Goldman Sachs Acknowledges More Potential in Ether than Bitcoin

Goldman Sachs has recently shared its view on the future viewpoint for bitcoin and ether in a note that was published on Tuesday.The investment bank’s analysts have reportedly claimed that ether’s real use cases could make the aspects of cryptocurrency which would be ultimately overtaking bitcoin as the top cryptocurrency.

However, Goldman Sachs chooses gold, stating that neither of the cryptocurrency options will be able to surpass the value of gold anytime soon. The analysts described that the various options of cryptocurrencies are not a direct competitor to gold as a safe harbor asset due to their high instability.

Goldman explained that gold is competing with crypto to the same level as competing with other financial assets such as equities and other cyclic merchandise. Goldman views gold as a self-protective inflation verge, and it views crypto as a risk-on inflation verge.Additionally, the investment bank has clarified that the competition between the different types of cryptocurrencies is hurting the ability of crypto to become a safe asset class for investors.

Goldman Sachs is not the only one who is seeing more potential in ether than in bitcoin. Jim Cramer, the host of CNBC’s Mad Money Show, said that he withdrew all of his money out of bitcoin and invested it in Ethereum for a similar reason which has been quoted by Goldman Sachs. In April 2021, the rival investment bank, JPMorgan, also described why ether is now beating bitcoin.