On Tuesday, the veteran Wall Street investor Ross Gerber suggested that Bitcoin (CRYPTO:BTC) could have a promising future, almost comparing it to gold.
What happened : Gerber, PDG de Gerber Kawasaki Wealth and Investment Managementposted a cryptic message accompanied by an image of a rainbow on X.
“If you look closely, you will see that there is a pot of Bitcoin at the end of the rainbow,” he wrote.
The remark seemed to refer to the popular idiom “a pot of gold at the end of the rainbow”, which means something very difficult to achieve but something to be dreamed of.
Gerber’s message could suggest that although Bitcoin reaching parity with gold as a hedge against inflation seems impossible, it could be achieved if the leading cryptocurrency maintains its bullish momentum.
See also : Bitcoin is not Manhattan real estate, Peter Schiff challenges MicroStrategy’s Michael Saylors: “BTC generates no income”
Why it matters : Gerber’s message follows his recent advice to investors not to invest in cryptocurrencies other than Bitcoin, citing a greater possibility of fraud and scams.
Gerber added that his company has been investing in Bitcoin for a decade now, and the cryptocurrency has yet to disappoint them.
As per the latest 13F filing with the SEC, Kawasaki owns 31,588 shares of theETF iShares Bitcoin Trust (NASDAQ:IBIT), the world’s largest Bitcoin-backed investment fund, with an estimated market value of $1.56 million.
Bitcoin has soared 135% since the start of the year, eclipsing the returns of other asset classes, including gold. The yellow metal, despite climbing to new highs this year, is only up about 29%.
That said, the Wall Street veteran Dennis Gartman has downplayed Bitcoin’s record rise and rejected its narrative that it is “digital gold.”
Price movement : At the time of writing, Bitcoin was trading at $104,128.08, down 2.77% over the past 24 hours, according to data from Benzinga Pro. Spot gold was trading at $2,644.73 per ounce.
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