On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Goldman Sachs’ head of energy research says, “Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto.” He sees funds starting to flow from gold into bitcoin as inflation fears escalate, noting that “We’ve argued historically that crypto and gold do not have to cannibalize each other.”
Goldman Sachs on Gold and Bitcoin
Damian Courvalin, Head of Energy Research at Goldman Sachs, talked about the outlook for gold and crypto in an interview with Bloomberg Thursday.
He was asked whether he sees any evidence of investors using other assets, including bitcoin and cryptocurrencies, to hedge against inflation other than gold. “I think it’s actually starting,” he replied, adding: “We’ve argued historically that crypto and gold do not have to cannibalize each other.”
Admitting that “it’s a fact, we have seen substitution recently,” he detailed:
Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto.
Courvalin continued: “At this point, there may be enough wealth to allocate to both, especially, I think, as that inflation signal is starting to be more pressing.”
The executive noted: “The value of crypto is its network, just like the value of oil is the fact that it’s consumed. Gold, like diamonds and art, doesn’t have that. It’s just a pure defensive asset that can outperform over a significant period of time.”
The Goldman head of Energy Research, further noted that when China banned cryptocurrencies, investors moved into gold.
Many people have turned from gold to bitcoin amid inflation fears. In October, billionaire hedge fund manager Paul Tudor Jones said, “Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at the moment.” He emphasized that “crypto is here to stay.”
In the same month, JPMorgan said, “Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold.” The firm also doubled down on its long-term bitcoin price prediction of $146K for bitcoin as an alternative to gold.
Meanwhile, some people like both gold and bitcoin. Rich Dad Poor Dad author Robert Kiyosaki, for example, has been recommending both bitcoin and gold. In his latest prediction, he warned of a giant market crash followed by a new depression. He recommended, “Be smart: Buy, gold, silver, bitcoin.”
What do you think about the comments by Goldman Sachs’ executive? Let us know in the comments section below.
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