Bitcoin to attract institutions as the dollar weakens

The long-term interest of American institutional investors in gold is likely to bode well for the broad adoption of Bitcoin, according to Dan Tapiero, co-founder of Gold Bullion International and 10T Holdings.

Before institutions allocate to #bitcoin many will allocate to #Gold first.

Huge win that advisors Wilshire Assoc.($168 billion) backed 5% gold allocation for Ohio police/fireman’s pension.

Fiat debasement leads to gold allocation now…Btc in future.https://t.co/FLztB8vyub

— Dan Tapiero (@DTAPCAP) August 29, 2020

According to him, a major step in this direction was taken by the Ohio Police and Fire Pension Fund, which invested $168 billion – 5% of its total investments – in gold, thereby hedging itself against inflation amid the dollar’s global downturn.

“Fiat debasement stimulates investments in gold now and in Bitcoin in the future,” Tapiero notes.

In early August, the price per ounce of gold reached a record $2,089 amid economic uncertainty in the United States, as interest rates were cut and households received stimulus.

Earlier, billionaire Warren Buffett bought almost 21 million shares of Barrick Gold, the gold mining company, for $562 million.

At the same time, the price correlation between gold and Bitcoin doubled over the last three months, reaching a yearly high of 67.1%.

Earlier in March, Dan Tapiero noted that negative rates in the US were a megabullish signal for Bitcoin.

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