Increased Mainstream Adoption of Bitcoin Cuts Diversification Benefit, JPMorg...
Bitcoin's correlation with traditional markets could "erode" its "diversification value over time."
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More demand could just mean bigger correlations to traditional markets, the bank’s researchers say. Bitcoin (BTC) and cryptocurrency adoption may not necessarily make its price higher in dollar terms, Goldman Sachs argues.In a note seen by Bloomberg published Thursday, the international banking giant claimed that mainstream acceptance of crypto assets would increase their correlation to other mainstream asset classes.Goldman: Adoption is a “double-edged sword”In a view contrary to that of many Bitcoin proponents, Goldman sounded firmly uninspired by the prospect of crypto as a tool for the....
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Goldman Sachs’s words have been interpreted as a sign that the cryptocurrency craze may be coming to an end. The analysts at this global banking powerhouse say they don’t see mainstream adoption boosting the crypto industry soon. Unfortunately, that means bad news for those who bought bitcoin or other crypto assets on hope chests full-force optimism about its value increases exponentially over time. Cryptocurrencies are becoming more and more popular as the adoption rate for Bitcoin increases. The strategists tell Bloomberg that correlation has started to occur with other macro....