Gold will surge to fresh highs but bitcoin better for $7.5 bn hedge fund

Wall Street banks divided on the relative merits of the pair: Citigroup sees gold 'losing luster' to cryptocurrencies, while Goldman Sachs believes the two assets can coexist.

Gold will surge to fresh highs in the next year, but investors seeking currency alternatives as global debt balloons should look to Bitcoin, according to a $7.5 billion hedge fund.
 

Both are likely to rally even as the Federal Reserve moves to taper asset purchases, said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. The two are frequently compared by investors, with former Treasury Secretary Lawrence Summers saying cryptocurrencies could stay a feature of global markets as something akin to digital gold.

“We’re going to stick to Bitcoin and crypto because we just think there’s more