RATE Group | Goldman Sachs sees more price pain ahead for bitcoin 
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Goldman Sachs sees more price pain ahead for bitcoin 

03 Aug Goldman Sachs sees more price pain ahead for bitcoin 

Posted at 16:14h in Bitcoin News by

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A man passes in front of a Bitcoin exchange shop in Krakow, Poland.

Artur Widak | NurPhoto | Getty Images

A man passes in front of a Bitcoin exchange shop in Krakow, Poland.

Goldman Sachs is not optimistic for the near-term fate of cryptocurrency. In its mid-year economic report, the bank’s investment management group highlighted “cryptocurrency mania” as one of six factors creating an unsteady undertow affecting markets for the remainder of 2018.

“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency,” Sharmin Mossavar-Rahmani, Goldman’s chief investment officer of the private wealth management group, said in the report published Friday.

The Wall Street giant reiterated its January call published in the full-year outlook that bitcoin’s meteoric rise to $20,000 “dwarfed” mania seen during the dot-com…

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