Goldman Sachs envision better Possibility in Ether Than Bitcoin
Goldman Sachs worldwide investment Bank reveals that the cryptocurrency with the greater real use possibility is Ether and it could surpass bitcoin as the supreme digital store of value
Goldman Sachs in a note published on Tuesday, made known its view on the future prospect for ether and Bitcoin.
According to reports, they indicated that the real use cases of Ether can make the cryptocurrency the supreme digital store of value, surpassing Bitcoin as the lead cryptocurrency.
“[Ether] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.”
Nonetheless, Goldman Sachs like gold better, expressing that no cryptocurrency will succeed in overtaking gold at whatever time soon.
The analysts explicate that cryptocurrencies are not a straight rival to gold as a secure oasis asset due to their high unpredictability.
Goldman depicted: “Gold is contending with crypto to the same point it is contending with other speculative assests like cyclical commodities and equities.
We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.”
In addition, the investment bank remarked that the rivalry between different cryptocurrencies is causing pain to crypto’s power to become Investor’s secure asset class.
“This competition among cryptocurrencies is another risk factor that prevents them from becoming safe haven assets at this stage”
Goldman Sachs is not alone in the concept of more possibility in ether than Bitcoin.
The host of CNBC’s Mad money show, Jim Cramer stated that he transferred all his money from Bitcoin to ethereum for same reason mentioned by Goldman Sachs.
Contender investment bank JPMorgan explicate why ether was outdoing bitcoin, in April.