Goldman Sachs says Bitcoin is not an investment asset class and clients are not interested in cryptocurrencies | Trending Viral hub

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Goldman Sachs said that Bitcoin and other digital assets are not an investment asset class and that its clients are not interested in cryptocurrencies.

“We don’t think it’s an investment asset class,” Sharmin Mossavar-Rahmani, CIO of the bank’s wealth management unit, said in an interview with the Wall Street Journal (WSJ). “We don’t believe in cryptocurrencies.”

His comments come even as investors pile into spot Bitcoin ETFs (exchange-traded funds) that were launched by Wall Street titans including BlackRock and Fidelity in January.

Bitcoin ETFs traded around $111 billion in March, tripling their performance in February, Bloomberg Intelligence ETF analyst Eric Balchunas said in a post on X.

Goldman Sachs realignment consolidates divisions - Global Finance Magazine

Goldman Sachs Clients Not Interested in Gaining Bitcoin Exposure

When asked if Goldman Sachs Clients looking to gain exposure to Bitcoin, Mossavar-Rahmani said the investment giant’s clients are not interested.

Their skepticism towards the cryptocurrency sector is partly due to the difficulty of assessing the true value of digital currencies.

“If you can’t put a value on it, how can you be bullish or bearish?” she said.

He also criticized the crypto community for calling cryptocurrencies the “democratization of finance,” when “major decisions end up being driven by a few controlling people.”

This is not the first time Mossavar-Rahmani has expressed doubts about Bitcoin’s potential. Weeks after spot approval bitcoin ETFs (exchange-traded funds) in the US, warned the public against investing in the cryptocurrency market leader.

“People can use it (Bitcoin) if they want for complete speculation, but it is not an investment,” Goldman Sachs’ CIO said in a previous statement. interview with the WSJ. Investors should not “invest in cryptocurrencies, in Bitcoin, in ETFs, as part of an investment portfolio,” he added.

Wall Street Giants Are Bullish on Bitcoin

Although Goldman Sachs maintains its negative view of several years towards bitcoin and the crypto sector, its competitors are preparing to invest in the digital asset.

Mark Yusko, the prominent hedge fund manager and CEO of Morgan Greek Capital Management, predicted that BTC could skyrocket to $150,000 by the end of this year. Well-known Bitcoin maximalist Michael Saylor is also bullish on Bitcoin and says MicroStrategy will not exist in 1,000 yearsbut BTC will be.

Meanwhile, the booming Bitcoin ETF spot market suggests that institutional investors are interested in gaining exposure to BTC. BlackRock’s IBIT ETF has stolen the show since its launch earlier this year, managing to take volume market share from Grayscale’s converted Bitcoin Trust.

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