Goldman Sachs Gold Will Hit $2,300 by 2022. What About Bitcoin
By: Date: August 20, 2020 Categories: Finance

The market has been witnessing some shifting patterns over the last few months, or some would even say years. The US dollar is steadily decreasing in its valuations, which have led to traders turning towards better substitutes. Such market tendencies have begun to blow the wind in favor of commodities such as Gold, and experts predict this may give a pleasant boost to Bitcoin as well. A significant trading corporation and banking conglomerate have stated that Gold’s valuations are set to experience a rise of over twenty percent of its value by the second year after this one gets over.

The Unprecedented High of Gold

Gold as a resource and trading item has seen a meteoric rise in its trading price records since last month. This rise has settled its price at around two thousand dollars for a single ounce. But seasoned bankers predict that the surge has not ended yet. According to evaluations conducted by a major financial corporation and media outlet, the gold valuations may grow to be priced at about two thousand and three hundred dollars by the end of this year. They may be even until the middle of the next one. A significant reason behind this is the poor performance of the United States dollars and its gradually dying value.

How this supports Bitcoin?

The ongoing Coronavirus and its devastating effects on the population had compelled many governments over the world to provide no-strings-attached monetary assistance to its citizens, which will, for sure, take a massive toll on an already weak economy. This temporary measure will most probably cause an increase in standing debts because of a weakening currency. Thus, fiat currencies will suffer due to these circumstances, but all hopes will be turned towards other substitute sources of value, such as precious metals. And what is another such substitute commodity? Bitcoin! Thus all these disheartening predictions against national governments will turn more positive for Bitcoin as investors would flock to its market to save their investments.

Many experts are even saying that Bitcoin could possibly be a better option compared to Gold. Such statements are based on the fact that the particular brand of crypto-currency has seen more strengthening valuation in relation to the drowning dollar than that of Gold. The blockchain stays strong as the economy fails.