Wednesday 14 December 2022 ▪ 12:00 in ▪
min read – with
The bear market is ripe for all kinds of predictions, for enthusiasts and skeptics alike. The famous bank Goldman Sachs has just decided on the future of bitcoin in the long term. His latest predictions may not please bitcoiners, or at least cause them to react.
Goldman Sachs is predicting that bitcoin will lose to gold
” Goldman Sachs: We expect gold to outperform bitcoin in the long term »
Could this be a reversal of Goldman Sachs’ signature jacket? However, this Wall Street giant has always been open to bitcoin and cryptocurrencies. In 2019, he already predicted an increase in the price of BTC. Invite the economic players to a strategic meeting on bitcoin, support companies that specialize in cryptocurrencies like Elwood Capital and FTX, issue loans in bitcoins, or even plan the purchase of cryptocurrencies from bankrupt cryptocurrency loan platforms like the Celsius Network … as part of his past.
In an article published on December 12, Reuters revealed that Goldman Sachs “ expect gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long run “. A research note released by the bank shows Goldman Sachs’ position in favor of gold. In his view, this asset is less likely to be affected by financial conditions.
However, bitcoin and cryptocurrencies seem vulnerable to a lack of mass adoption or consistent Fed interest rate revisions. Compared to its rival, gold, the queen of cryptocurrencies has lost 75% of its value since the first anti-inflation measures taken by Jerome Powell.
See you in 10 years, same day, same time, same apple?
” Come back to this tweet in 10 years (long term) and laugh out loud at GS. »
By betting on gold, Goldman Sachs joins the clan of Peter Schiff, chairman of SchiffGold and a first-rate skeptic. Schiff does not hesitate to use his popularity to slander or completely predict bitcoin.
Furthermore, the penchant for gold is not limited to banks such as Goldman Sachs. Some countries also seem to be attracted to gold: such is Ghana, which has bet on filling this precious metal with oil on an international scale. Reason: Local governments no doubt want to make gold in exchange for the dollar. Very clever as a plan!
For several years, famous people from finance and institutions tried to compare gold with bitcoin. Some of them, like Paul Tudor Jones and Robert Kiyosaki, have chosen the doyenne camp of cryptocurrencies. If Goldman Sachs has done an about-face, it’s because the cryptosphere has been in a lot of trouble lately.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.