The rise of bitcoin is no threat to gold – Goldman Sachs ...News

Bitcoin’s rising popularity doesn’t endanger gold, Goldman Sachs Group said, adding that while the top cryptocurrency may be pinching some demand from the oldest of havens, the precious metal’s standing will endure. “Gold’s recent underperformance versus real rates and the dollar has left some investors concerned that bitcoin is replacing gold as the inflation hedge of choice,” the bank said in a note seen by Bloomberg. “While there is some substitution occurring, we do not see bitcoin’s rising popularity as an existential threat to gold’s status as the currency of last resort.” According to Goldman, institutions and wealthy investors

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