The head of Odey asset management, Crispin Odey has earned that the future of gold could be bleak and it can turn what lies ahead of for bitcoin prosperous. In the <a href="https://www.bloomberg.com/news/articles/2020-05-20/odey-says-governments-may-make-private-gold-ownership-illegal?srnd=markets-vp" target="_blank" rel="noopener">letter</a>, he wrote he highlights that private ownership of gold is under risk as the government might make it illegal if it fails to deal with the economic crisis the pandemic has caused. Odey also added that gold could be used by the US Fed to stabilize currencies.
<h2>History Can Repeat Itself - Crispin Odey</h2>
He cited an <a href="https://youtu.be/JMSO8Yhnktw" target="_blank" rel="noopener">example </a>from 1930 when the US Fed pulled off something similar and force-buy the gold from its people till the value of the dollar was back in a decent range again. He believes time and time again such drastic moves have been taken and the current situation could lead to another one of those.

The investor added that more inflation would weigh heavily on the long-term maturing bonds and stock market growth. And as the virus spreads further, it may lead the authorities to announce more stimulus packages to aid their suffering economies.

The finance veteran also believed inflation is going to skyrocket from anywhere between 5-15% in the next few months and the stock market would suffer in the long term. Crispin Odey added that more packages like the current $1,200 could be on the way as the virus continues to wreak havoc.

The demand for gold and bitcoin both have grown as people turn to  safe havens. Paul Tudor Jones, the billionaire investor added bitcoin to his portfolio which further enhanced its reputation as a hedge against inflation.
<blockquote class="twitter-tweet">
BREAKING: Paul Tudor Jones says he has 2% of his assets in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/MXDFH9y9yp">pic.twitter.com/MXDFH9y9yp</a>
— Blockfolio (@blockfolio) <a href="https://twitter.com/blockfolio/status/1259827877891244034?ref_src=twsrc%5Etfw">May 11, 2020</a></blockquote>
  Also, bitcoin would triumph gold as it can not be confiscated by the US FED and utilized to stabilize other currency. The decentralized nature of bitcoin would spare it from this horror.

Articles You May Read.
<ul>
 	<li><a href="https://blog.cryptoknowmics.com/know-everything-about-latest-airdrop/" target="_blank" rel="noopener noreferrer">Cryptocurrency Airdrops | Know Everything About Latest Airdrop</a></li>
 	<li><a href="https://blog.cryptoknowmics.com/guide-on-what-is-cold-storage/" target="_blank" rel="noopener noreferrer">A Comprehensive Guide On What is Cold Storage In Cryptocurrency</a></li>
 	<li><a href="https://blog.cryptoknowmics.com/cryptocurrency-adoption-in-africa/" target="_blank" rel="noopener noreferrer">Cryptocurrency Adoption In Africa | Why Africa Can Be The Next Crypto Hub?</a></li>
</ul>

Crispin Odey Feels US Fed Might Confiscate Gold

Veteran Financer Crispin Odey believes that the US Fed could make private owning of gold illegal, confiscate it and aid bitcoin's cause.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Crispin Odey Feels US Fed Might Confiscate Gold

Top Picks