Surprising Statement from Goldman Sachs: “We Are Not Those Who Believe in Cryptocurrencies”

cryptocurrencies Goldman Sachs, one of the few Wall Street banks with a negative stance on the issue, continues to express doubts about the value of digital assets. Sharmin Mossavar-Rahmani, the bank’s chief investment officer, has been Bitcoin and other cryptocurrencies, and his views have not changed.

“We don’t think of it as an investment asset class,” Mossavar-Rahmani said in a recent interview with the Wall Street Journal. “We are not among those who believe in crypto.” This announcement comes even as traditional finance (TradFi) rivals such as BlackRock and Fidelity have recently increased their efforts in the crypto sector due to customer interest in Bitcoin.

Mossavar-Rahmani’s skepticism stems from the difficulty of assessing the value of cryptocurrencies, according to the statement. “If you can’t put a value on it, then how can you be bullish or bearish?” he asks. He also criticized the crypto industry for its perceived hypocrisy, noting that while many cryptocurrency enthusiasts proclaim the democratization of finance, important decisions are often controlled by a select few.

Contrary to Goldman Sachs’ stance, most of its competitors have embraced the crypto space. JP Morgan Chase launched its own blockchain platform in 2020, which now employs more than 100 people.

*This is not investment advice.

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