Both gold (GC=F) and bitcoin (BTC-USD) prices are rallying to record highs. Bitcoin peaked above $72,000 Monday morning, and Wall Street experts see the cryptocurrency climbing even higher in its rapid rebound in 2024.

NewEdge Wealth Senior Portfolio Manager and Head of Fixed Income & Macro Ben Emons joins Yahoo Finance Live in-studio to discuss bitcoin's trajectory, telling investors to "[not] be surprised" if it rises to its "first major milestone" of $100,000.

"it is a diversification because if you have that high of a gain or expect a return against where equity volatility currently is... that is a possibility for diversification in a portfolio," Emons explains. "That's become a more serious asset, I think, ever since the SEC [Securities and Exchange Commission] approved those [spot bitcoin] ETFs. Given the institutional interest currently, this is becoming an asset that is a diversifying asset, a scarce asset in a portfolio."

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.