No Evidence That Bitcoin Is Cannibalizing Gold, Major Bank Says

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Fri, 12/18/2020 - 12:25
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Yuri Molchan
Major global banking consortium says that it sees no signs of Bitcoin's exponential growth pushing gold out of the market
No Evidence That Bitcoin Is Cannibalizing Gold, Major Bank Says
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Bloomberg has reported that Goldman Sachs believes two major rival assets can actually coexist in the same universe.

Its analysts believe that, despite Bitcoin slightly eating away at gold's profits, on the whole, XAU will not be harmed by BTC's growth.

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According to the bank, investors have recently been concerned with gold's weak performance compared to the USD and real estate. However, they still do not see Bitcoin as a crucial threat to the status of the most reliable safe haven that gold has been for centuries.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.