I was looking at the mountain scenery from the city tower, and I heard the chaos outside the city

特邀专栏作者

2021-02-23 18:23 (UTC+8)

This article is about 1470 words, reading the full article takes about 3 minutes

The comments of the two bigwigs overnight were unfavorable to Bitcoin. Even Musk, the world’s richest man who has always been bullish on Bitcoin, thought the price was too high; and U.S. Treasury Secretary Yellen also criticized Bitcoin, which caused B

AI Summary

Expand

DoubleLine CEO Changes Bullish View on Gold, Be More Bullish on Bitcoin

DoubleLine Capital LP CEO and long-time gold bull Jeffrey Gundlach has changed his mind on gold and sees bitcoin as a better trade.

Gundlach tweeted last week that he has been long gold and short the dollar for a long time, but has become neutral on both. Bitcoin is likely to be that "stimulus asset," he said. He was referring to bitcoin’s rise as countries flood the financial system with huge amounts of liquidity during the pandemic.

Gundlach's comments are yet another indication that bitcoin is winning over institutional money managers and could divert money from the gold market. Historically, traders have tended to invest in gold as a way to counter rising inflation expectations. However, in the past year, the price of gold has fluctuated in a range, and gold ETFs have also experienced capital outflows.

Citigroup: Gold is 'losing its luster' relative to cryptocurrencies

Gold is "losing its vocal role" relative to cryptocurrencies, Citigroup said, citing changes in investment flows and lowering its price forecast for the traditional safe haven.

Analysts including Aakash Doshi said in a report that the most obvious reason why gold's investment activity may have turned to net outflows appears to be the expansion of the investor base of institutional players in certain digital alternative assets, if not absolute preference .

Doshi said in a report titled "Gold Is Losing Sheen Compared to Digital Alternatives? That's True" that while the months don't represent a structural trend, the impact of rotational flows this year is tilting in favor of cryptocurrencies to the detriment of gold

Citigroup lowered its 6-12 month gold price target by $150/oz to $1,950/oz; but kept its 3-month forecast unchanged at $1,850/oz.

Female version of Buffett: If the conditions are met, Bitcoin will rise to $200,000-500,000

Female Wall Street fund manager: Catherine Wood, who is in charge of ARK Invest, whose net value of products soared by 170% in 2020, is known as the "female version of Buffett"!

ARK’s research suggests that Bitcoin’s fundamentals remain healthy.

Judging by the search volume in 2017, it seems that the increase in the price of Bitcoin is less driven by hype. As bitcoin appears to be gaining more trust, some companies are treating it as cash on their balance sheets.

ARK estimates that if S&P 500 companies put 1% of their cash into Bitcoin, the price of Bitcoin would increase by about $40,000.

ARK believes that Bitcoin's rapid growth positions it in a portfolio allocation and that Bitcoin offers the most compelling risk-reward of any asset. As the ARM analysis shows, its network capitalization could grow from roughly $500 billion to $1-5 trillion over the next 5-10 years.

ARK believes that Bitcoin has gained a certain share in a diversified portfolio. Based on the daily returns of each asset class over the past 10 years, ARK's analysis suggests that Bitcoin should be allocated between 2.55% (when volatility is minimized) and 6.55% (when returns are maximized).

Institutional investment can have a significant impact on the price of Bitcoin.

According to ARK's simulated portfolio allocation, an institutional allocation between 2.5% and 6.5% could have an impact of $200,000 to $500,000 on the price of Bitcoin.

Let me briefly talk to you about the next trend of the market. Needless to say, the market outlook of the currency circle has always been firm and bullish. Friends who hold spot stocks will continue to hold them patiently. I mentioned that this round of bull market belongs to various institutions. The sharp rise of Bitcoin under the control of institutions is bound to be accompanied by a sharp fall. Therefore, there is no need to worry too much about the spot stocks that are currently covered. For contract traders, remember not to go long in the short term , Xinhuo speculates that the currency circle needs a shot to fully rebound. As for the short market, Xinhuo personally only dares to watch the show. Xinhuo's personal psychology is uncertain, so in this market situation, Xinhuo can't give too many specific suggestions.