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Goldman Sachs Report: Ethereum Has the Potential To Surpass Bitcoin As A Store Of Value

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Ethereum, the second largest cryptocurrency in the world, recently received support from Goldman Sachs, one of the leading American investment banks.


In a research note on Tuesday, the New York investment bank, Goldman Sachs mentioned that Ethereum growing popularity makes it a prime contender to overtake Bitcoin as the most valuable digital currency.

Read: Swiss Bank Sygnum Becomes First Regulated Bank To Offer ETH 2.0 Staking

According to a Report, the investment bank believes that Ethereum currently looks like the cryptocurrency with the most real potential. The report Said, it is the most popular smart contract app development platform.

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Ethereum may overtake Bitcoin as the dominant digital store of value in the coming years, according to a report published by Business Insider citing the latest research note from Goldman Sachs.

However, Goldman Sachs believes that the growing competition between various cryptocurrency assets, including Ethereum, Bitcoin, Binance Coin, and Cardano, is a major risk factor.

Read: Less Risk Of Major Sell off As Ethereum Balances See Big Drop On Exchanges

Goldman Sachs research note writes:

“ETH currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications. The competition among cryptocurrencies is another risk factor that prevents them from becoming safe-haven assets at this stage,” 



Goldman Sachs noted that despite the latest surge in the popularity of cryptocurrency assets like Ethereum and Bitcoin, none of them will be able to overtake Gold anytime soon. The bank highlighted the risky nature of digital currencies.

Read: Galaxy Digital CEO, Mike Novogratz: Ethereum Can Become the Biggest Crypto

The research says:

“Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities. We view Gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.” 

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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