Bitcoin alerts from Goldman Sachs to its customers

International investment bank Goldman Sachs has stated that Bitcoin is not the ‘new gold’ and precious metals such as gold are still the best long-term savings tool.

In the note sent by the bank to its customers, evaluations were made about why it is more beneficial to keep gold in portfolios.

‘Sensitive to hacking’

According to the news of Dünya Newspaper, valuable Stating that metals are the best long-term savings tools, the institution also opposed the fact that some see Bitcoin as ‘digital gold’.. Goldman emphasized that Bitcoin is “sensitive” to hacking, with high volatility in prices.

Bitcoin ban in China is cited as an example

Noting that virtual currencies have regulation risks, Goldman He cited the recent Bitcoin ban in China as an example.. It was reminded that cryptocurrencies can take on a new structure in times of crisis, and that two different cryptocurrencies, Bitcoin and Bitcoin Cash, emerged last summer.

Volatility was noted

Goldman stated that daily volatility is less. He pointed out that in 2017, the volatility in Bitcoin was about 7 times that of gold.. The institution included the statement, “Despite the recent popularity of cryptocurrencies, they are not the ‘new gold’”. While spot gold has risen by more than 10 percent this year, the virtual currency Bitcoin, which has been experiencing sharp fluctuations, has appreciated over 400 percent.

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