Wall Street investment bank Goldman Sachs (Goldman Sachs) is struggling to determine the investment status of assets, and its stance on Bitcoin has turned again.
The investment bank has failed again in its handling of cryptocurrencies, and a report released earlier this week said they were not “viable investments.”
This is called “Digital assets: beauty is not in the eyes of the beholder“The conclusion is that Bitcoin is not “a long-term store of value or an investable asset class.”
This is related to their May 21st titled “Encryption: a new asset class?“This is largely a positive attitude towards this idea, even Matthew McDermott, Global Head of Digital Assets at Goldman Sachs, said:
“Bitcoin is now considered an investable asset”.
This in turn is a denial of another Goldman Sachs Promotion meeting Last year, different analysts at the bank provided five reasons why Bitcoin is not a suitable asset class for investment.
In the new report, the bank’s investment strategy team stated that it wants to stay safe with cryptocurrencies. The report said: “We avoid repeating the positive and negative hype surrounding this ecosystem, because we don’t want our customers to be swayed by seesaws or even various assertions, many of which are unproven.”
It goes on to point out that Bitcoin is not “digital gold”-but in any case, gold itself is not a reliable store of value:
“The argument that Bitcoin and cryptocurrencies are digital versions of gold does not give Bitcoin and other cryptocurrencies any value, because gold itself is not a consistent or reliable storage of value,”
The Goldman Sachs Investment Strategy Group should sign its research paper on encryption with “the joy of keeping poverty.” pic.twitter.com/TiedRBxWhI
-Alex Kruger (@krugermacro) June 14, 2021
The report also stated that the blockchain itself is not trustworthy, and concluded that cryptocurrency and blockchain technology are “built on a layer of trust that may be eroded.”
“After analyzing various valuation methods and applying our multi-factor strategic asset allocation model, we came to the conclusion that cryptocurrency is not a viable investment for our clients’ diversified investment portfolio.”
Obviously, there are differences within the bank on its cryptocurrency approach. in May, Goldman Sachs leads $15 million investment For the blockchain analysis company Coin Metrics.
On Monday, June 14, it was reported that McDermott confirmed that the investment bank was Expand its crypto trading platform Including Ethereum options and futures.