Bitcoin is growing at an alarming rate and the best news I've heard since CME's futures is that a gold and silver mutual fund is allocating 5% to invest in cryptocurrencies, mainly bitcoin. "The Old Mutual gold and silver fund" manages about 220 million dollars of gold silver and other physical metals. The fund manager Ned Naylor-Leyland seems to be a big advocated of bitcoin as he says "Bitcoin was explicitly designed to be digital gold, So if you’re going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that’s exactly the point." He intends to take profits from cryptocurrencies to reinvest in gold and silver.
Bitcoin supporters have been looking forward to the day that bitcoin takes on 5% of gold, but could there be a future where it dwarfs golds value? This writer thinks it could be possible. Bitcoin may not be the leading cryptocurrency for actual transactions in the years to come, but it could be a store of value that has golds money invested in it. Along with trillions of dollars from institutional investors to go with our growing regular crowd. There is a lot of room to grow for the current crypto king 👑
Hello to you too! And happy thanksgiving!