gold Bitcoin Goldman Goldman Sachs: gold to beat Bitcoin long term
Gold is a more"useful portfolio diversifier," and it is expected to outperform Bitcoin in the long term, according to Goldman Sachs.
Gold is"a useful portfolio diversifier," said Goldman, noting that the precious metal has clear non-speculative use cases while Bitcoin is still searching for one. Bitcoin is still"a solution looking for a problem," and its potential comes from future use cases. And this makes it a much more volatile and speculative asset class than gold, Goldman explained.
"Bitcoin's volatility to the downside was also enhanced by systemic concerns as several large players filed for bankruptcy," including the FTX crypto exchange and the Three Arrows Capital hedge fund.
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