Like Silver Is Poor Man's Gold, Gold Is Becoming The Poor Man's Crypto, Says Goldman Sachs.
17 Nov 2021, 08:00
Like Silver Is Poor Man’s Gold, Gold Is Becoming The Poor Man’s Crypto, Says Goldman Sachs
Gold, the precious metal that has served as the foundation of the world’s monetary system for thousands of years, is under pressure. Bitcoin and other cryptocurrencies are flipping the asset in recent months, changing the balance as we know.
Gold – The Poor Man’s CryptoDamian Courvalin, Head of Energy Research at Goldman Sachs has warned that gold is losing its crown to Bitcoin as the leading asset for a hedge against inflation. The Goldman Sachs exec stated this at an interview with Bloomberg where he laid bare his mind on the correlation between both asset classes.
According to the expert, a few years ago, it was easy to say that Bitcoin and Gold could co-exist in harmony without the need to “cannibalize each other” but in recent months a seismic shift has occurred. He cites the recent inflation signal as a valid reason for the rise of cryptocurrencies against gold as a suitable hedge against inflation.