Wall Street is driving Bitcoin’s price rise this month according to Bloomberg, even as Goldman Sachs still picks gold over crypto.
In comments on Bloomberg TV, the publication’s analyst Edward Robinson said bank clients are “knocking on the door” after seeing charts showing Bitcoin’s 2017 growth. He commented:
“I think Wall Street may actually be responsible for driving the price, because it’s with every announcement that Wall Street is thinking of embracing Bitcoin as a new asset class that we start to see this surge.”
The debate over Bitcoin’s attractiveness versus precious metals meanwhile is becoming a preoccupation for major investment bank Goldman Sachs.
After its CEO suggested an open-minded approach to crypto earlier this month, analysts at the giant nonetheless said traditional assets were still “important… despite their lack of yield.”
“They are neither an accident or a historic relic,” Jeffrey Currie and Michael Hinds added.
Other theories explaining Bitcoin’s rapid appreciation towards $6,000 in October are more reactionary. The upcoming two hard forks of the network, Bitcoin Gold and SegWit2x, are expected to produce significant price volatility in a similar manner to July’s Bitcoin Cash.
Nonetheless, analysts from within the cryptocurrency space have remained broadly bullish as China’s impact waned, predicting a solid $6,000 price tag by the end of the year and significantly more in the later short-term.