing bitcoin over gold at this stage. Wood says: