While interest in gold is starting to grow, the yellow metal did not get a warm reception at the 23 annual Sohn Investment Conference.
In his presentation, John Pfeffer, partner at Pfeffer Capital, picked >bitcoin over gold, saying that the cryptocurrency is “the first viable candidate,” to replace gold.
He added that bitcoin is better than gold “on every front.”
While Pfeffer is a fan of bitcoin and the blockchain technology he doesn’t’ think every asset is equal and aside from bitcoin, most are bad bets.
Pfeffer also put his bitcoin where is mouth, donating ten digital tokens to the Sohn Investment Conference Foundation, which raises money for pediatric cancer research.
At current prices, his donation is valued around $90,00. However, he added that the foundation could not sell the coins for five years.
But it is not only gold that didn’t shine for Pfeffer; the fund manager also said that he sees bitcoin thriving in countries that have a failing currency.
He explained that if bitcoin can displace 25% of foreign reserves, the digital currency’s network would be valued at around $6.4 trillion.
Pfeffer’s comments come as bitcoin finds some support trading near a one-month high. However, the digital coin has a long way to go to regain its previous glory. Bitcoin is down 55% from its record highs seen in mid-December.
Meanwhile gold is struggling to find momentum as it trades at the lower end of a well-established trading range. June gold futures settled Monday at $1,234.20 an ounce. Gold is currently up 1.4% since the start of the year.
This year the Sohn conference raised $3 million for its initiatives and has raised a total of $85 million in the last 23 years.