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 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, , 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.
The post Goldman Sachs (NYSE:) Head of Commodities Calls for a Decade-long Supercycle first appeared on BitcoinExchangeGuide.
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