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Crypto is Not a Substitute for Gold but Copper: Goldman Sachs Head of Commodity Research

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Jeff Currie – the Global Head of Commodities Research at Goldman Sachs – shared his thoughts on Bitcoin being a gold replacement. According to him, digital assets are substitutes for copper.

From Gold to Copper

In a recent CNBC interview, Jeff Currie warned that cryptocurrencies are risky and people should not consider them as a gold substitute. He opined that copper is a much more similar asset to be compared to digital assets:

”Digital currencies are not substitutes for gold. If anything they would be a substitute for copper. They are pro-risk, risk-on assets.”

Currie explained that Bitcoin is very volatile and should not be called ‘digital gold’ as it is a very new asset. Having only around 11 years of trading history, the primary cryptocurrency could be a substitute for copper or oil as they are risk-on assets as he analyzed:

”Bitcoin substitutes against risk-on inflation hedges, not risk-off inflation hedges. There’s good inflation and bad inflation. Good inflation is when demand pulls it. And that’s what Bitcoin hedges, that’s what copper hedges, that’s what oil hedges.”

On the other hand, Currie described that the precious metal is a risk-off asset, which prevents inflation.

What is Goldman Sachs’ Stance Towards Crypto?

Goldman Sachs has demonstrated a very controversial viewpoint towards cryptocurrencies throughout the years. In 2017, the institution launched a cryptocurrency trading desk, decided to halt it, and eventually restarted it. In 2020 the global investment bank said that digital assets are a bad investment. Moreover, some analysts from the company argued that bitcoin and cryptocurrencies are not an asset class.


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However, a report from last week suggested things may have changed.

The announcement described the essential characteristics of the leading cryptocurrencies and the usefulness of each one. The institution opined on some of the most popular digital assets. According to it, Bitcoin serves as a large-cap currency, XRP as a real-time settlement system, Ethereum as a smart contract platform, BNB as a utility token/application, and Polkadot as a blockchain with interoperability capabilities.

Additionally, Goldman Sachs said that Bitcoin’s value lies fundamentally in its use and acceptance.

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Source: https://cryptopotato.com/crypto-is-not-a-substitute-for-gold-but-copper-goldman-sachs-head-of-commodity-research/

Blockchain

New York City to Become the ‘Center of Bitcoins,’ Promised Mayoral Front Runner

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The number of US city mayors, whether current or running, supporting bitcoin continues to grow. After Miami’s Francis Suarez, the favorite to win the race in New York City, Eric Adams, promised to make NYC different in a year, including becoming the “center of bitcoins.”

BTC Going to NYC?

Running as a Democrat, Eric Adams is a polarizing figure that managed to get ahead in the race through an old-school strategy by receiving support from Black and Latino voters with unions.

Although roughly 70% of voters didn’t make him their first choice, the new and controversial voting system in the city has made him the favorite. The latest polls showed a lead of over 75,000 votes over Maya Wiley.

Apart from making the usual political promises of lowering crime rates and creating new jobs, he also outlined a somewhat unexpected strategy, which he believes will bring back economic prosperity to one of the world’s most important cities.

During a recent speech, he spoke about his intentions to turn New York City into a technology hub, and he even briefly mentioned the largest cryptocurrency – bitcoin.


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“I’m going to promise you in one year, you are going to see a different city. We are going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of bitcoins.”

New York City. Source: LovelyPlanet
New York City. Source: LovelyPlanet

Somewhat expectedly, the CEO of MicroStrategy, Michael Saylor, was quick to weigh in on the matter, saying that “bitcoin is hope for New York.”

Miami’s Mayor Leads the Way

Months before Adams spoke about bitcoin, another mayor of a large US city was the first to express his support about the asset. Francis Suarez, the mayor of Miami, said he was opened to explore investing 1% of the treasury reserves in BTC.

Since then, he has reaffirmed his stance, indicating that he is a holder of bitcoin and ether. He also attracted the world’s largest Bitcoin conference to take place in Miami, where he praised the primary cryptocurrency once more.

