In the same week that Goldman Sachs increases its crypto trading department, it flip-flops again, pronouncing digital assets unworthy of investment.
Goldman Sachs, a Wall Street investment bank, has reversed its stance on Bitcoin as it tries to define the asset's investment status. With a report released earlier this week, the investment bank reversed its stance on cryptocurrencies, claiming they are not a "viable investment."
Bitcoin is not "a long-term store of wealth or an investable asset class," according to the research "Digital Assets: Beauty Is Not in the Eye of the Beholder."
This is in contrast to their May 21 study, “Crypto: A New Asset Class?”, which was generally enthusiastic about the concept and even quoted Matthew McDermot, Goldman Sachs' global head of digital assets, as saying:
“Bitcoin is now considered an investable asset”
That, in turn, was a rebuke of a previous Goldman Sachs presentation from last year, in which the bank's analysts presented five reasons why Bitcoin was not an asset class suited for investment. If you are looking to publish the great crypto news to the targeted clients then Cryptocurrency Press Release is the best site.
The bank's Investment Strategy Group indicated in the new report that it intended to play it safe when it came to bitcoin. The study stated, "We have abstained from reiterating the positive and bad buzz that surrounds this ecosystem because we do not want clients to be seesawed, even swayed by a cacophony of allegations, many of which are baseless."
It also stated that Bitcoin was not a "digital gold," but gold itself was not a trustworthy store of value in any case.
“The argument that Bitcoin and cryptocurrencies are a digital version of gold does not confer any value to Bitcoin and other cryptocurrencies, because gold itself is not a consistent or reliable store of value,”
The investigation concluded that cryptocurrencies and blockchain technology are “built on levels of trust that could be eroded,” and that blockchains themselves are untrustworthy.
“After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are not a viable investment for our clients’ diversified portfolios.”
The bank's approach to cryptocurrency clearly has divides. Coin Metrics, a blockchain analytics business, raised $15 million from Goldman Sachs in May. Cryptocurrency and Fintech ads are the site for proper promotion of your crypto product or services.
McDermott revealed the investment bank's crypto trading department would be expanding to incorporate Ethereum options and futures on Monday, June 14.
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