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Ethereum Could steal Bitcoin’s thunder as Store of Value
July 7, 2021
Published by Violet MC
As bullish on Ethereum, Goldman rejected cryptos’ advantage to gold when it came to taking the top spot between security of assets. U.S. multinational investment bank Goldman Sachs thinks the native crypto of the Ethereum blockchain has the potential to be replace of bitcoin. Ethereum can be as the dominant store of value crypto.
Based on a report by Business Insider published on Tuesday. The bank thinks Ethereum’s utilization cases own the highest “potential,” at the moment. This potential is real by being the most famous development platform for smart contracts.
In addition, in this report cited Goldman’s talked to clients which, while bullish on Ether, denied cryptos’ superiority to gold. It happened when it was time to taking the top spot among safety and security of assets.
“Gold is competing with crypto to the same extent it is competing with other risky assets such as equities and cyclical commodities,” he mentioned. “We view gold as a defensive inflation hedge and crypto as a risk-on inflation hedge.”
Goldman also said rively between cryptocurrencies showed another big risk element. Which stops the emerging asset class from being safe places to park one’s investment.
The comments echo last month’s statements from the bank’s consumer and wealth management division. Which consisted that cryptocurrencies were “not a viable investment” for diversified portfolios.
Ethereum and the Shyft project
Regulation of cryptocurrency is unavoidable. The Shyft project aids crypto firms to have the identity and data sharing necessities of the Financial Action Task Force (FATF), but with the least amount of centralized reliable authority. Dependent on how blockchains already work. FATF is a global anti-money laundering group.
“A lot of projects are taking a kind of progressive decentralisation approach,”. Shyft co-founder Joseph Weinberg mentioned this in an interview. “But we are saying this needs to be hardened, ready for primetime, and come with really good censorship resistance across the infrastructure from day one.”