• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
NewsBTC

Banks are Recognizing Bitcoin as a Safe Haven Asset

Joseph Young by Joseph Young
5 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

Goldman Sachs analysts including Jeffrey Currie and Michael Hinds have compared Bitcoin to gold, and the relevance of Bitcoin as a safe haven asset in the global economy.

Demand For Bitcoin as Safe Haven Asset is Increasing

Over the past two years, the demand for Bitcoin has increased at an exponential rate, as the market cap of Bitcoin surpassed that of leading financnail institutions such as Goldman Sachs. Specifically, as billionaire investors including hedge fund legend Mike Novogratz have stated, institutional and retail investors have begun to invest in Bitcoin as a long-term investment and a safe haven asset.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“I can hear the herd coming,” said Novogratz. “I was just in San Francisco, met with a few big institutional investors and their still a ways away but they’re coming. Lots of funds are being raised and so I’m pretty confident to say that it [Bitcoin price] is going higher.”

In major Bitcoin markets such as Japan and South Korea, mainstream media outlets and news networks have started to provide extensive coverage on Bitcoin, alongside reserve currencies and assets such as gold.

More to that, as CNBC’s Brian Kelly explained on Fast Money, the demand for Bitcoin and cryptocurrencies as a new asset class is increasing rapidly.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Ahead of our big #bitcoin show tonight, @BKBrianKelly breaks down why Wall Street’s hot for the #cryptocurrency $BTC pic.twitter.com/B8RNdkljEE

— CNBC’s Fast Money (@CNBCFastMoney) October 10, 2017

Goldman Sachs Recognizes Bitcoin and Cryptocurrencies as a New Asset Class

Earlier this week, Goldman Sachs analysts Jeffrey Currie and Michael Hinds emphasized the relevance of gold in the global economy in spite of the emergence of new asset classes such as Bitcoin and cryptocurrencies. Such statement implied the existential threat Bitcoin and the cryptocurrency market has against traditional assets such as gold and reserve currencies.

“Precious metals remain a relevant asset class in modern portfolios, despite their lack of yield. They are neither a historic accident or a relic. Looking at properties such as durability and intrinsic value, they are still relevant even with new materials discovered and new assets emerging, such as cryptocurrencies,” the statement of Goldman Sachs analysts released by Bloomberg read.

Previously, figures like Peter Schiff in the gold industry have dismissed Bitcoin as a safe haven asset. But, recently, investors like Schiff and Cuban have slightly altered their viewpoints toward Bitcoin, due to the increasing demand for cryptocurrencies in the market.

Peter Schiff, who continued to call #bitcoin a scam, is seeing that the demand toward bitcoin simply cannot be ignored. Offers BTC brokerage pic.twitter.com/eFKTHn5JOJ

— Joseph Young (@iamjosephyoung) September 28, 2017

As the Bitcoin market matures and trading platforms provide sufficient liquidity for institutional investors, the price of Bitcoin will increase at a fast pace in the mid and long-term. It is an optimistic indicator for the mid and long-term growth of Bitcoin that large investment banks such as Goldman Sachs are recognizing Bitcoin as a threat and competitor against assets like gold, which have dominated the economy as the leading safe haven asset.

Investors have started to realize the benefits and advantages of Bitcoin over gold, especially in terms of transportability, decentralized nature, and encrypted ownership. Because Bitcoin is decentralized, governments, law enforcement, and authorities cannot censor transactions and confiscate Bitcoin from users, unlike gold, which authorities have seized from holders over the past few decades.

Image Credit: Pascal Maramis, For commercial use

Tags: analysisbitcoinBitcoin newsgoldinvestmentMarket Cappricesafe haven assettrading
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

Related Posts

Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

23 hours ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

1 day ago
Bitcoin

Quant Explains How Bitcoin ‘ESR’ Can Act As Leading Indicator For Price

1 day ago
Bitcoin US Government

Bitcoin Will Be Stronger Despite Attacks From the US, Says HRF’s Executive

1 day ago
Bitcoin bull case

3 Reasons To Remain Bullish On Bitcoin In Coming Months

1 day ago
Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

1 day ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

BNB (BNB) Stagnates, Collateral Network (COLT) Presale Takes Off, And Avalanche (AVAX) Loses Ground

March 25, 2023

Don’t Be Slow! TMS Network’s (TMSN) Presale Is Selling Out Fast As Aptos (APT) And Avalanche (AVAX) Fall To A New Low

March 25, 2023

IBC Group Incubates Chirpley, Pioneering a New Era of Digital Marketing with Nano-Micro Influencer Marketplace

March 25, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.