gold, Goldman Sachs, goldman sachs bitcoin, goldman sachs btc, goldman sachs crypto, goldman sachs cryptocurrency, jeffrey currie

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.â€

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 Bloomberg Markets that looking at its price chart, bitcoin looks “very similar†to copper. “What do they have in common?†he continued:

Goldman Sach’s strategists led by Currie also wrote in a note on Thursday that “Gold’s recent underperformance versus real rates and the dollar has left some investors concerned that bitcoin is replacing gold as the inflation hedge of choice.â€

The strategists primarily attributed the recent decline in gold’s price to a coronavirus vaccine-driven investment strategy that led investors to buy riskier assets, rather than abandoning gold on the basis of its diminishing value.

Currie emphasized that gold is a defensive asset and “there’s really no evidence†that BTC “stole demand from gold.†Goldman Sachs’ analysts wrote:

Some analysts, including those at JPMorgan Chase, disagree with Goldman Sachs, however. They believe that investors are moving money out of gold investments into bitcoin. Some companies have also scaled down their gold exposure to purchase bitcoin to hedge against fiat currency devaluation, including British asset manager Ruffer.

Do you agree with Goldman Sachs about bitcoin and gold? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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