status as the currency of last resort, but it may be nabbing some demand from the more traditional safe haven, Goldman Sachs said on Thursday.
"Gold's recent underperformance versus real rates and the dollar has left some investors concerned that bitcoin is replacing gold as the inflation hedge of choice," strategists led by Jeffrey Currie said in a note. "While there is some substitution occurring, we do not see bitcoin's rising popularity as an existential threat to gold's status as the currency of last resort.
According to Goldman, bitcoin is the retail reflation trade while gold is a defensive asset with long-term real capital preservation.
BarrySilbert The fact that he has to say it means that it does pose a threat to gold.
BarrySilbert Physical Gold *is* worthwhile to have. Bitcoin all but eliminates the need for paper gold. DropGold
BarrySilbert Correct. Bitcoin is a threat to no one. Anything with a intrinsic value of 0 poses no threat.
BarrySilbert LOL
BarrySilbert Bitcoin is to gold, what Uber was to taxis. Every analog network that has had a digital challenger enter their space with the intentional design to disrupt has been minimized and displaced. Gold isn’t going away. Just it’s relevance. We still have post offices.
BarrySilbert They want people to keep buying their bags of rocks
BarrySilbert 'We did however opted to change our name already', says a Bitcoinman Sachs representative.
because of transparency issues..made my day
BarrySilbert Gold is to bitcoin, what seashells were before to gold.
BarrySilbert Today, Bitcoin's surge poses no threat to gold's status as the currency of last resort, Goldman Sachs says
BarrySilbert Goldman's been right about a lot of things lately. I wonder what happened.
BarrySilbert Sure
BarrySilbert Hahaha let’s revisit this headline in 5 years
$FAZ is cheap