After Blasting Bitcoin (BTC), Goldman Sachs Is Now Shorting the US Dollar

After Blasting Bitcoin (BTC), Goldman Sachs Is Now Shorting the US Dollar

Goldman Sachs is betting against the US dollar right after downplaying Bitcoin (BTC) and the increasing institutional investments in the top cryptocurrency.

During an investment advisory call for its clients last week when the banking giant blasted the king coin as “not a viable investment”, Goldman also revealed doubts that the US dollar will perform well amid the reopening of economies worldwide.

Now, it’s becoming clear that Goldman’s strategy is to short the world’s reserve currency.

Goldman strategists, led by global foreign exchange heads Zach Pandl and Kamakshya Trivedi, are under the impression that the price of the US dollar will fall because investors will likely move their funds from the traditional safe-haven currency to the stock market when the economy recovers.

They also recommend shorting the US dollar against the Norwegian krone as they expect Norway to quickly rebound from the coronavirus crisis.

“(Norway’s) demographics and domestic medical infrastructure make it better equipped for the outbreak than many other countries, and its strong fiscal position puts it at a distinct advantage.”

“While others are forced to either limit their fiscal policy support or dramatically increase borrowing – both potentially currency negatives – Norway is able to repatriate funds from its investments abroad.”

Featured Image: Shutterstock/rangizzz/StudioSmart

James Donald
James Donald writes for the Crypto section of Select News 91. He is an economic expert with a special interest in the unregulated currency system. He believes that the future of the planet lies in the unregulated system and that cryptocurrency is only beginning its journey. Whether his prediction is true or not, his skills certainly show his ability to analyze trends and dissect policy decisions. His column talks about the various cryptocurrencies failing and succeeding in a market that is nowhere near saturation.

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