Jefferies calls Bitcoin a safeguard against currency inflation
Global investment bank Jefferies asserts Bitcoin (BTC) as a safeguard against currency devaluation and rising inflation . The price of Bitcoin hovers at around the $27,961 region as of press time. Jefferies, a prominent global investment bank, advises long-term investors, particularly pension funds, to allocate 10% of their portfolios to Bitcoin, denominated in U.S. dollars. The bank underscores the importance of considering investments in Bitcoin and gold as insurance measures rather than short-term trades. They highlighted that attempts to tighten monetary conditions will face extended delays in this economic cycle, attributing it to the substantial increase in the money supply since 2020. Christopher Wood, Jefferies’ Global Head of Equity Strategy, expresses concerns about the ability of G7 central banks, including the Federal Reserve, to transition away from unconventional monetary policies smoothly. He suggests that these central banks will likely maint...