Altcoin News: Ex-Goldman Sachs Manager Calls to Buy Bitcoin
The Bitcoin is battling against the resistance of nearly $10,000 today, as demand in the markets appears to be filled with fresh energy. As investors seek to protect themselves from an impending recession, they wonder what they should buy to hedge.
A prominent economist and former Wall Street expert say, Bitcoin is considered one of the best hedges, as it could be important in the future financial system as it may not be based on Fiat anymore.
In a recent Twitter thread, Raoul Pal has doubled this view, paving the way out of a possible recession — or possibly an economic crisis — with the cryptocurrency.
Goldman Sachs, formerly head of hedge fund sales, said that much of the world’s assets, from equities to commodities (but not Bitcoin), are entering uncertain areas.
Pals assessment for the two-year US Treasury is currently on a potential yield collapse of -4 percent. This would allow for a complete change in funding. With negative interest rates in Europe and Japan, this is not excluded.
In addition, the commodity index threatens to break an important level of support, which may be accompanied by a deflationary spread reflected in interest rates. But also banks in sensitive regions, especially in Japan and Europe, supposedly wobble on the “cliff of death”, as the Bitcoin bull puts it.
In reality, however, a recession is emerging. He says that this should prompt investors to buy bonds, dollars, diamonds and Bitcoins. There are countless economic trends that can do that if Pal has not convinced you to buy Bitcoin as a hedge.
Author: Marko Vidrih