Bitcoin Is the New Gold: Goldman Sachs
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Content adapted from this Zerohedge. As The Wall Street Journal reports, businesses that sell gold coins and other products made from the precious metal usually thrive during years like And as WSJ notesone reason for the declining business: A number of retail buyers are turning to cryptocurrencies like bitcoin to store money during periods of stresssome analysts say.
Bitcoin has "taken some of the dedicated interest in gold away from gold," said Mohamed El-Erian, chief economic adviser at Allianz SE, who warned at a CME Group event in September that cryptocurrencies could pose a long-term threat to the precious metal. Thomas of Zaner Precious Metals said authorized gold purchasers who buy directly from the U. Mint have been getting hurt, too, because of waning dealer demand. Jim Rickards and Goldman recently opined on the Bitcoin vs Gold debate From my zero hedge gold bitcoin coin, you might as well discuss gold versus watermelons or bicycles versus bitcoin.
In other words, it's a phony debate. I agree that gold and bitcoin are both forms of money, but they go their own ways. But people love to discuss it, and I guess Goldman Sachs is no different. Goldman Sachs has released a new research report that comes down squarely on the side of gold as a reliable store of wealth rather than bitcoin, which is untested in market turndowns.
Precious metals like gold are "neither a historic accident or a relic," said the report. It affirmed that gold is more durable than cryptocurrencies because cryptocurrencies are vulnerable to hacking, government regulation and infrastructure failure during a crisis. Since Goldman's research department has not been notable as a friend to gold, the fact that they favor gold over bitcoin is highly revealing in more ways than one. I don't deny that bitcoin has made some people multimillionaires, but I also believe it's a massive bubble right now.
I don't own any bitcoin and I don't recommend it. My reasons have to do with bubble dynamics, potential for fraud and the prospect of government intrusion. So bitcoin evangelists seem to think I'm a technophobe. But I've read many bitcoin and blockchain technical papers. I "get it" when it comes to the technology.
I even worked with a team of experts and military commanders at U. I will say, however, that I believe in the power of the technology platforms on which the cryptocurrencies are based. These zero hedge gold bitcoin coin usually called the "blockchain," but a more descriptive term now zero hedge gold bitcoin coin wide use is "distributed ledger technology," or DLT.
So although I am a bitcoin skeptic, I believe there is a great future for the blockchain technology behind them. I'm not telling anyone not to own cryptocurrencies, but you need to do your homework before you do. Account zer0hedge is not affiliated with ZeroHedge. I feel Gold is going to be less imperative in the future since we are moving towards a digital world.
Things that were physical and of value years ago like plants and inventory are now replaced with software licensing and ecosystems. It only makes sense for the store of wealth to be the zero hedge gold bitcoin coin. I agree with cryptoeagle. The tide is such that people will want the digital gold over the real stuff.
It is easy to move around and harder to confiscate. Plus, we are moving zero hedge gold bitcoin coin a tokenized world.
I've been tempted to sell my gold and silver to put in to crypto There is a role for both gold and bitcoin in anyone's portfolio. Right now bitcoin is on fire. It's really striking how much bitcoin has gone up in recent months. Even when it corrects, it comes back strongly and zero hedge gold bitcoin coin new highs. Zero hedge gold bitcoin coin wonder if zero hedge gold bitcoin coin like Warren Buffett and Jamie Dimon who publicly trash bitcoin are trying to talk it down so they can get in at a lower price!
Gold is tangible and we can have it in our hands, Bitcoin is now on the rise, and as it will be, nobody can predict the maximum for another 5 years. Blokchain technology is the biggest revolution that will bring about change, this is the main thing in the whole story. Comparing Gold and Bitcoin makes sense if we consider them as money, or have completely different logic.
Source Gold prices are rallying, but retail gold dealers and shops are struggling to survive. There's no natural relationship between the two what traders call a "basis". Finally, this gentlement seems to sum up the general perspective I read ZeroHedge multiple times a day to find the best articles and reformat them for Steemit. I appreciate the upvotes but consider following the account and resteeming the articles that you think deserve attention instead.
Head over to ZeroHedge. Authors get paid when people like you upvote their post. He just recently started investing in Apple Excellent post thanks for sharing.
