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Bitcoin not comparable to gold says Goldman Sachs guru

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Comparisons between gold and bitcoin are wide of the mark according to Goldman Sachs’s head of commodities Jeff Currie.

A better comparison would be copper said the analyst, especially for an investor looking for an inflation hedge.

Gold is a haven, he told CNBC, but bitcoin and copper are more akin to “risk-on” assets.

“They are substitutes 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,” Currie said. 

Over the past four weeks, bitcoin has shed around US$20,000 to US36,762 while gold has risen by 1% to US$1,837 per oz.

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