Bitcoin versus gold is one of the most talked about topics in the cryptocurrency industry, and there has been a lot of discussion over the past few months about the rise in Bitcoin and gold prices.
However, two of the Wall Street banking giants disagreed over Bitcoin and gold. A few days ago, JPMorgan strategists said there could be a systematic move from Gold ETFs to Bitcoin (BTC) since October 2020. In other words, it was concluded that investors who appear in the gold market may be exiting this market and entering the crypto money market.
The banking giant said in a bold statement that “gold will suffer for years because of Bitcoin,” referring to the growing popularity of Bitcoin among the millennium generation. But another Wall Street giant, Goldman Sachs, who opposed this idea, said that Bitcoin’s popularity is not a threat to gold.
It seems Goldman does not pay much attention to current market developments. Institutions are pouring several million dollars into Bitcoin, citing inflationary pressure and central banks’ hard liquidity measures. Investment giants like Guggenhiem Partners have already set a target of $ 400,000 for Bitcoin (BTC).
In the 4th quarter of 2020, many big names from insurance giants to mutual fund companies contributed to the latest rally by investing in the world’s largest cryptocurrency, bringing the price to an all-time high of over $ 23,500.