Goldman Sachs says bitcoin will compete with gold as ‘store of value’

Reuters/Elizabeth Howcroft/1-5-2022

“Bitcoin will take market share away from gold in 2022 as digital assets become more widely adopted, Goldman Sachs analyst Zach Pandl said in a research note to clients.”

USAGOLD note: Bitcoin trades more like a new issue tech stock than a safe haven – more like a pure speculation than store of value. Down almost 14% on the year thus far and almost 35% from its high three months ago – and pretty much being dragged down in the wake of the tech wreck – it passes the duck test with flying colors. At the end of this article, Reuters points out that Goldman Sachs restarted its crypto trading desk in 2021.

Bitcoin/U.S. dollar
(3 months)

Chart courtesy of TradingView.com • • • Click to enlarge