{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=&target_lang=DE&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=Bitcoin+not+%22digital+gold%22+according+to+Goldman+Sachs+director&text=According+to+Jeff+Currie%2C+a+Goldman+Sachs+director+of+research+and+commodities%2C+Bitcoin+is+more+of+a+%22digital+copper%22+than+gold.&text=The+head+of+commodities+research+at+leading+banking+firm+Goldman+Sachs+Jeff+Currie+believes+that+Bitcoin+might+not+be+the+digital+gold+it+is+hailed+as+in+the+industry.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AAccording+to+Currie%2C+the+comparison+between+gold+and+Bitcoin+is+not+accurate.+He+sees+Bitcoin+more+like+a+digital+%22%3Cem%3Ecopper%3C%2Fem%3E%22+as+Bitcoin+is+more+actively+risky+as+an+asset+like+copper%2C+while+he+suggests+gold+is+a+better+hedge+against+inflation.+In+an+interview+with+CNBC%E2%80%99s+Squawk+Box+Europe%2C+the+bank%27s+research+director+offered+that+he+sees+Bitcoin+and+other+cryptocurrencies+as+%22%3Cem%3Erisk-on+assets%3C%2Fem%3E%22.+He+noted%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%3Cem%3E%22Digital+currencies+are+not+substitutes+for+gold.+If+anything%2C+they+would+be+a+substitute+for+copper%2C+they+are+pro-risk%2C+risk-on+assets.+They+are+a+substitute+for+risk+on+inflation+hedges+not+risk-off+inflation+hedges...+You+look+at+the+correlation+between+Bitcoin+and+copper%2C+or+a+measure+of+risk+appetite+and+Bitcoin%2C+and+we%E2%80%99ve+got+10+years+of+trading+history+on+Bitcoin+%E2%80%94+it+is+definitely+a+risk-on+asset.%3C%2Fem%3E%E2%80%9D+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0AThese+comments+follow+a+massive+downturn+in+the+market+where+Bitcoin+fell+by+nearly+37%25.+In+a+matter+of+weeks%2C+Bitcoin+dropped+from+its+highest-ever+trading+value+of+more+than+%2460+000+USD+to+just+above+%2436%2C600+USD+at+the+time+of+writing.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0ACurrie+continued+to+say+that+%E2%80%9C%3Cem%3Ethere+is+good+inflation+and+there+is+bad+inflation...+Good+inflation+is+when+demand+pulls+it.+%5BHowever%5D+Gold+hedges+bad+inflation%2C+where+supply+is+being+curtailed%2C+which+is+%E2%80%A6+focused+on+the+shortages+on+chips%2C+commodities%2C+and+other+types+of+input+raw+materials.+And+you+would+want+to+use+gold+as+that+hedge.%E2%80%9D+%3Cstrong%3EBold%3C%2Fstrong%3E%3C%2Fem%3E%0A%0AWhile+Bitcoin+and+gold+can+coexist+in+the+market%2C+the+Goldman+Sachs+director+has+said+that+it%27s+still+too+early+for+Bitcoin+to+compete+in+the+market+as+a+hedge+against+inflation.+With+the+volatility%2C+he+argues+Bitcoin+is+too+vulnerable+to+lose+value+than+to+demand+it+as+it+stands.","timeout":15}