Gold to Bitcoin: Jefferies’ Chris Wood shares how investors should position themselves
Jefferies’ Christopher Wood remains bullish on gold and Bitcoin, viewing both as long-term hedges against dollar debasement. He advises investors to consider strategic allocations in these assets amid rising macroeconomic uncertainty.
- Sep 16, 2025,
- Updated Sep 16, 2025 4:43 PM IST
Jefferies’ Global Head of Equity Strategy, Christopher Wood, reaffirmed his bullish stance on both gold and Bitcoin, describing them as key hedges against long-term dollar debasement. Speaking at the Jefferies India Forum in Gurgaon, Wood revealed his portfolio allocations, stating that he holds 10% in gold mining stocks and 6% in Bitcoin.
“Gold and Bitcoin are the two key plays on long-term dollar debasement,” Wood said. “I remain constructively bullish on gold. I actually set a target of $3,600 an ounce back in 2002 — it’s finally reached that target. Frankly, it should have reached it 10 years ago, given all the crazy things happening with G7 monetary policy.”
Gold has recently surged past $3,500 an ounce, trading near an all-time high of $3,698, with Indian futures hovering around Rs 1.10 lakh per 10 grams. Wood believes the precious metal is entering a new trading range and sees particular promise in gold mining stocks, which benefit from higher gold prices while enjoying lower energy costs.
While his outlook on gold is positive, Wood is equally enthusiastic about Bitcoin, noting that the cryptocurrency is in a healthy consolidation phase. “The next big move in Bitcoin is up,” he said. Wood explained that while millennials may prefer Bitcoin over gold, he would still choose gold if forced to pick one, citing its historical resilience.
Bitcoin’s performance has been remarkable over recent years. The cryptocurrency has soared nearly 1,000% over the past five years and spiked 94% in the last 12 months, partly driven by the launch of several Bitcoin exchange-traded funds (ETFs). These ETFs, initiated by major financial institutions, allow individual investors to gain exposure to Bitcoin without directly owning the asset, boosting its adoption.
Over the past week, Bitcoin gained 4.42%, trading at around $116,031 on Monday, consolidating ahead of the Federal Open Market Committee (FOMC) meeting. Analysts expect the Fed to hold rates steady, but with a dovish tilt potentially indicated through forward guidance, Bitcoin could break above $120,000, with targets near $125,000. Conversely, a hawkish surprise, such as delaying rate cuts into 2026, could push BTC toward $110,000–$105,000.
Investors are positioning cautiously ahead of the announcement, with volatility likely to spike. Wood stressed that both gold and Bitcoin are strategic hedges amid uncertain macroeconomic conditions, offering protection against potential dollar weakness while also benefiting from evolving demographic trends.
“The millennials may not buy gold — they’ll be buying Bitcoin,” Wood said. “But if you said to me, you can only own gold or Bitcoin, I’ll own gold simply because history is on its side.” His comments underscore the growing relevance of alternative assets in a diversified portfolio, particularly in a low-yield, inflation-sensitive environment.
Jefferies’ Global Head of Equity Strategy, Christopher Wood, reaffirmed his bullish stance on both gold and Bitcoin, describing them as key hedges against long-term dollar debasement. Speaking at the Jefferies India Forum in Gurgaon, Wood revealed his portfolio allocations, stating that he holds 10% in gold mining stocks and 6% in Bitcoin.
“Gold and Bitcoin are the two key plays on long-term dollar debasement,” Wood said. “I remain constructively bullish on gold. I actually set a target of $3,600 an ounce back in 2002 — it’s finally reached that target. Frankly, it should have reached it 10 years ago, given all the crazy things happening with G7 monetary policy.”
Gold has recently surged past $3,500 an ounce, trading near an all-time high of $3,698, with Indian futures hovering around Rs 1.10 lakh per 10 grams. Wood believes the precious metal is entering a new trading range and sees particular promise in gold mining stocks, which benefit from higher gold prices while enjoying lower energy costs.
While his outlook on gold is positive, Wood is equally enthusiastic about Bitcoin, noting that the cryptocurrency is in a healthy consolidation phase. “The next big move in Bitcoin is up,” he said. Wood explained that while millennials may prefer Bitcoin over gold, he would still choose gold if forced to pick one, citing its historical resilience.
Bitcoin’s performance has been remarkable over recent years. The cryptocurrency has soared nearly 1,000% over the past five years and spiked 94% in the last 12 months, partly driven by the launch of several Bitcoin exchange-traded funds (ETFs). These ETFs, initiated by major financial institutions, allow individual investors to gain exposure to Bitcoin without directly owning the asset, boosting its adoption.
Over the past week, Bitcoin gained 4.42%, trading at around $116,031 on Monday, consolidating ahead of the Federal Open Market Committee (FOMC) meeting. Analysts expect the Fed to hold rates steady, but with a dovish tilt potentially indicated through forward guidance, Bitcoin could break above $120,000, with targets near $125,000. Conversely, a hawkish surprise, such as delaying rate cuts into 2026, could push BTC toward $110,000–$105,000.
Investors are positioning cautiously ahead of the announcement, with volatility likely to spike. Wood stressed that both gold and Bitcoin are strategic hedges amid uncertain macroeconomic conditions, offering protection against potential dollar weakness while also benefiting from evolving demographic trends.
“The millennials may not buy gold — they’ll be buying Bitcoin,” Wood said. “But if you said to me, you can only own gold or Bitcoin, I’ll own gold simply because history is on its side.” His comments underscore the growing relevance of alternative assets in a diversified portfolio, particularly in a low-yield, inflation-sensitive environment.