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Ethereum could eventually overtake bitcoin as the top cryptocurrency: Goldman Sachs

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Shivangi Mujumdar Follow

INDIA

Jul, 09 2021

Jul, 09 2021

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While BNY Mellon and Mastercard embracing bitcoin, there is a possibility that Ethereum could eventually overtake bitcoin as the top cryptocurrency: Goldman Sachs. To be precise ether may become the dominant digital value sooner. On July 8, Goldman Sachs made this statement looking at the way companies are coming up in support of ether, XRP and ether cryptocurrencies. 


The views of Goldman Sachs: 

"This competition among cryptocurrencies is another risk factor that prevents them from becoming safe haven assets," Goldman said. Further he continued the argument stating Ether "looks like the cryptocurrency with the highest real use potential." 


With the demand and value of ether growing, there is a high possibility of ether to overtake bitcoin and turn to be the dominant value. The real use of ether case has given the potentiality for the same reason. 


Even if bitcoin is likely to have a better baring which is strong too due to its first mover advantage but there are still few things in which it lacks like the often-cited real use cases. Slow traction speed is one of those reasons that has been hampering its value too. 


The reasons of endorsement: 

The endorsement that Goldman Sachs made on Ethereum overtaking Bitcoin came after he published a report in the month of May. It covered some crucial discussions on potentiality of the crypto being an asset class. 


With U.S banks starting to accept bitcoin as one of the best transaction solutions and more mainstream investors showing interest in it but compared to ether, the adoption is quite slower. Morgan Stanley is also one of those first bank that provided funds in bitcoin while Goldman Sachs believed that it was creating cryptocurrency investments as well. 


There are commodities such as gold which are hedges against the bad inflation. Goldman gave the explanation note while most of the cryptocurrencies for the bank are “risk-on inflation hedge.” 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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