THELOGICALINDIAN - Goldman Sachs arch of bolt analysis calls bitcoin the retail aggrandizement barrier and likens the cryptocurrency to chestnut He says gold and bitcoin can coexist and does not see bitcoins ascent acceptance as an existential blackmail to golds cachet as the bill of aftermost resort
Goldman Sachs on Bitcoin, Gold, Copper, and Inflation Hedge
Jeff Currie, all-around arch of bolt analysis at Goldman Sachs, appear his angle for bitcoin, gold, and chestnut on Thursday. Commenting on the contempo billow in bitcoin’s price, he said on Bloomberg Markets that attractive at its amount chart, bitcoin looks “very similar” to copper. “What do they accept in common?” he continued:
Goldman Sach’s strategists led by Currie additionally wrote in a agenda on Thursday that “Gold’s contempo underperformance against absolute ante and the dollar has larboard some investors anxious that bitcoin is replacing gold as the aggrandizement barrier of choice.”
The strategists primarily attributed the contempo abatement in gold’s amount to a coronavirus vaccine-driven advance action that led investors to buy riskier assets, rather than abandoning gold on the base of its abbreviating value.
Currie emphasized that gold is a arresting asset and “there’s absolutely no evidence” that BTC “stole appeal from gold.” Goldman Sachs’ analysts wrote:
Some analysts, including those at JPMorgan Chase, disagree with Goldman Sachs, however. They accept that investors are moving money out of gold investments into bitcoin. Some companies accept additionally scaled bottomward their gold acknowledgment to acquirement bitcoin to barrier adjoin authorization bill devaluation, including British asset administrator Ruffer.
Do you accede with Goldman Sachs about bitcoin and gold? Let us apperceive in the comments area below.
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