Bitcoin Beats Gold On Every Front - John Pfeffer
(Kitco News)- While interest in gold is starting to grow, the yellow metal didnot get a warm reception at the 23 annual Sohn Investment Conference.
In his presentation, John Pfeffer, partner at Pfeffer Capital,picked bitcoin over gold, saying that the cryptocurrency is “the first viablecandidate," to replace gold.
He added that bitcoin is better than gold "on everyfront."
While Pfeffer is a fan of bitcoin and the blockchain technology hedoesn't’ think every asset is equal and aside from bitcoin, most are bad bets.
Pfeffer also put his bitcoin where is mouth, donating ten digitaltokens to the Sohn Investment Conference Foundation, which raises money forpediatric cancer research.
At current prices, his donation is valued around $90,00. However,he added that the foundation could not sell the coins for five years.
But it is not only gold that didn't shine for Pfeffer; the fundmanager also said that he sees bitcoin thriving in countries that have afailing currency.
He explained that if bitcoin can displace 25% of foreign reserves,the digital currency’s network would be valued at around $6.4 trillion.
Pfeffer’s comments come as bitcoin finds some support trading neara one-month high. However, the digital coin has a long way to go to regain itsprevious glory. Bitcoin is down 55% from its record highs seen in mid-December.
Meanwhile gold is struggling to find momentum as it trades at thelower end of a well-established trading range. June gold futures settled Mondayat $1,234.20 an ounce. Gold is currently up 1.4% since the start of the year.
This year the Sohn conference raised $3 million for itsinitiatives and has raised a total of $85 million in the last 23 years.
By Neils ChristensenFor Kitco News
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nchristensen@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.