According to the report of the Business Standard, Christopher Food, the head of global stock strategy of the international financial services company Jefferies Group, reduced his gold investments by 5% in favor of Bitcoin (BTC).
This development is seen as one of the new signs that gold is losing importance against inflation.
Jefferies, which has $440 billion in assets under its management, first reduced its gold investment last December to invest in Bitcoin.
The company made an investment of 5% while the leading crypto was valued at $22,000.
Wood, in his statement in April, stated that Bitcoin has become investable for institutions.
Bitcoin is trading at $ 60,886 at the time of writing, according to CoinMarketCap data.