RATE Group | Goldman Sachs betrays bitcoin | FT Alphaville
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Goldman Sachs betrays bitcoin | FT Alphaville

29 May Goldman Sachs betrays bitcoin | FT Alphaville

Posted at 05:38h in Bitcoin News by

© Bloomberg

Remember when Goldman Sachs ❤️d bitcoin?

Back in the heady days of 2017 and 2018, the investment bank was so excited about this potential new asset class that it was said to be considering launching a bitcoin trading desk, a huge step in the direction of “mainstream adoption”.

The bank’s analysts would put out notes predicting all-time highs for bitcoin based on exciting bits of technical analysis, while former executives seemed to be leaving Wall Street in droves to pursue illustrious careers in crypto.

In early 2018 (peak mania), Goldman was said to have “caved” on bitcoin, putting out a nine-page report entitled “Bitcoin as Money”. Could bitcoin succeed as a form of money? “In theory, yes,” the bank’s economists wrote.

But then in August 2018, with the price of cryptocurrencies having collapsed, it seemed the party was already over. Sharmin Mossavar-Rahmani, the chief investment officer of the bank’s private wealth management group, said…

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