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Goldman Sachs analyst: Bitcoin “akin to gold”, can serve as alternative for some fiat currencies

Zach Pandl, analyst at Goldman Sachs, has reviewed the financial status of cryptocurrencies and how people use it, and found that in some properties, Bitcoin is akin to gold. “Digital currencies should be thought of as low/zero return or hedge-like assets”, he explained, then telling this resembles gold and other precious metals.

Previously, the head of Goldman Sachs expressed a sense of amusement when asked about Bitcoin and cryptocurrencies, but told that while he can’t trust something that goes up so quickly, he was wrong about many things in the past, including cellphones he thought nobody would use. The possible reason for his entertained facial expressions is perfectly described by Marcus Sakamoto on Bitnewstoday: he tells that the market capitalization is still too small for bankers of the world to consider coins a serious business.

Zach Pandl’s conclusions, however, demonstrate a slow evolution of the views within the walls of Goldman Sachs. Also, Goldman Sachs told in the same report that cryptocurrency can be a good tool in the countries where the local currency is surrounded with problems - clearly implying third world countries like Zimbabwe, of course.

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