“The 50 per cent weight in physical gold bullion in the portfolio will be reduced for the first time in several years by five percentage points with the money invested in Bitcoin. If there is a big drawdown in bitcoin from the current level, after the historic breakout above the $20,000 level, the intention will be to add to this position,” Wood wrote in his weekly note to investors, GREED & fear.
From its March 2020 low, BTC has surged a mammoth 474% and has risen 214% year-to-date (YTD), according to data. Similarly, the CIO of global investment firm Guggenheim Partners recently spoke to Bloomberg opining that bitcoin should be valued at $400,000.