BITCOIN A SAFE HEAVEN ASSET( Goldman Sachs)
AS Bitcoin is struggling from Last weak to find good support and to cross the resistance to close above 15k
Here are the news with positive Impact Which May Effect Bitcoin in positive Way .Lets HAve A look
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The $96 billion investment bank Goldman Sachs believes bitcoin is the new gold, the premier store of value in the global finance market.
In a report sent to the bank’s clients, Goldman Sachs analyst Zach Pandl wrote that the rapid increase in demand for bitcoin has been triggered by the growing dissatisfaction with regulated monetary systems and the current banking infrastructures.
In the long-term, as cryptocurrencies mature and evolve into a major asset class, Pandl noted that digital currencies like bitcoin will pose lower returns but demonstrate a high level of stability, like gold and other safe haven assets. He wrote:
“We should stress that, as money, cryptocurrencies should have low expected returns in the long run, despite their high returns recently. Digital currencies should be thought of as low/zero return or hedge-like assets, akin to gold or certain other metals.”
BITCOINS CAPABILITY :-
But, as Goldman Sachs CEO Lloyd Blankfein explained in an interview with CNBC, if bitcoin is the natural progression from fiat money or physical forms of money to digital currencies, the market valuation of bitcoin can be easily justified.
Blankfein emphasized that abolishment of the gold standard and the abrupt introduction of the fiat currency system was not accepted and adopted by individuals and businesses at first. Over time, the global economy adapted to the fiat currency system and began using it as the main form of money.
Bitcoin could lead to the natural progression from fiat currencies to digital currencies, similar to the change from gold to the US dollar.“You move a little bit further and you get bitcoin that is not a fiat currency so I don’t trust, it and I don’t like it. On the other hand, if it works, I say maybe it was a natural progression from hard money to digital money,”
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