{"id":3247,"date":"2018-01-13T03:01:36","date_gmt":"2018-01-13T03:01:36","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=3247"},"modified":"2018-01-15T11:25:54","modified_gmt":"2018-01-15T11:25:54","slug":"goldman-sachs-believes-cryptocurrency-may-substitute-real-money-africa","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/goldman-sachs-believes-cryptocurrency-may-substitute-real-money-africa\/","title":{"rendered":"Goldman Sachs Believes Cryptocurrency May Substitute Real Money In Africa"},"content":{"rendered":"

\"\"Goldman Sachs has stated that Bitcoin could be a blessing to the people who live in countries where the domestic currency continues to lose value due to inflation and supply mismanagement. In such countries, Bitcoin could succeed as a form of money. <\/p>\n

The statement issued by Goldman Sachs<\/a> is a big contrast from the opinion of several high profile investors who had dismissed Bitcoin as a bubble.<\/p>\n

Goldman Sachs, which has a huge influence on the US administration, has pointed out that foreign currencies make up more than 90% of deposits and loans in countries such as the Democratic Republic of Congo and Zimbabwe. Thus, Bitcoin could be of great help to those people living in countries with severe restrictions on the use of fiat currencies from other countries.<\/p>\n

Goldman analysts Zach Pandl and Charles Himmelberg<\/strong> said <\/p>\n

\u201cIn recent decades the U.S. dollar has served its purpose relatively well. In those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives.\u201d<\/p><\/blockquote>\n

Further, the analysts said <\/p>\n

\u201cOur working assumption is that long-run crypto currency returns should be equal to (or slightly below) growth in global real output\u2014a number in the low single digits. Thus, digital currencies should be thought of as low\/zero return or hedge-like assets, akin to gold or certain other metals.\u201d<\/p><\/blockquote>\n

However, the analysts warned that investors may not realize astronomical gains, if digital currencies become a widely used form of payment. The statement from Goldman Sachs indicate that major financial institutions have started realizing the impact crypto currencies can have on the lives of people living in autocratic regimes.<\/p>\n

It can be recalled that Jamie Dimon, CEO of JP Morgan Chase, called Bitcoin a fraud<\/a> last year. Similarly, legendary billionaire investor Warren Buffett continues to disapprove Bitcoin as a medium of payment. Even Ray Dalio, a hedge fund manager, has dismissed Bitcoin as a bubble. However, Jamie Dimon has already admitted that he regrets calling Bitcon as a fraud.<\/p>\n

In an interview with Maria Bartiromo of Fox Business Network<\/a>, Dimon said <\/p>\n

\u201cI regret making them. The blockchain is real. You can have crypto Dollars and Yen and stuff like that. ICO\u2019s you have to look at individually. The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I\u2019m not interested that much in the subject at all.\u201d<\/p><\/blockquote>\n

Following the introduction of Bitcoin derivatives in the CME and CBOE exchange, JP Morgan\u2019s analysts<\/a> have made a detailed study of the crypto currency and credited it with the status of emerging asset class, comparable to gold.<\/p>\n

Cryptocurrency traders and investors are hopefully looking for the day it would become a recognized form of legal tender in several countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs has stated that Bitcoin could be a blessing to the people who live in countries where the domestic currency continues to lose value due to inflation and supply mismanagement. In such countries, Bitcoin could succeed as a form of money. The statement issued by Goldman Sachs is a big contrast from the opinion […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,68],"tags":[],"class_list":["post-3247","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrency"],"yoast_head":"\nGoldman Sachs Believes Crypto May Substitute Real Money In Africa<\/title>\n<meta name=\"description\" content=\"Goldman Sachs has mentioned that cryptocurrencies has the potential to succeed as form of real money in countries suffering from rampant inflation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/goldman-sachs-believes-cryptocurrency-may-substitute-real-money-africa\/\" \/>\n<meta property=\"og:locale\" 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