Bitcoin Paradigm Shift Is Around The Corner
You may recall that Goldman Sachs recently blasted Bitcoin, but not everyone agrees that the king coin is not a viable safe haven.
This year, the interest in the digital asset has been increasing, showing the people’s trust in the leading crypto.
Swiss Bank responds to Goldman Sachs’ allegations
Swiss Bank Says Goldman Sachs was wrong about Bitcoin according to the latest reports coming from the online publication the Daily Hodl.
A Swiss Banks responds to a recent report from Goldman Sachs that declares Bitcoin is neither an asset not a suitable investment.
Swissquote’s head of digital assets Chris Thomas released a point-by-point rebuttal to the report.
He compares Bitcoin’s volatility and wild swings in the traditional markets.
“Absolutely, Bitcoin did fall 37% on March 12, 2020. And just one month later, oil markets plunged 333% in the space of 24 hours, nearly 10x a greater drop, touching a low of minus $40 per barrel at one point. In December 2019, Goldman Sachs predicted the average oil price through 2020 would be $63 per barrel,” according to official notes.
A paradigm shift is on its way
Also, it’s worth noting that regarding the assertion that investments should not be reduced to a need for others to pay higher prices, Thomas said that traditional markets are also functioning on an assumption of capital appreciation as well.
“The ultimate decision to buy (or sell) comes down to whether we believe the price will go higher (lower) and hence whether someone else is willing to pay a higher (lower) price for that investment…” he said as cited by the online publication mentioned above.
He continued and explained, “Bitcoin, and select others, are the driving force behind the paradigm shift which is happening. Goldman Sachs is ignoring the strong foundations of this emerging asset class.”
At the moment of writing this article, Bitcoin is trading in the green and the coin is priced at $9,683.14.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.