Goldman Sachs believes that Gold is a more useful reserve than Bitcoin.
Goldman Sachs plans to lay off part of its present workforce.
The America-based Goldman Sachs, the second largest investment bank, said that the most precious metal, Gold, will outperform the largest cryptocurrency, Bitcoin, in the long term. Goldman Sachs called it “Gold is a useful portfolio diversifier.”
In a recent report, Goldman Sachs stated, “Bitcoin’s volatility to the downside was also enhanced by systemic concerns as several large players filed for bankruptcy. Tighter liquidity should be a smaller drag on Gold, which is more exposed to real demand. Moreover, Gold may benefit from structurally higher macro volatility and a need to diversify equity exposure.”
Earlier the investment bank had planned to downsize its existing workforce.
David Solomon, CEO of Goldman Sachs, pointed to the benefits of blockchain growth in regulated financial institutions. “Used correctly, blockchain can support respo
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