Goldman Sach: “Gold may be becoming the cryptocurrency of the poor”

Published:

Nov 14, 2021 13:38 GMT

There is a flight from gold to the crypto market, notes the head of energy research at the bank.

Cryptocurrencies are replacing gold as means of protection against inflation, has recognized a manager of Goldman Sachs, Damian Courvalin, noting the flight of investments to the crypto market from the precious metal.

Speaking to Bloomberg, Courvalin, head of energy research at the US investment bank, was clear when asked whether he was observing that investors have used assets beyond gold, such as bitcoin or other cryptocurrencies, to protect against it. consumer price growth: “In fact I think this is happening“.

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Recalling an earlier forecast from his bank that “cryptocurrency and gold should not cannibalize each other,” he acknowledged as a “fact” that “has been registered a replacement recently“.

The expert mentioned as one of the tests the influx of investments in gold detected after China introduced restrictions against the crypto market this year.

“Just as we claim that silver is the gold of the poor, gold is perhaps becoming the cryptocurrency of the poor,” admitted the expert.

However, Courvalin said there is currently “too much wealth to invest in both” assets now that “the sign of inflation has become more urgent“.

This Wednesday, the price of bitcoin marked a new high above the $ 69,000, according to data from CoinGecko, after the US Department of Labor placed in the 6.2% inflation in October, its highest level since November 1990.

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