Many people are predicting that the United States will be pumping another stimulus package into the economy in order to put some life into the collapsing turmoil. But as the US gets ready to do this, Goldman Sachs has recommended that you should buy gold during the installation and the debasement fears over the US dollar. Earlier this week we did an article saying that Goldman Sachs believes that the price of gold will rise up to $2300 by 2022.
But when it comes to gold's counterpart, bitcoin, Goldman doesn’t seem to have a big opinion on it.
It is very unlikely that the institution would recommend bitcoin in today’s market, even though the dollar is very uncertain right now and the price of cryptocurrency seems to be appreciating.
Earlier this year in May, the company announced an important conference call to discuss cryptocurrencies. The company made the scepticism clear of the nascent industry saying, “a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”
The company has made it very clear that they believe that crypto and anything related to the industry is used for illicit activities by malicious individuals. It seems that the company has failed to realise that they are both good and bad. Yes, bitcoin is used by bad actors to hack and scam people’s bitcoin out of them but it can also be used for payments in a positive manner.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!