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Goldman Sachs Analyst Says Crypto Is an Alternative to Copper, Not Gold
The analyst noted both bitcoin and copper behave as “risk-on” inflation hedges, while gold is viewed as a haven.
Jeff Currie, Goldman Sachs’ head of commodities research, said Tuesday cryptocurrencies are not a substitute for gold when looking for an inflation hedge, but for copper.
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- Speaking on CNBC’s "Squawk Box Europe", Currie said both gold and crypto have been deemed as hedges against rising prices.
- He noted that while gold is viewed as a haven asset, both bitcoin and copper behave as “risk-on” assets.
- "Digital currencies are not substitutes for gold," Currie said in the interview. "If anything, they would be a substitute for copper. They are pro-risk, risk-on assets. They are substitutes for risk-on inflation hedges, not risk-off inflation hedges."
- Since April gold has risen by almost $200 due to the weak U.S. dollar. Bitcoin has increased more than 25% in 2021, but is down more than 25% over the past three months, CNBC said on its website.
- “You look at the correlation between bitcoin and copper, or a measure of risk appetite and bitcoin, and we’ve got 10 years of trading history on bitcoin, it is definitely a risk-on asset,” Currie said.
Read more: Goldman’s Crypto Chief Worries About Fraud, but Not Cryptocurrency’s Future
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
