Goldman Sachs: Bitcoin (BTC) and gold don't have to cannibalise each other

Sun 14 Nov 2021 ▪ 8h13 ▪ 4 min read — by Rudy Bauer

Goldman Sachs’ head of energy research outlined which assets he believes are the most popular. According to him, just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto.” A spokesperson for a major investment bank noted that because of inflation fears, many investors are favouring Bitcoin (BTC) over gold, and stressed that “crypto and gold do not have to cannibalise each other”.

Head of Goldman Sachs’ Energy Research reflects on gold and Bitcoin

According to Bitcoin.com, Damian Courvalin, Head of Energy Research at Goldman Sachs, was recently interviewed about the outlook for gold and cryptocurrency. He was asked whether he sees evidence that investors are investing not only in gold, but also in BTC and other digital assets in the hope of protecting themselves against inflation. Courvalin answered this question in the affirmative, adding that cryptocurrency and gold should not cannibalise each other.

During the conversation, the head of energy research remarked, that whereas silver is gold for the poor, perhaps gold is becoming a cryptocurrency for them. He went on to say that now, as inflation is becoming more noticeable, it is better not to choose one asset, but to find funds to invest in gold and Bitcoin. Damian Courvalin noted that the value of cryptocurrency is in the blockchain network. This makes it similar to oil, which will not lose relevance due to constant consumption. According to him, gold, diamonds and works of art lack this advantage, as assets can only become more expensive over time. The head of Goldman Sachs’ Energy Research noted that when China banned cryptocurrency, local investors were forced to switch to gold.

BTC is the best shield from inflation!

Fearing inflation, many investors have moved from gold to BTC. Last month, for instance, billionaire hedge fund manager Paul Tudor Jones said it was clear to him that Bitcoin had an advantage over gold. He admitted that he prefers to invest in the popular digital asset, stressing that “crypto is here to stay”. This view is also shared by JPMorgan. The financial holding company doubled its long-term price forecast for BTC and now pegs it at $146,000.

Meanwhile, Robert Kiyosaki, author of the bestseller “Rich Dad, Poor Dad”, recommends not singling out one asset but investing in as many as possible. He believes the market will soon crash and a wave of depression will follow, so you should buy gold, silver and Bitcoin now.

Let’s hope that Robert Kiyosaki’s prediction fails to become a reality and the market is able to hold up. In any case, it’s worth taking the advice of experienced investors and choose one or more assets to invest in right now.

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Rudy Bauer

Photographe, Vidéaste, webdesigner et enfin rédacteur pour CoinTribune: l'image, le digital et la blockchain sont mon dada.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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