A depreciating US dollar as a reserve currency coupled with investors looking for attractive alternatives could see both BTC and gold rise. Major investment banking company Goldman Sachs says the price of gold will rise 20% to reach $2,300 before the end of 2022.
The commodity hit new record highs on July 31 at more than $2,000 per ounce, but Goldman believes it still has a long way to go. According to a report cited by Bloomberg, the bank believes the price of gold will surge to $2,300 in the next 12 months — a revised forecast that originally predicted $2,000 — due to concerns over the US dollar’s standing.
Analysts at Goldman Sachs stated on July 28 that a “record level of debt accumulation” from the U.S. government and “real concerns around the longevity of the US dollar as a reserve currency” had affected the price of the commodity. Gold is currently pricedat $1,975 per ounce.
Goldman said the measures taken by the U.S. government to lessen the economic impact caused by the pandemic — for example, stimulus payments — could easily lead to a rise in debt through currency debasement. The bank stated that such conditions would boost prices in gold and silver.
However, many other alternatives to fiat currency would look more attractive to investors as the U.S. dollar slowly loses its value as a reserve currency.
Cointelegraph reported on July 30 that Bitcoin (BTC) could be a better hedge against inflation than gold. Since March, the cryptocurrency has had a stronger negative correlation with the dollar than gold.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 76.8% | 43 | $70 839.13 | 2.77% | 7.82% | $1 393 188 771 575 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 76.4% | 48 | $3 563.41 | 1.64% | 1.81% | $427 864 652 586 | ||
3 | USDT | Tether predictions | 94% | 1 | $1.000158 | 0.05% | 0.02% | $104 470 687 167 | ||
4 | BNB | Binance Coin predictions | 59.6% | 80 | $581.75 | 1.72% | 4.80% | $86 992 219 931 | ||
5 | SOL | Solana predictions | 55.6% | 89 | $187.57 | 1.81% | 4.39% | $83 335 013 100 | ||
6 | XRP | XRP predictions | 81.6% | 32 | $0.626949 | 2.28% | -1.53% | $34 409 617 914 | ||
7 | USDC | USD Coin predictions | 95.6% | 2 | $0.999983 | 0% | -0.01% | $32 294 227 146 | ||
8 | DOGE | Dogecoin predictions | 64% | 68 | $0.220054 | 19.30% | 44.12% | $31 612 266 983 | ||
9 | ADA | Cardano predictions | 68.4% | 67 | $0.651557 | 0.15% | 2.89% | $23 183 704 549 | ||
10 | AVAX | Avalanche predictions | 60% | 88 | $54.51 | 0.60% | 1.13% | $20 572 303 957 | ||
11 | SHIB | SHIBA INU predictions | 54.4% | 94 | $0.000032 | 6.09% | 17.43% | $18 750 576 640 | ||
12 | TON | Toncoin predictions | 60.8% | 88 | $4.89 | -2.04% | 19.49% | $16 974 265 868 | ||
13 | DOT | Polkadot predictions | 74.4% | 52 | $9.54 | 1.09% | 2.91% | $13 610 260 280 | ||
14 | BCH | Bitcoin Cash predictions | 68.4% | 60 | $573.46 | 5.78% | 37.10% | $11 286 731 664 | ||
15 | LINK | Chainlink predictions | 80% | 42 | $19.20 | -0.96% | 3.92% | $11 272 368 207 |
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