30 of global trade flows excluding the.S. Everyone knows more or less what they can expect from the dollar, as they can from the euro and the yen. The cryptocurrency boom, Hatzius wrote in the report. It doesnt pass the smell test, William Galvin, secretary of the Commonwealth of Massachusetts, said Wednesday. To, goldman 's Jafari, reaching that price would mark the third of "five-waves up" for bitcoin. The biggest rival to the dollar today, other than the euro and yen in terms of trade, is China's renminbi, not some cryptocurrency. . Bitcoin is penny candy and should be worth just about as much. A, goldman, sachs economist has joined the list of those concerned with the impact that cryptocurrencies, such as bitcoin, could have on the.S. For them, if Bitcoin is capable of facilitating transactions at a low cost or can provide better risk-adjusted returns for portfolios, then it is as good as money. The dollar (and euro) serve its purpose just fine in the.S.
Goldman Sachs: Today s Cryptocurrencies Will
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Bitcoin isn't there yet. Gold, too, is not really considered money, but it can easily be converted into cold hard cash. Most of these coins, however, are tokens that can only be used only to pay for the services of the startup company issuing the token. Bitcoin is for criminals. Should the blockchain technologies that are the backbone of the crypto world finally go mainstream, as seems likely, then bitcoin (and cryptocurrencies more generally) "may offer viable alternatives in countries and corners of the financial system where the traditional services of money are inadequately supplied. We will see where that goes, as Venezuela's congress has almost no muscle. But if there was such a thing as cryptocurrency back then, they might have come up with a similar plan like the one being tossed around by Nicolas Maduro, the president of Venezuela. The two Goldman economists behind the report think bitcoin could become a portfolio asset comparable to gold. . For sure, the dollar will not be worth 100 euros come summertime.
The popping Bitcoin bubble has been called twice in the last few months, starting when China banned Bitcoin exchanges on the mainland. His congress called the "petro" coin illegal on Tuesday. Related Items: analyst, bitcoin, cryptocurrency, digital currency, Goldman, sachs, News, predictions, What's Hot). Goldman, sachs says bitcoin is more likely to be used as money in emerging market nations.