Goldman Sachs Head of Commodities Calls for a Decade-long Supercycle


bitcoinexchangeguide.com

44 m

Reading time: ~2 m


Former WeWork CEO Adam Neumann is interested in investing in cryptocurrencies. Speaking publicly for the first time in two years, at the New York Times DealBook Summit on Tuesday, Neumann said that he is currently investing through a family office in cryptocurrencies. Neumann reportedly sold shares worth more than $700 million to start his own family office. Cryptocurrencies have had a bullish start of the week as Bitcoin made a new all-time high just above $68,500 while Ether went to hit a new high at $4,845. The total market cap of the cryptocurrency market has also surpassed $3 trillion. According to Goldman Sachs’ global head of commodities research, Jeffrey Currie, commodities are in a supercycle driven by the recovery from the COVID-19 pandemic and stimulus measures boosting demand. “We expect a structural bull market in commodities, very similar to what we saw in the 2000s or the 1970s,” said Currie at the Reuters Commodities Summit. “At its core is not only a structural decline in supply across the whole commodity complex, but it's also a structural rise in demand,” he added. According to Currie, this supercycle could be “multi-year, potentially a decade.” He further cited decarbonization efforts, US-China rivalry to control future technologies, and efforts like the trillion-dollar infrastructure plan that was passed very recently to improve living standards as the reason for a rise in demand for commodities. While Currie didn’t refer to Bitcoin, but oil, copper, and aluminum when he recommended investors to “stay long” on commodities due to supercycle, crypto market participants like Three Arrows Capital CEO and co-founder Su Zhu have been calling for a crypto supercycle throughout this year. “Now that the world understands crypto is in a supercycle,” Zhu said, renewable mining projects are popping up all over the world, especially in poorer nations. “This creates tremendous soft power, provenance, and aligns the nonaligned to a real Third Way,” he added. 


Source link

You May Also Like