Goldman Sachs: Bitcoin (btc) Is Not A Store Of Value

Goldman Sachs: Bitcoin is Not The New Gold Investing, News | October 19, 2017 By: Bruce Haring Investors are being warned that bitcoin and other cryptocurrencies are not the “new gold,” at least in the view of the Goldman Sachs financial firm.

In a note to its investor community, Goldman touted precious metals as “a relevant asset class” for portfolios. “The use of precious metals is not a historical accident – they are still the best long-term store of value out of the known elements,” the investment bank said.

At the same time, Goldman noted that bitcoin is not a great store of value. “Gold wins out over cryptocurrencies in a majority of the key characteristics of money,” Goldman said. The firm cited the risks of hacking and “significant regulatory risks,” including the recent Chinese ban of initial coin offerings (ICO).

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