The bear market is ripe for all sorts 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 prophecy may not please bitcoiners, or at least would cause them to react.
Goldman Sachs predicts bitcoin’s loss to gold
” Goldman Sachs: We expect gold to outperform bitcoin in the long term »
Could this be a reversal of jacket signed Goldman Sachs? However, this Wall Street giant has always been open to bitcoin and cryptocurrencies. In 2019, he already predicted a rise in the price of BTC. Invite economic players to a strategic meeting on bitcoin, support companies specializing in cryptocurrencies such as Elwood Capital and FTX, issue loans in bitcoins, or even plan the buyback of cryptocurrencies from bankrupt cryptocurrency loan platforms such as Celsius Network… were part of his past.
In an article published on December 12, Reuters revealed that Goldman Sachs ” expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long run “. A research note issued by the bank highlights Goldman Sachs’ position in favor of gold. In his view, this asset is less likely to be influenced by financial conditions.
However, bitcoin and cryptocurrencies seem vulnerable to the lack of mass adoption or to successive revisions of the FED’s interest rate. 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 top-notch skeptic. Schiff does not hesitate to use his popularity to slander bitcoin or predict its total collapse.
Moreover, the penchant for gold is not just the preserve of banks like Goldman Sachs. Some countries also seem seduced by gold: such is the case of Ghana, which is betting on this precious metal to fill up with oil on an international scale. Reason: local governments undoubtedly want to make gold an alternative to the dollar. Very audacious as a plan!
For several years, celebrities from finance and institutions have tried to compare gold with bitcoin. Some of them, like Paul Tudor Jones and Robert Kiyosaki, have chosen the camp of the doyenne of cryptocurrencies. If Goldman Sachs has made an about-face, it is because the cryptosphere has undergone a profound upheaval lately.
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