In 2023, and after a horrid year, we believe that bitcoin will beat gold. The bitcoin price collapsed by 64% in contrast to its underlying network which fell 27%. Bitcoin remains a high-growth asset and is now undervalued. That contrasts with gold, that while underpinned over the long-term, is 32% overvalued.
The January Chart Book is now available.
In October, BOLD rose by 1.5%, Bitcoin fell by 3.1%, and Gold rose by 3.7% in USD terms. The month saw significant corrections for both assets, but it was encouraging to see the assets exhibit counter-cyclical behaviour.
For the first time since 2021, private investors in the UK are allowed to buy Bitcoin and Ethereum through their investment platforms. This survey aims to gain a better understanding of the landscape for investing in crypto ETNs.
The volatility measures have resulted in new target weights of 33.3% Bitcoin and 66.7% Gold. For the first time, BOLD holds one-third in Bitcoin.
