Bitcoin Eyes Price Boom After Goldman Sachs’ Call to Buy Gold


Bitcoin investors and bulls are once again looking lively on Tuesday as after Goldman Sach’s call to buy gold in the Coronavirus-induced market turbulence generated comparable possibilities for the Bitcoin and Altcoin market. 

A commodity researcher at Goldman Sachs Jeffrey Currie said that the Gold has reached an “inflection point” after the Federal Reserve declared that it would purchase an unlimited amount of securities and Treasury that are backed by the mortgage bonds.

Bitcoin
Source: Goldman Sachs, Bloomberg

Bitcoin Price Eyes Price Increase

Many people believe that Bitcoin price will not recover its past reputation but the CEO of Galaxy Digital Mike Novogratz said that it requires limelight in the year 2020. He tweeted:

In the last 15 days, the Bitcoin price has seen some completely insane price fluctuations like dropping by almost 50% to reaching and recovering approximately 80% of this huge fall. Right now, the bulls and bears are fighting for another crucial progress, with Bitcoin price touching $6,000.

Conclusion

The Bitcoin Price and Gold both are exceptional commodities. The crypto market and fiat market both are currently facing a huge drop because of coronavirus but as Gold is a safe-haven asset and it acts as a boundary on inflation in financial crises such as now. In the long run, bitcoin’s conservative characteristics will make its long-term value similar to that of gold.

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