Chris Wood cuts exposure to gold, a first in years; invests in Bitcoin

Despite the investment in bitcoin by trimming exposure to gold, Wood still continues to remain bullish on the yellow metal

The spectacular surge in Bitcoin over the past few months has lured traders and investors to the cryptocurrency. The spurt over the last few weeks has now prompted Christopher Wood, global head of equity strategy at Jefferies to trim exposure in gold in favour of bitcoin in his long-only global portfolio for US dollar-denominated pension funds, which was established at the end of the third quarter of calendar year 2002 (Q3-02). He plans to increase exposure to the crypto in this portfolio on any correction.

"The 50 per cent weight in physical gold bullion in the portfolio will be reduced