Christopher Wood, global head of equity strategy at Jefferies, plans to book profit in bitcoin once it hits the USD 1,50,000 mark, up nearly 53% from the current levels of USD 98,300 levels.
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Christopher Wood, global head of equity strategy at Jefferies, plans to book profit in bitcoin once it hits the USD 1,50,000 mark, up nearly 53% from the current levels of USD 98,300 levels.
Wood wrote in his recent weekly note to investors, GREED & fear said, “Still, for those with a more tactical focus, or owning Bitcoin on leverage, GREED & fear’s view is that $150,000 is a good price level to start taking some profits since GREED & fear’s base case is that Bitcoin will rally three times in this post-halving cycle since the trend has been for the capital gains on holding Bitcoin to more than halve following each halving cycle.”
Christopher Wood holds 10% weight in Bitcoin in his global portfolio for a US dollar-denominated pension fund.
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Notably, the initial stake in Bitcoin in the pension fund portfolio was taken in December 2020 when the price was $22,779.
Wood also has a 5% weight in a Bitcoin exchange traded fund (ETF) in his global long-only equity portfolio. The base case, Wood said, is not to try and trade these positions, most particularly in the pension fund portfolio.
“This is now surely coming. It is also worth noting that Howard Lutnick, the co-chair of Trump’s transition team as well as Trump’s pick to be Commerce Secretary, is also a champion of Bitcoin and crypto. It is also the case that Lutnick is chief executive officer of Wall Street firm Cantor Fitzgerald, which is one of the major custodians of the crypto world’s major stablecoin Tether in terms of where the latter deposits its dollars,” he wrote.
Bitcoin has gained 164% in the last one year, from a level of around $37,000 to nearly $98,300 now.
Bitcoin continued to march higher on Friday and remained just shy of $100,000-milestone, which was expected post the US election results.
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