RATE Group | GOLDMAN SACHS: Bitcoin is never coming back
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GOLDMAN SACHS: Bitcoin is never coming back

03 Aug GOLDMAN SACHS: Bitcoin is never coming back

Posted at 14:11h in Bitcoin News by

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Goldman SachsChris Hondros/Getty Images

  • Goldman Sachs’ investment strategy group says bitcoin will continue to decline.
  • It also says the virtual currency meets none of the three definitions of usable money and makes up just 0.3% of global GDP.
  • Bitcoin has declined by 45% in 2018.
  • Follow bitcoin in real-time here. 

Despite headline-making plans to open a bitcoin trading desk earlier this year, Goldman Sachs still isn’t sold on the virtual currency.

In a midyear economic-outlook report, the bank’s investment strategy group says the price of bitcoin is likely to decline even further than the 45% it has in the first seven months of 2018.

“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected,” the team lead by chief investment officer Sharmin Mossavar-Rahamani said.

“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the…

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