Cryptocurrencies like bitcoin are not the “new gold,” Goldman Sachs said in a note, advising investors that precious metals “remain a relevant asset class” in portfolios.
In a note to clients earlier this week, Goldman detailed the benefits of holding gold in a portfolio.
“The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements,” the investment bank said.
PG View: I remain amused by the financial press’s instances on using a gold coin emblazoned with the symbol for some cryptocurrency in both pro and con stories (the video accompanying this piece is no exception). There is nothing tangible about cryptocurrencies. Absolutely nothing. And if they need to represent it with images of something that it most definitely is not (I do it just to make that point), it might be worth considering just buying the gold in the first place.