The veteran Wall Street investor Ross Gerber hinted Tuesday at a promising future for Bitcoin (CRYPTO: BTC), apparently equating it to gold.
What happened
Gerber, CEO of Gerber Kawasaki Wealth and Investment Managementposted a cryptic message alongside an image of a rainbow in X.
“If you look closely. “There is a pot of Bitcoin at the end of the rainbow,” he wrote.
If you look closely. There is a pot of bitcoin at the end of the rainbow. pic.twitter.com/AzMBm2sLQx
— Ross Gerber (@GerberKawasaki) December 17, 2024
The observation seemed to refer to the popular idiom “a pot of gold at the end of the rainbow,” which means that which is very difficult to achieve but one dreams of achieving.
Gerber’s post may imply that Bitcoin would gain parity with gold as a hedge against inflation, a scenario that may seem impossible, but could be achieved if the leading Cryptocurrency maintains its bullish momentum.
Why is it important
Gerber’s post comes after he recently advised investors not to invest in cryptocurrencies other than Bitcoin, citing a higher possibility of fraud and scams.
Gerber added that his company has invested in Bitcoin for the last decade and that the cryptocurrency has not let them down.
According to the latest Form 13F filing with the SEC, Kawasaki owns 31,588 shares of the exchange-traded fund iShares Bitcoin Trust ETF (NASDAQ:IBIT), the largest Bitcoin-based investment fund in the world, with an estimated market value of $1.56 million.
Bitcoin is up 135% so far this year, outperforming the returns of other asset classes, including gold. The cryptocurrency is up 135% so far this year, crushing the returns of other asset classes, including gold. Even though the yellow metal, despite hitting new highs this year, has only risen 29%.
That said, Wall Street veteran Dennis Gartman has downplayed Bitcoin’s record and dismissed its “digital gold” narrative.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $104,128.08, down 2.77% over the past 24 hours, according to data from Benzinga Pro. Spot gold was trading at $2,644.73 per ounce.
Photo courtesy of Shutterstock
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