Goldman Sachs sees more potential in ether than in bitcoin – news bitcoin news

According to the global investment bank Goldman Sachs, ether is the cryptocurrency with the highest real potential for use and could overtake Bitcoin as the dominant digital store of value.

Ether could overtake Bitcoin as the dominant store of value, says Goldman Sachs

Goldman Sachs shared its views on the future outlook for Bitcoin and Ether in a note released Tuesday. The investment bank’s analysts reportedly argued that the real world use cases of ether could make cryptocurrency the dominant digital store of value, overtaking Bitcoin as the top cryptocurrency. They write:

[Ether] currently looks like the cryptocurrency with the highest real potential usage, as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.

However, Goldman Sachs prefers gold, stating that neither of the two cryptocurrencies can overtake gold anytime soon. The analysts stated that due to their high volatility, cryptocurrencies are not a direct competitor of gold as a safe haven.

Goldman wrote: “Gold competes with crypto as much as it does with other risky assets like stocks and cyclicals. We see gold as defensive protection against inflation and crypto as protection against inflation against risk. “

In addition, the investment bank pointed out that competition between different cryptocurrencies is affecting crypto’s ability to become a safe asset class for investors. Goldmann concluded:

This competition between cryptocurrencies is another risk factor that prevents them from becoming safe havens at this stage.

Goldman Sachs isn’t the only one who sees more potential in ether than in bitcoin. Jim Cramer, the host of CNBC’s Mad Money Show, said he withdrew all of his money from Bitcoin and invested it in Ethereum for a similar reason cited by Goldman Sachs. In April, rival investment bank JPMorgan explained why Ether outperformed Bitcoin.

Do you agree with Goldman Sachs on Bitcoin, Ether and Gold? Let us know in the comment section below.

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