Berkshire Hathaway, the $ 503 billion mega-group led by Warren Buffett, has sold Goldman Sachs to buy Canadian gold company Barrick Gold.
And Max Keizer, Heisenberg Capital founder and early investor in Bitcoin, says what Buffett has done could help raise Bitcoin's value to $ 50,000, according to Coin Telegraph.
As Fortune magazine reported on Saturday, the quarterly file of Berkshire Hathaway shareholders showed that Buffett had reduced his position in most major banks.
The company sold a significant portion of its shares in JPMorgan Chase, Wells Fargo and BNG.
Buffett’s decision to close Berkshire's entire stake in Goldman Sachs comes after the bank’s second-highest quarterly trading revenue of $ 13.3 billion. He notes that Buffett is not comfortable betting big on the banking industry over the long term.
Instead, Buffett bought 1 share in Barrick Gold, whose shares reflected the gold's status for most of 2020.
The company is a Canadian-based gold mining company, which has registered an increase of 45% year-to-date.
after the Berkshire investment, the stock rose 8.11% in the post-close trade.
Max Keizer, a pro-Bitcoin investor who has invested in companies like Cacon and Bitfinex, believes that Buffett's investment in gold could benefit Bitcoin.
and Keizer said that the positive trends around gold mean an increase in the value of Bitcoin, which some consider digital gold.
Kaiser added: The global fund management investment of $ 100 trillion is an investment of less than 1% in gold. With Buffett now moving to gold. A minimum of 5% can be expected, which means $ 5,000 for gold. He expected a global allocation of 1% Bitcoin ($ 1 trillion), meaning $ 50,000 for Bitcoin, and we expect the value to reach 10%.
former equity portfolio manager and founder of Ikigai Fund, Travis Kling, echoed the same trend. Kling, referring to Buffett's skeptical 1998 statement about gold, said no Usefulness of it.
"Today it was announced that Berkshire Hathaway has just bought its first stock of gold ever." The reasons are clear ...
