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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

At the dawn of a new Internet, is Bitcoin on path to replace Gold?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC Goldman Sachs BTCUSD

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After high demand from its customers, banking giant Goldman Sachs has made a 180-degree turn on its position towards Bitcoin. In the second quarter of this year, it will offer its wealthiest customers access to the cryptocurrency.

In March last year, the banking institution denied that BTC is an asset class. Now, Global Head of Digital Assets Mary Rich endorsed one of the narratives that has favored the cryptocurrency the most over the course of the year in an interview with CNBC: Bitcoin is a hedge against inflation.  Rich said:

(…) we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.

Bitcoin as sustitute for gold

Galaxy Digital CEO and Bitcoin bull Mike Novogratz also gave an interview to CNBC and stated that his firm is “excited” to work with Goldman Sachs and other institutions. Novogratz believes that the market has matured enough for institutions “as big” as this one to enter the crypto market.

However, he believes the crypto financial ecosystem is in “its first inning” and expects to see more BTC integrations into the traditional market during the year. Comparing the performance between Bitcoin to that of gold and silver, Novogratz determined that the “adoption story” has been BTC’s biggest tailwind and the reason the precious metals are underperforming.

Tesla, MicroStrategy, Morgan Stanley, Goldman Sachs and other institutions’ stake in BTC strengthens it politically, Galaxy Digital’s CEO added, asserting that there are enough Bitcoin users in the U.S. to claim that “we have crossed the Rubicon.”

Taking actions that hurt the cryptocurrency industry could be too unpopular. In response to a question about the “true” value of 1 BTC, Novogratz confessed that his original price for the cryptocurrency was $60,000 because it would reach 10% of gold’s market cap. However, Novogratz thinks it could go further:

Bitcoin is on an inevitable path to have the same market cap then a higher market cap as gold. It’s just how fast adoption happens. Adoption is happening faster than I had predicted. It’s shocking to me how people are moving into the system and how short people are. Once you decide it’s an asset class, if you are not long, you are short.

Bitcoin is trading at $59,014 with minor gains of 0.1% and 8% in the last week. Upon Goldman Sachs announcement, BTC has seen a bullish momentum after a drop in the 24-hour chart.

Bitcoin BTC Goldman Sachs
BTC closes on its ATH in the 24-hour chart. Source: BTCUSD Tradingview

With Glassnode data, analyst William Clement claims BTC’s capital inflows are on the rise setting a price floor at $54,800. The analyst added:

A lot of distribution in the current range we’re sitting in as well, don’t expect price to stay at these levels for long.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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