Most recently, Suarez tried to lure BTC miners into relocating to his city and promised them incentives like cheap nuclear energy.

Featured Image Courtesy of TownandCountryMag

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Source: https://cryptopotato.com/new-york-city-to-become-the-center-of-bitcoins-promised-mayoral-front-runner/

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Blockchain

Kraken Daily Market Report for June 24 2021

Republished by Plato

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Overview


  • Total spot trading volume at $1.02 billion, the 30-day average is $1.49 billion.
  • Total futures notional at $332.0 million.
  • The top five traded coins were, respectively, Bitcoin (+2.9%), Tether (0%), Ethereum (+1.0%), Cardano (+8.7%), and Dogecoin (+12%).
  • Strong returns from Tron (+14%), Dogecoin (+12%), and Siacoin (+11%).

June 24, 2021 
 $1.02B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
BTC 
$34664. 
↑2.9% 
$344.5M
USDT 
$0.9999 
↓0.03% 
$275.9M
ETH 
$1988.1 
↑1.0% 
$165.3M
ADA 
$1.3586 
↑8.7% 
$63.5M
DOGE 
$0.2635 
↑12% 
$46.6M
USDC 
$1.0 
↑0.0% 
$37.4M
XRP 
$0.6701 
↑4.6% 
$31.6M
DOT 
$16.218 
↑2.6% 
$21.9M
LINK 
$19.029 
↑3.4% 
$13.1M
LTC 
$134.44 
↑4.2% 
$10.3M
SC 
$0.0115 
↑11% 
$7.74M
XMR 
$225.31 
↑3.1% 
$6.9M
KSM 
$205.14 
↓0.29% 
$6.88M
BCH 
$486.82 
↑2.9% 
$6.11M
TRX 
$0.0660 
↑14% 
$6.0M
EOS 
$3.9205 
↑6.8% 
$4.61M
AAVE 
$209.93 
↑0.8% 
$3.91M
FLOW 
$8.71 
↑1.7% 
$3.59M
XLM 
$0.2685 
↑5.0% 
$3.39M
DAI 
$1.0003 
↓0.0% 
$3.2M
FIL 
$57.137 
↓2.6% 
$2.87M
MINA 
$1.76 
↓2.8% 
$2.67M
MATIC 
$1.2027 
↑2.3% 
$2.57M
ATOM 
$10.358 
↑7.8% 
$2.16M
UNI 
$18.041 
↑1.4% 
$1.97M
OXT 
$0.2463 
↑3.2% 
$1.9M
NANO 
$5.0086 
↑7.7% 
$1.8M
ALGO 
$0.8725 
↑4.8% 
$1.75M
KAVA 
$3.5567 
↑5.0% 
$1.61M
KEEP 
$0.2697 
↓0.5% 
$1.55M
ANT 
$3.5411 
↓0.9% 
$1.5M
SOL 
$31.19 
↑3.1% 
$1.49M
XTZ 
$2.8275 
↑5.2% 
$1.34M
ETC 
$43.079 
↑5.2% 
$1.26M
OMG 
$3.8772 
↑3.4% 
$1.23M
DASH 
$131.23 
↑3.0% 
$1.22M
YFI 
$31305. 
↑1.0% 
$1.21M
MANA 
$0.5238 
↑4.8% 
$1.13M
ZEC 
$112.63 
↑0.8% 
$1.03M
COMP 
$256.34 
↑5.9% 
$942K
SNX 
$6.5814 
↓1.4% 
$772K
ICX 
$0.8113 
↑3.4% 
$724K
WAVES 
$13.517 
↑2.9% 
$678K
QTUM 
$6.1507 
↑4.7% 
$635K
BAT 
$0.5719 
↑3.9% 
$523K
GRT 
$0.6017 
↓0.23% 
$522K
MLN 
$66.198 
↓0.6% 
$514K
CRV 
$1.6669 
↑11% 
$504K
PAXG 
$1779.5 
↓0.14% 
$427K
OCEAN 
$0.4304 
↑4.7% 
$409K
BAL 
$17.98 
↑6.2% 
$400K
REPV2 
$12.863 
↑8.7% 
$353K
STORJ 
$0.6808 
↑2.7% 
$349K
KNC 
$1.4049 
↑4.0% 
$341K
RARI 
$8.02 
↓11% 
$338K
MKR 
$2235.8 
↑3.2% 
$265K
LPT 
$23.16 
↓4.9% 
$231K
SRM 
$2.9789 
↑2.4% 
$226K
EWT 
$6.2520 
↑5.6% 
$184K
LSK 
$2.0937 
↑5.3% 
$166K
GNO 
$148.32 
↑0.4% 
$150K
ANKR 
$0.0783 
↑1.8% 
$146K
REP 
$18.633 
↑3.1% 
$131K
SUSHI 
$6.99 
↑0.9% 
$96.2K
REN 
$0.3520 
↑1.4% 
$82.5K
SAND 
$0.2019 
↑4.2% 
$37.2K
ENJ 
$1.07 
↑2.0% 
$36.6K
GHST 
$0.9626 
↓1.8% 
$21.9K
ZRX 
$0.66 
↑3.3% 
$18.6K
TBTC 
$35310. 
↑10% 
$4.22K
BNT 
$3.1430 
↑4.0% 
$1.99K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (June 24 2021)



