Bitcoin Forum

Goldman Sachs Still Advises People to buy Gold Over Bitcoin

The financial sector has no love lost for Bitcoin and cryptocurrency. Especially major financial players are trying to keep people away from BTC right now. Goldman Sachs is one of those entities still on the fence about cryptocurrencies. For now, the bank still advises investors to buy gold over Bitcoin. An interesting stance, considering Bitcoin is worth four times as much.

http://www.newsbtc.com/2017/10/18/goldman-sachs-still-advises-people-buy-gold-bitcoin/

And has increased its value by 500% this year! :D

Yes' it's a great idea to buy gold. You'll end up with something that can be easily stolen, isn't portable and that you will have to declare while crossing the border, pay taxes on it and so on. When I hold BTC I don't have to prove ownership at every step. Nobody knows that I have it with me and nobody can access it even if they take it by force. Banks likes the fact that they can take things from you. That they can wrap it up in legal jargon and rob you of everything. Not for long ;)

Bitcoin is nothing more than a tiny asset in their portfolio, while their gold exposure is likely hundreds of times larger than Bitcoin. It's not that they are against Bitcoin or crypto currencies, because goldman sachs really isn't, but just the priorities that have more importance for them. This eventually will change, but we can't expect banks to be all over crypto when they have their core business to keep working with. It's quite funny how this article is trying to put a negative layer of dust over crypto again, try harder....

Maybe if his last name would be like Bitman he would promote Bitcoin and advice to stay away from gold ;D
Well, I'm stopped to be surprised to hear something like Mr. Goldman said. Gold really stays as safe way for long term investment, but Bitcoin brings really huge profit. Those people who have earned a lot on Bitcoin investment do not regret and even don't remind about gold. I know the point why politicians and bankers keep screaming that Bitcoin is danger, but I just ignore it making profit today and living much better life than before.

What do you expect, that they will give up on everything and go full nuts on Bitcoin? It has all to do with their clients, and till this day, these clients are still the more traditional ones who add value to something like gold.

Bitcoin is still more or less a new asset that has to prove itself in their eyes, and that while gold has been proving itself for thousands of years non stop ~ Bitcoin has a lot catching up to do in that regard.

If at some point the demand for crypto increases to such a level where their clients are shifting from gold to crypto, Goldman Sachs will then shift too, that's pretty much a basic form of logic ~ no need for a dramatic article.

buying gold is not for everyone, it is physical and more attractive to robbers, but gold has more applications than bitcoin - it can be used for industrial purposes, medical, electronics and fashion industry but owning one is for elite unlike bitcoin even an ordinary citizens can buy bitcoin, it is portable and non-physical asset but the sole purpose is for trading due to its infancy worldwide adoption down to the lowest level is still developing but the future of bitcoin as the next medium of exchange has a great potential. Gold existed long time ago and it is proven thru the test of time but bitcoin if given by any chance they can surpass gold's value. Goldman Sachs advise are old fashion style of investment, we are now leaving in a digital world and the DATA is the new gold today.

“Gold”man Sachs it is obvious anyway. Just kidding aside.

How I wish I will gain some gold on the goldtalk.org that obviously again that is not available. So I have my biases also as they might gaining or profiting in attacking bitcoin on there own name and position. How can we even trust this guy who even agreed to Jamie Dimon when he said it is a “fraud”. Ironically hypocritical. Can they even bring a Bulk of Gold by they’re pockets.

In this thread I just see people claiming that Sachs is stupid or such for believing that gold is a better investment than Bitcoin. Truth is, you have to look at the unbiased, external perspective of this. All of us here are to different degrees invested into Bitcoin. However, to an outsider who does not know much about Bitcoin, the decision of whether to invest in Bitcoin or gold is not by any means obvious. Gold has been longer standing and much better known to the masses than Bitcoin. It is also simple. There is no "technology" behind it that you have to understand, it is simply a metal that looks good and that people value. Bitcoin's value, hence, is not as obvious to the average person as gold is. The Bitcoin price also fluctuates at all and makes it a riskier investment (albeit probably a good one in the long run) than gold by a significant amount as well.

Looking at the perspective of many financial institutions, this is quite understandable. It is because any advise from them can mean a lot for their reputation and although Bitcoin has been jumping up like a kangaroo for the past many months when we talk about stability nothing can ever compared to gold though in terms of earnings nothing can beat Bitcoin. Gold has had a very long history as a financial asset and as of now no country is ever thinking of banning the buying and selling of gold unlike with cryptocurrency.

Time is coming though when Bitcoin can fully reach mainstream and it will have less volatility...this can be the time when finance and investment firms would be totally endorsing Bitcoin to their client base. As of now, ordinary guys like and me are given much leeway to enjoy Bitcoin if big institutional investors are still shying away from it.

They aren't going to fool anyone. They are peddling gold like street merchants :D
It's obvious that is they have gold they want others to buy it from them, so they can make money. Don't ever believe that a banker wants good for you and advises you to invest in something because he wants you to be rich. He always looks after himself.