Advertisement
AD

Main navigation

Goldman Sachs: Bitcoin Is New Copper, Not New Gold

Advertisement
Tue, 1/06/2021 - 12:36
Goldman Sachs: Bitcoin Is New Copper, Not New Gold
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Jeff Currie, global head of commodities research at Goldman Sachs, has rejected the idea that Bitcoin is replacing gold in a recent interview with CNBC International:

Advertisement

The digital currencies…they are not substitutes to gold. If anything, they would be a substitute to copper…They are pro-risk, risk-on assets.

Currie argues that Bitcoin is "definitely" a risk-on asset based on Goldman's trading history:

If anything, you would argue that Bitcoin substitutes against risk-on inflation hedges, not risk-off inflation hedges.

He explains that gold, as a risk-off asset, hedges bad inflation, which is observed when supply is being curtailed.

Related
Ark’s Cathie Wood Says Bitcoin Could Be Today's Gold Standard

Gold crushed Bitcoin in May

When Bitcoin started eating away at demand for gold-backed exchange-traded funds in late 2020, Wall Street started crowning it as the "new gold."

However, the tide has turned in the yellow metal’s favor as of late. While Bitcoin logged its third-biggest monthly drop on record in May, gold was up seven percent within the same period—its best month since July 2020.

TV
Image by tradingview.com
Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles