Dr. bitcoin? Goldman says cryptocurrency’s meteoric rise is tracking a key proxy for global growth

Analysts at Goldman Sachs have identified a surprisingly similar trend between the world's most valuable virtual currency and a base metal with a reputation as a barometer for the global economy.Bitcoin and copper prices have both been on a tear for most of this year, hitting record-highs amid the ongoing coronavirus pandemic."Both institutional investors and wealthy individuals avoid cryptocurrencies due to its inherent transparency issues, while speculative retail investment causes Bitcoin to act as an excessively risky asset," analysts at Goldman Sachs said in a research note published Thursday."In fact, since the depths of the first lockdown Bitcoin's rise has closely tracked that of copper, a key proxy for global growth," they added.Bitcoin prices have skyrocketed. The volatile cryptocurrency, in a move that reminded many market participants of a similar rally in 2017, climbed above $20,000 for the first time in its history on Wednesday.It has since breached $23,000, according…

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