Bitcoin is the new gold –really? Goldman Sachs seems to think so, or at any rate one of its top foreign exchange strategists does.
The Wall Street bank speculates that Bitcoin could hit $100,000 in five years – more than double its current level – as it becomes recognised as a store of value and takes market share from gold.
This is quite a turnaround for the cryptocurrency, which celebrates the 13th anniversary of its launch this week.
Fools gold? Goldman Sachs speculates that Bitcoin could hit $100,000 in five years – more than double its current level
Perhaps it is still a bit much to say it has gone mainstream, but Bitcoin has certainly evolved from its beginnings as a little-known currency associated with money laundering and drugs.
In the UK, more than two million people now hold it, usually in small amounts.
One sign of growing acceptance is that Fidelity, a large global investment house with conservative investors and a reputation for sanity, has launched the first Bitcoin exchange traded fund in the US.
The fund, which deals in Bitcoin futures rather than the currency itself, isn’t available in the UK. Our watchdogs ban such products on the basis of their volatility, which is probably just as well.
Bitcoin has other important backers, including financial titans such as Melania Trump, who tweeted anniversary congratulations to its creator or creators.
The former First Lady has turned her hand to NFTs, or non-fungible tokens, selling a digital watercolour…
