Veteran Wall Street investor Ross Gerber hinted at a promising future for Bitcoin (CRYPTO: BTC) on Tuesday, seemingly elevating it to the level of gold.
What Happened: Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, posted a cryptic message alongside an image of a rainbow on X.
“If you look closely. There is a pot of Bitcoin at the end of the rainbow,” he wrote.
The remark seemed to refer to the popular “a pot of gold at the end of the rainbow” idiom, which means something that is very difficult to achieve but one dreams of getting it.
Gerber’s post may imply that Bitcoin gaining parity with gold as a mainstream hedge against inflation may seem impossible, but it could be achieved if the leading cryptocurrency maintains its bullish momentum.
Why It Matters: Gerber’s post comes after he recently advised investors not to invest in cryptocurrencies other than Bitcoin, citing a higher possibility of fraud and scam.
Gerber added that his firm has been investing in Bitcoin for the past decade, and it has yet to disappoint them.
As per the latest 13F filing with the SEC, Kawasaki holds 31,588 shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT), the world’s largest Bitcoin-based investment fund, with an estimated market value of $1.56 million.
Bitcoin has surged 135% year-to-date, dwarfing returns from other asset classes, including gold. The yellow metal, despite climbing to new peaks this year, could gain just about 29%.
That said, Wall Street veteran Dennis Gartman has downplayed Bitcoin’s record-breaking run and dismissed its “digital gold.” narrative.
Price Action: As of this writing, Bitcoin was trading at $104,128.08, down 2.77% in the last 24 hours, according to data from Benzinga Pro. Spot gold was trading at $2,644.73 per ounce.
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