Jefferies: $440 Billion Dollar Asset Manager Sells Gold To Buy Bitcoin
More institutional FOMO, this time from massive multi-billion dollar asset firm Jefferies.
Jeffries, a $450B asset manager, has sold a portion of its gold allocation to purchase #Bitcoin.
Eventually every asset manager in the world will do this.
Buckle up. pic.twitter.com/KO39nicA7W
— Dan Held (@danheld) November 8, 2021
According to a report, Jefferies sold a portion of their gold holdings to add Bitcoin. Jefferies bills itself as a, “diversified financial services company.” The firm’s holdings are in the $440 billion dollar USD range.
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- Reportedly, Chris Wood, global head of equity strategy at Jefferies, lowered Jefferies’s gold exposure in its Japanese portfolio by 5%, and allocated that to Bitcoin.
- Apparently, the change in portfolio occurred back in December 2020. Bitcoin traded in the 22k USD range that month. That’s about 3x for the l
- It’s unclear how much of the asset manager’s portfolio is now made up of Bitcoin. It could be much larger than that, considering Bitcoin is now trading well above 60k USD.
- Though, no word either if the asset management company sold any of their holdings over the last 11 months.
- Gold is trading is down slightly in the same time frame. Last year, Gold closed December at $1893 USD. Gold closed October at $1753.
- Jefferies now officially joins the long list of multi-billion dollar asset managers invested in Bitcoin like Rothschild Investment Company and Goldentree.
- Bitcoin is currently trading in the 66k range today. BTC is up 6% in the last 24 hours, and 9% in the last 7 days.
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Text source: CryptosRus
