Investors Not Leaving Gold For Bitcoin, Says Goldman Sachs’ Jeffrey Currie
With accordance with the previous news that investers are selling gold for bitcoin,a new news surfaces says "The huge rise in the price of Bitcoin has had no major effect on the demand for gold", according to Jeffrey Currie, the global head of commodities research at Goldman Sachs.
In the interview Currie added that the demand for gold was not affected by Bitcoin’s price gains because the two assets have different investor pools.
Currie also stated that Bitcoin’s lack of regulation is hindering traditional investors moving into it. He asserted that Bitcoin and gold have different characteristics and that their recent price movements are due to the nature of demand for the assets, stating:
"In our view, Bitcoin is attracting more speculative inflows relative to gold."
Comments by other Goldman Sachs officials on Bitcoin
Goldman Sachs CEO Lloyd Blankfein said “I read a lot of history, and I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it. Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus,”
One thing that confirms that the whole crypto market is run by sentiments and news.
Let us wait and watch what's the future has for cryptomarket.