Financial advisory firm Goldman Sachs has announced it will host a client call to discuss gold, bitcoin, and inflation with its customers.
Goldman Sachs Will Discuss the Powers of BTC
All three topics are likely on many investors’ minds right about now. Inflation is a big topic that’s bouncing back and forth between traders considering the coronavirus led to a $2 trillion stimulus package two months ago that saw many Americans receive individual checks of around $1,200.
While this move was clearly designed to aid in America’s economic suffering, many analysts have decried the move, saying it’s not likely to solve any major problems and that the government cannot simply print money out of thin air the way that it did. They’re worried that moves like this could potentially put heavy burdens on the U.S. dollar and lead to inflation and other economic issues.
As a result, many – such as “Rich Dad, Poor Dad” author Robert Kiyosaki – are now advising average, everyday traders to put their money into other assets such as gold and bitcoin. They believe that both have the power to hedge against inflation and keep wealth and money safe during times of economic strife.
According to crypto exchanges like Coinbase, many Americans are following this advice and have used their stimulus checks to purchase bitcoin and other forms of crypto.
Goldman Sachs says its client call will be hosted on May 27 (next Wednesday) at 10:30 AM eastern standard time. Chief investment officer of the company Sharmin Mossavar-Rhami will host the call with the aid of Jason Furman, an econ professor at the famed Harvard Kennedy Business School. Jan Hatzius – chief economist and head of global research at Goldman Sachs – will also offer advice during the event.
It’s interesting to see Mossavar-Rhami play a main role in a call having to do with bitcoin considering two years ago, he commented that he saw no value in either bitcoin or cryptocurrency in general. Now, it looks like he’s stepping onto the digital bandwagon.
Should We Really Be This Scared?
Despite all this, however, are Americans really in a position where inflation should be such a major worry? According to some analysts, widespread panic is not yet necessary in that there are several established businesses in the United States that are still up and running. They claim that the economy is not in any immediate danger, and that jumping into speculative ground this early can potentially lead to other problems.
One such figure offering this sentiment is Peter Mallouk, the president and chief investment officer of the wealth management firm Creative Planning. In an interview with CNBC, he said that speculative assets like bitcoin and gold are the wrong investments to focus on, and that there are plenty of stable stocks out there that can help keep people’s wealth in place.