Don't be surprised if ether takes over bitcoin as the dominant digital store of value, Goldman Sachs says
Ethercould overtake bitcoinas the dominant digital store of value in the coming years, Goldman Sachs said in a Tuesday note.
- Ether "looks like the cryptocurrency with the highest real use potential," Goldman argued.
- "This competition among cryptocurrencies is another risk factor that prevents them from becoming safehaven assets," Goldman said.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
The bank believes ether "currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications," according to the note.
That means ether could eventually overtake bitcoin as the top cryptocurrency, according to Goldman. While bitcoin may have the stronger brand given its first mover advantage, it lacks some of the often-cited real use cases of ether, in part due to its slow transaction speed of just seven per second.
But regardless of which cryptocurrency reigns supreme, neither will be able to overtake gold any time soon, Goldman said, arguing that its high volatility doesn't make it a direct competitor to a safe haven asset like gold.
"Gold is competing with
And the competition between different
"This competition among cryptocurrencies is another risk factor that prevents them from becoming safehaven assets at this stage," Goldman concluded. As of Tuesday afternoon, there are 10,772 different cryptocurrencies in existence, according to data from CoinMarketCap.
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- The best wildlife photos of the year show a curious grizzly, dueling reindeer, and fish swimming through a cloud of sperm
- Trading app Public lists shiba inu coin on its trading platform as the Robinhood rival broadens crypto offerings
- Unemployment rate in India sees a dip after a month
- L&T aims to become carbon neutral by 2040 and here's how
- Paytm may drop its pre-IPO sale as advisors recommend lower valuation
- Adidas onboards Deepika Padukone as its global brand ambassador
- The depth of India’s vaccination drive — Gujarat tops the list, UP and Bihar yet to vaccinate a third of their population