Why Goldman Sachs Went From Investing For The Rich To Targeting Everyone
Goldman Sachs analysts still do not recognize Bitcoin and other cryptocurrencies as assets, considering them an unworthy investment option.
In a recent presentation to clients, the bank stated that despite the growing popularity and influence of this class of digital money, it cannot be called an asset. The main arguments of Goldman Sachs are that cryptocurrencies have no cash flow and they are unable to be profitable due to general economic growth.
Analysts also noted high volatility, unstable correlations with other asset classes, lack of evidence of successful use to hedge inflation, multiple clone forks, frequent exchange and wallet hacks, and use in illegal transactions..
Based on all of the above, the bank does not consider cryptocurrencies to be a scarce resource, does not consider them as a worthy investment option and does not recommend clients to include them in their portfolios in the medium or long term..
However, while Goldman Sachs criticizes cryptocurrency, other financial giants such as Fidelity Investments are actively expanding their presence in this market..
text: Ivan Malichenko, photo: Bloomberg