Gold Is Fast Becoming The Poor Man’s Crypto — Goldman Sachs

According to the head of energy research at Goldman Sachs, Damian Courvalin, gold may now be the poor man’s crypto just like the general saying that silver is the poor man’s gold.  Courvalin has noticed funds beginning to make its way from gold into bitcoin as inflation fears continue rising.

Goldman Sachs Speaks About Gold and Bitcoin

Damian Courvalin, Head of Energy Research at Goldman Sachs made the remarks during an interview with Bloomberg on Thursday.

When asked about his opinions on whether he sees investors using any other assets apart from gold to hedge against inflation, he said he believes it is already starting.

In addition, Courvalin admitted that seeing as inflation is beginning to get more pressing, there may still be enough wealth to allocate to both.

The executive cited the fact that the value of crypto lies in its network, just like that of oil lies in the fact that it’s consumed. Gold however, just like diamonds and art, does not have that. He claims it’s purely just a defensive asset that performs over a significant period of time.

Courvalin further noted that truly when China banned crypto, investors moved into gold. However, many people have now shifted their attention towards bitcoin amid fears of inflation.

Recall also that back in October, TheCoinrise reported that billionaire hedge fund manager Paul Tudor Jones is also choosing crypto as his preference.

Therefore, crypto is obviously winning the race against gold at the moment, and according to Courvalin, it would also be his  preferred hedge at the moment.

In the same month, JPMorgan said that institutional investors are also going back to bitcoin.

Meanwhile, some people do not particularly have a preference for either gold or bitcoin. For instance, Rich Dad Poor Dad author Robert Kiyosaki, has been recommending both. In his latest prediction, he warned of a giant market crash followed by a new depression. He then recommended to buy gold, silver, bitcoin.