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Goldman Sachs Believes BTC Cannot Compete with Gold Because its Real Scale of Use is Very Low

ByLouis Adams

Dec 14, 2022 #Bitcoin
Reading time: < 1 minute

According to a report by Goldman Sachs, in the long term, gold will retain its status as the best asset, whereas Bitcoin will not be able to compete with the precious metal because its real scale of use is very low.

The company’s experts have said that the digital currency will remain a speculative asset, as its value is highly dependent on the monetary policy of central banks, whereas gold retains its autonomy.

In annual terms, the loss of Bitcoin amounted to 75%, and the precious metal remained almost unchanged in price over the same period. BTC depends on the sentiment that dominates the risk asset market.

BTC will remain volatile until it becomes a tool for everyday use, which has not yet happened. The mass adoption of digital currency is still far away.