Goldman Sachs compared Bitcoin with copper
Jeff Currie, the global head of commodities research at Goldman Sachs, described Bitcoin as a “risk-on” asset that is similar to copper as a hedge against inflation.
In a note from Monday, Currie stated that he believes commodities with real-world use are the best hedge against inflation, because they ultimately rely on demand and not growth rates:
“Commodities are spot-assets that do not depend on forward growth rates, but on the level of demand relative to the level of supply today.”
“As a result, they hedge short-term unanticipated inflation, created when the level of aggregate demand is exceeding supply in the late stages of the business cycle,” the note added.
