30 May Goldman Takes Bitcoin To Task
Bitcoin: not worth much – except what someone else is willing to pay for it.
Goldman Sachs’ withering assessment of bitcoin this week may be enough to take some wind out of the sails of those who have been looking for the marquee name in crypto to find its way into mainstream commerce.
As reported by the Financial Times, Goldman was once a staunch advocate of bitcoin, and had been, just a few years ago, examining whether to launch a bitcoin trading desk. And in 2018, just after bitcoin’s price seemingly peaked at the end of 2017 at just under $20,000, the famed investment firm said bitcoin could indeed be used as a form of currency.
But on Wednesday (May 27), according to the FT, Goldman analysts held a conference call titled “Economic Outlook & Implications of Current Policies for Inflation, Gold and Bitcoin.”
During that call, analysts and slides stated that cryptos are “not an asset class.” That is in part due to the fact…