Can gold and Bitcoin coexist? Goldman Sachs says yes
Global investors cut gold exposure in favor of Bitcoin, but does the digital coin have any chance to cannibalize gold? Bitcoin’s (BTC) parabolic surge in 2020 will not hurt major traditional assets like gold, according to Goldman Sachs.One of the world’s biggest investment banks, Goldman Sachs reportedly sent a note to investors, reassuring its clients that Bitcoin does not pose an existential threat to gold, Bloomberg reports Dec. 18. “We do not see evidence that Bitcoin’s rally is cannibalizing gold’s bull market and believe the two can coexist,” the company wrote.Goldman Sachs still....
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Goldman Sachs has predicted that the price of bitcoin could reach $100,000. The global investment bank believes that bitcoin will continue to take market share away from gold as cryptocurrency adoption grows.
Goldman Sachs’ Bitcoin vs Gold Prediction
Goldman Sachs analyst Zach Pandl, co-head of global foreign exchange strategy, outlined the future outlook for bitcoin in a research note to clients Tuesday.
The Goldman Sachs analyst expects that bitcoin will continue to take market share away from gold in 2022 as cryptocurrencies become more widely adopted. The....
Global investment bank Goldman Sachs is questioning whether bitcoin can be a long-term store of value and digital gold. The firm’s analysts cited various issues with the cryptocurrency, such as environmental problems, “lack of real use,” and competition from other cryptocurrencies. Goldman Sachs Sees Problems With Bitcoin as Long-Term Store of Value Goldman Sachs published a note outlining some problems with bitcoin as digital gold on Wednesday. The firm’s analysts, led by its top commodities strategist Jeffrey Currie, have voiced concerns about whether the....
Goldman Sachs’ head of commodities research calls bitcoin “the retail inflation hedge” and likens the cryptocurrency to copper. He says gold and bitcoin can co-exist and does “not see bitcoin’s rising popularity as an existential threat to gold’s status as the currency of last resort.” Goldman Sachs on Bitcoin, Gold, Copper, and Inflation Hedge Jeff Currie, global head of commodities research at Goldman Sachs, revealed his outlook for bitcoin, gold, and copper on Thursday. Commenting on the recent surge in bitcoin’s price, he said on....
Goldman Sachs’ head of energy research says, “Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto.” He sees funds starting to flow from gold into bitcoin as inflation fears escalate, noting that “We’ve argued historically that crypto and gold do not have to cannibalize each other.”
Goldman Sachs on Gold and Bitcoin
Damian Courvalin, Head of Energy Research at Goldman Sachs, talked about the outlook for gold and crypto in an interview with Bloomberg Thursday.
He was....
On June 18, Goldman Sachs began trading Bitcoin futures through Mike Novogratz’s Galaxy Digital network, paving the way for banking institutions. Galaxy Digital announced the agreement as part of Goldman Sachs’ crypto investment strategy. Galaxy And Goldman Sachs Shake Hands Goldman Sachs has taken a step further in its efforts to assist hedge funds and […]