Warren Buffett's company Berkshire Hathaway has invested in gold mining firm Barrick Gold, fueling speculations that it would benefit Bitcoin due to its correlation with the shiny metal and the narrative that it is "digital gold."
While Buffett did not actually buy gold but rather invested in a mining company, the billionaire's gold play implied an expected global allocation to the shiny metal at 5% minimum, which would put its price at $5,000, said Heisenberg Capital founder Max Keiser. As Bitcoin is digital gold, the investor expects at least 1% of that as BTC global allocation, putting its cap at $1 trillion. "This implies $50,000 for Bitcoin Expect PTJ ups to 10%," he saidon Twitter.
