Bitcoin and Gold Assessment from Goldman Sachs

Bitcoin and Gold Assessment from Goldman Sachs While the debate about Bitcoin can replace gold continues, Bitcoin and gold assessment came from Goldman Sachs. The investment bank noted that Bitcoin can coexist with gold. The world-famous investment bank Goldman Sachs stated that there is no obstacle to the coexistence of Bitcoin and gold. Goldman Sachs stated that even if the leading cryptocurrency Bitcoin steals some of the demand for gold, the oldest safe-haven, the precious metal can maintain its position. The Bank said, “The poor performance of gold against real interest rates and the dollar has worried some investors that Bitcoin is replacing gold against inflation. We do not think that the growing popularity of Bitcoin poses a threat to the existence of gold, although there are some alternatives.” “We don't think the Bitcoin rally is blocking the rise of gold, and we believe the two can coexist,” the bank added. Bitcoin crossed the $ 20,000 level for the first time on Wednesday. Then, on Thursday, it surpassed the 23,000 dollar and performed a rally this month. With JPMorgan saying that the demand for cryptocurrencies steals a role from ounce gold, discussions have started that this rise will limit the role of gold. Goldman Sachs stated that institutions and wealthy investors are avoiding investing in cryptocurrencies "because of transparency issues and speculative retail sales make Bitcoin a risky asset."