Goldman speak about the gold vs bitcoin debate

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(Kitco News) – Goldman Sachs have had their say on the bitcoin vs gold debate recently. Goldman Sachs CEO David Solomon appeared on CNBC’s Squawk Box, and he predicted that there would be “a big evolution” in the digital currency space in the coming years.

Talking about the future he said “This is a space that’s evolving…I think there will be a big evolution as to how this evolves in the coming years.”. On some of the challenges, he added “There are significant regulatory restrictions around us and us acting as a principle around cryptocurrencies like Bitcoin.“.

Many have been wondering if GS are going to offer crypto’s to their clients and on the subject, Solomon said “As our clients have demanded to be involved in this space we can continue to find ways to support our clients.”.

In comparison to gold, he said “I think Bitcoin is on an inevitable path to have the same market capitalization and then a…higher one than gold. It’s how fast adoption is happening. Adoption is happening faster than I had predicted.”. He still thinks of gold as an asset because in the interview he never describes bitcoin as a payment mechanism “digital asset that is more like gold than a payment network, so its value will continue to increase over the years.”.

Looking at the bitcoin price there is a consolidation area emerging between $61788.45 and $50370.33. Interestingly there is an upward sloping trendline running at the bottom of the waves and if it breaks there could be a chance that the price might hit the aforementioned consolidation low. On the topside, there is a trendline at the peaks of the price to break and beyond that the all-time high. Lastly, the volume has been very light at the moment and it seems the chatter around bitcoin has gone slightly quiet, but these things do not tend to last long. 



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