Jeff Currie, the global head of commodities research at Goldman Sachs, has dismissed comparisons between Bitcoin and gold as an inflation hedge, and described BTC as more akin to a “risk-on” asset like copper.
Speaking on CNBC’s Squawk Box Europe on June 1, Currie noted that copper and Bitcoin both work as “risk-on assets” for hedging due to their volatility while describing gold as a more stable “risk-off” hedge”:
“Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are a substitute for risk on inflation hedges not risk-off inflation hedges”
“You look at the correlation between Bitcoin and copper, or a measure of risk appetite and Bitcoin, and we’ve got 10 years of trading history on Bitcoin — it is definitely a risk-on asset,” he added.