Figure 2: Mid-size trading assets: (measured in USD) (June 24 2021)


###########. Daily Returns. #################################################

Daily Returns %


Figure 3: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (June 24 2021)


###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

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Source: https://blog.kraken.com/post/9743/kraken-daily-market-report-for-june-24-2021/

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Blockchain

Dogecoin: Investing ‘in currency with dog’ makes sense to this section?

Republished by Plato

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The adage, “You work hard for your money and your money should work hard for you,” will, perhaps, never age with time. Investing is important, if not critical, to make your money work for you. Until a few years back, the masses mostly relied only on stocks and physical assets like gold and property as investments. In fact, for the older generations, the traditional array of assets is a go-to option on any given day. 

Nevertheless, with the emergence of digital assets like cryptocurrencies, market participants now have a wide range of assets to choose from. As a matter of fact, the newer assets resonate well with the newer generations. Even during market adversities, the younger generations express their enthusiasm and keep claiming that they’re “in for the tech.”

A meme that pointed out the different assets chosen by people from different generations was doing the rounds on social media lately. It, however, managed to garner traction majorly because the self-proclaimed ‘DogeFather’ reacted to its irony, thus instilling the Dogecoin v. Real estate debate.

Interestingly, in May 2020, Elon Musk took social media to announce that he was giving up most of his possessions. What’s more, he explicitly stated that he would not own any house henceforth.

Reportedly, before the aforementioned Twitter announcement, Musk owned several luxury mansions in California that had a cumulative valuation of over $100 million. Musk’s reaction to the meme makes even more sense when the above dots are connected. Well, apart from traditional asset proponents, even people close to Musk were apparently “mad” at him for taking such a call. 

Source: Motely Fool

A recent study highlighted that Gen Z and millennial investors prefer using an amalgamation of both new and old investment strategies. Cryptocurrency, however, remained the second most likely asset to be held by Gen Z investors. Well, according to the age-wise stratification, Musk falls into the Gen X category, which is typically characterized to be “conservative” with their investment choices. 

Now even though Tesla’s ‘Techno-King’ doesn’t belong to the Gen-Z or millennial category, he has evidently been fond of cryptos, especially Dogecoin over the past few months. However, the meme-coin’s value recently plunged and the community opined that even Elon would not be able to save it.

Now, since real-estate is most likely out of Musk’s equation, the odds of Musk resurrecting the meme coin and taking it on ‘moon ride’ has increased. Riding on the back of Elon’s tweets, Dogecoin has managed to record a YTD return of +4112.69%.


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Source: https://ambcrypto.com/dogecoin-investing-in-currency-with-dog-makes-sense-to-this-section

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