Despite the popularity of Bitcoin’s “digital gold” narrative, cryptocurrencies share more with a much different kind of metal, argued Jeff Currie, the head of commodities at Goldman Sachs.
„Digital currencies [are] not substitutes to gold. If anything, they may be a substitute to copper. And the reason I argue that is they’re pro-risk, they’re risk-on assets,” Currie said during an interview with CNBC yesterday.
„Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are substitue for risk on inflation hedges not risk off inflation hedges” #crypto $BTC
Jeff Currie, Head of Commods at Goldman Sachs pic.twitter.com/Qc1yXnDfvo
— Joumanna Bercetche (@CNBCJou) June 1, 2021
The terms “risk-on” and “risk-off” refer to various economic environments and the corresponding investment strategies employed by traders. In a risk-on environment, the outlook is usually positive, markets are in
Źródło: https://decrypt.co/72495/goldman-sachs-commodities-chief-calls-bitcoin-digital-copper
