Banks should focus on blockchain technology and investors should increase their bitcoin holdings while trimming gold exposure, according to Jefferies Global Head of Equity Strategy Christopher Wood.“This concept of how [blockchain] has begun to eat conventional finance is why all banks should be focused on the technology to see how to try and profit from it rather than to wait and be disrupted by it,” Wood said in a note on Thursday.The analyst also noted that if blockchain technology disrupts the conventional finance sector by eliminating the need for intermediaries, it can also potentially trigger the end of the “dollar paper standard.”Wood said he will be adding another 5% to his bitcoin exposure, bringing it to 10%, while cutting 5% exposure to gold … [Read More...]