Bitcoin news| Top strategist Chris Wood bites the bullet on bitcoins, says ‘disruption’ coming in a decade

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Key Highlights

  • Bitcoins can see strong gains in coming quarters, says Chris Wood
  • Chris Wood’s advice: Own both Gold as well as Bitcoins
  • Over 10-15 years, crypto can be disruptive: Chris Wood

Chris Wood is firmly placing his bet on cryptocurrencies and wants Gen Z to learn more about them. Jefferies’ Chris Wood believes that cryptocurrencies have a very bright future, and over the next 10-15 years they can be ‘disruptive’.

That and exposure to equities is two more prominent investment bets for Chris Wood going forward. With stocks getting wobbly on rising Covid cases and a surge in global bond yields, a call for asset diversification won’t go unnoticed, especially coming from such a credible market guru.

This also happens to be a contrarian position from the discourse in Indian administration, which has been talking about a crypto-ban with much vigour.

Chris Wood forecasts more and more companies are going to be taking on exposure to cryptos on their balance sheets. He regrets not getting into bitcoins in an institutional way earlier, as regulations had disallowed it.

Now, with institutions formally allowed to invest in bitcoins, he sees further gains for the virtual currency in coming quarters. Bitcoins are hard to ignore for global investors chasing high returns, as it is now a $1 trillion economy, in itself.

This is bigger than that of JPM and BofA put together. Since 2020, it has delivered a return of almost 600%. Topping that is another cryptocurrency – Ethereum – is up by over 700% since the start of last year. This trust in cryptos has got even stronger, as companies like Microstrategy, Tesla, Paypal, and Visa, among many others, are beginning to repose faith in its architecture.

This bet on bitcoin is not at the cost of safe-havens. Chris Wood advocates buying both gold & bitcoins. But the cryptocurrency is clearly his bet for the future, for those who’re listening.