Koesterich is the portfolio manager at BlackRock’s Global Allocation Fund. He believes that gold is failing to prove itself as a viable hedge against inflation. Meanwhile, the price of the asset has dropped by more than 11% in the past six months. Koesterich remarked:
It is becoming common knowledge that some investors are dumping precious metals for Bitcoin. Senior Bloomberg analyst Mike McGlone had earlier said that investors were dumping gold for Bitcoin. BlackRock has also made some positive comments about Bitcoin, suggesting an investment in the cryptocurrency in the nearest future.
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Source: Cryptocurrency - investing.com
