“He is the gold, my lord!” » – Goldman Sachs is a key player in the finance international. Each of its positions is carefully analyzed by the press and observers. First of all, rather mixed on Bitcoin and cryptocurrencies, The firm has quietly changed its tune in recent years. She finally became interested in the sector and more particularly in these times of sales. But, for all that, the Wall Street bank is betting that thegold will surpass Bitcoin in the years to come and that it would therefore be a better investment. Here are the arguments of the New York bank published in a note earlier this week.
The bank begins by making arguments cyclical stating that in a context of crisis economic more or less latent, gold represents a investment less susceptible to price fluctuations than other assets such as Bitcoin. Difficult to oppose anything to this assertion insofar as gold has been rising gently for years while the price of crypto is on a roller coaster.
The yellow metal is thus an excellent means of to diversify his wallet and to protect himself against inflation generalized, even against a possible deflation greenback or other official currencies. Finally, the clincher is usefulness gold in the economy real. In effect, such as increasing central bank reserves or its multiples uses industrial. It is thus used for its different physical properties as a component in the electronics, medical and even aerospace sectors.
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Bitcoin struggles to compare with overly volatile price and questionable utility
Faced with all these argumentsthe bank is struggling to find any use for Bitcoin. She even goes so far as to say that he is “a solution in search of a problem ». The formula slightly exudes bad faith, but the punch line is well found! Moreover, for the investment bank, Bitcoin behaves like “a high-growth, but also high-risk tech stock » over the last few years.
And the variations in the price of the most capitalized cryptocurrency on the market prove these professional analysts right with a drop of almost 75% over a year. This tends to reinforce its image as an asset volatile with investors. Finally, recent events in the industry do not work in favor of Bitcoin in this duel against gold, with the resounding bankruptcies of major players such as Three Arrows Capital Where FTX.
In summary, for Goldman Sachsit is not a question of making a cross on bitcoin, but rather to be pragmatic and to recognize that the economic conditions are not right for a surge in cryptocurrencies in the years to come. That said, she readily acknowledges that investor interest is growing and that utilities could appear in the future. So much for the arguments of the bank created in 1869 and which has been delivering its analyzes for more than a century. But, this is only one point of view and another story comes to us from the Seychelles where Arthur Hayes think, him, that the best is yet to come.
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