Bitcoin is nearing the end of its consolidation phase and the resulting move will determine if altcoins continue to outperform BTC price in the short term.
This week Warren Buffett made waves throughout financial media as reports that Berkshire Hathaway sold several bank stocks and purchased shares in Barrick Gold were made public thanks to the company’s latest quarterly shareholder filing.
This purchase is significant because Buffet has been a strong critic of gold, however, in the current economic conditions, he appears to have changed his view and sought safety in the asset.
Bitcoin advocate Max Kaiser believes that several fund managers are now likely to increase their allocation to gold, which could boost its price to $5,000.
Kaiser also expects institutional money to flow into Bitcoin (BTC) resulting in a rally to $50,000.
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