Coinbase Pro to add DOGE to listing, and Goldman Sachs draws a parallel between BTC and copper
Coinbase Pro to add DOGE to listing
Cryptocurrency platform Coinbase Pro has released a statement on plans to add dogecoin to the listing. Clients of the exchange can already transfer cryptocoins to their accounts.
That being said, DOGE should start trading at 09:00 PT tomorrow, June 3. This will happen if the conditions that relate to liquidity are met. Coinbase Pro users will be offered DOGE pairs against the US Dollar, Euro, British Pound, USDT and BTC.
Against the backdrop of this news, the Dogecoin rate has increased by 32% over the past 24 hours, according to Coinmarketcap data. The DOGE price is $0.42.
Goldman Sachs draws a parallel between BTC and copper
Goldman Sachs’s Global Head of Commodities Research Jeff Curry believes that bitcoin does not fit the common concept of digital gold. According to the expert, BTC is more like copper.
“Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, they are pro-risk, risk-on assets. They are substitue for risk on inflation hedges not risk off inflation hedges,” Curry said.
The economist believes that bitcoin correlates with the business cycle, as it is linked to its payment system. Curry believes that BTC, like copper, is an effective defense against “good inflation” arising from growing demand. But gold is hedging against the “bad inflation” caused by the increase in supply.
Guggenheim Partners creates a fund to invest in the first cryptocurrency
Guggenheim Partners, which manages more than $350 billion in assets, is launching an investment fund for Bitcoin transactions. The new structure will focus on maximizing profits “by combining current income and capital gains.”
The portfolio of the Guggenheim Active Allocation Fund will consist of a large list of securities, which are planned to be diversified through an “alternative investment pool”.
“The Fund may seek investment exposure to cryptocurrency (notably, Bitcoin), often referred to as «virtual currency» or «digital currency,» through cash settled derivatives instruments, such as cash settled exchange traded futures, or through investment vehicles that offer exposure to Bitcoin or other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts,” the company’s prospectus says.