Bitcoin is 'not good for investment' - Goldman Sachs

Bitcoin is “not good for investment” – Goldman Sachs
CONTENT

  • Goldman Sachs Held Video Conferencing With Customers On Bitcoin.

  • Many believed Golman Sachs would advise using bitcoin to hedge against inflation.

  • The bank did not recommend Bitcoin to clients.

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Despite the recent rally, Goldman Sachs hasn’t been recommending customers to buy bitcoin anytime soon. Earlier, a global investment bank said that cryptocurrency is “not an asset class” and “not suitable for investment.”.

Bitcoin is 'not good for investment' - Goldman Sachs

This was recently announced by Digital Currency Group founder and CEO Barry Silbert, who tweeted that he had seen slides from the upcoming meeting. Instead of assessing the role of bitcoin in the economy, of which medium-term high inflation is an integral part, the bank abandoned cryptocurrency.

The news of the meeting, previously reported by BeInCrypto, has rocked the cryptocurrency industry in recent days. And given the title of the presentation, US Economic Outlook and Implications of Current Policy on Inflation, Gold and Bitcoin, it’s not hard to see why. The meeting was organized by the leaders of Goldman Sachs and its investment group Investment Strategy Group.

After learning that Goldman Sachs plans to talk with clients about bitcoin and its direct link to inflation, many industry experts were quick to conclude that the news would only be positive for bitcoin, contributing to its institutional spread..

Video blogger Omar Bham (Crrrrypt0) commented on this:

Bitcoin is 'not good for investment' - Goldman Sachs

“This is the most optimistic news I’ve ever heard.”.

However, information disclosed by Silbert ahead of the meeting showed that the bank is not as interested in bitcoin as it might seem. One of the slides shows the following reasons for opting out of digital currency:

“We believe that an asset whose value primarily depends on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”.

Silbert joked that based on the above, the bank should also stop trading stocks.

What do you think might prompt Goldman Sachs to change its stance on bitcoin and cryptocurrencies in general? Share your opinion in the comments and join the discussion in our telegram channel.

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