Jefferies’ Wood Sells More Gold for Bitcoin

Jefferies’ Wood Sells More Gold for Bitcoin

Christopher Wood, global head of equity strategy at multinational financial services firm Jefferies Group, has reduced exposure to gold in his Asia ex-Japan portfolio by 5% in favor of Bitcoin, Business Standard reports.This appears to be the latest sign that the yellow metal is losing its luster as a hedge against inflation.Jefferies, which has $440 billion worth of assets under management, trimmed its exposure to gold for the first time in many years back in December in order to dip its toes into the largest cryptocurrency.It made a 5% allocation to Bitcoin when the price of the largest cryptocurrency was roughly $22,000.

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