- A leading global investment bank Goldman Sachs has recently made a bigger picture in the crypto market.
- Moreover, this statement caused the ardent bitcoin fans extremely disappointed.
- Besides this, the gold-bug Peter Schiff dives in the social media melodrama.
Bitcoin is not an asset class
The news highlighted in the crypto ecosystem when the slides of Goldman’s presentation titled “US Economic Outlook & Implications of Current Policies for Inflation, Gold and Bitcoin,” leaked on social media.
However, in one of the slides of the presentation, it says that cryptocurrencies like Bitcoin are not an asset class. Also, it described that they do not allow cash flow or a hedge against inflation.
Moreover, this statement caused the ardent bitcoin fans extremely disappointed. On Twitter, the users criticized Goldman Sachs over its alleged ignorance and hypocrisy about cryptocurrency.
Bitcoin does "not generate cash flow like bonds." Because it's not a bond. And the sky is blue.
— Cameron Winklevoss (@winklevoss) May 27, 2020
Goldman Sachs: In 2019, $2.8 billion in Bitcoin was sent to currency exchanges from criminal entities.
Fun Fact: Goldman Sachs facilitated $6 billion in money laundering via 1MDB scandal between 2012-13.
Double standard much?
— Tyler Winklevoss (@tylerwinklevoss) May 27, 2020
Peter Schiff over Twitter
Besides this, the gold-bug Peter Schiff dives in the social media melodrama. In a defensive mode, he quoted for Goldman that the bank is correct to warn its client to avoid Bitcoin.
While @GoldmanSachs is correct to warn its clients to avoid #Bitcoin, its assessment of the U.S. economy, the dollar and inflation is wrong. But once they finally figure out what should already be obvious, they will advise their clients to buy #gold, just at much higher prices.
— Peter Schiff (@PeterSchiff) May 27, 2020
Further, Peter added that once the bank finds what is necessary, they will suggest their clients buy gold at a much higher price.
Schiff never misses a chance to jeer Bitcoin and promote gold. His once again dishearten tweet created buzz in the social media.
Furthermore, the crypto lovers bashed on Schiff’s statement. The users responded Goldman Sachs is buying Bitcoin futures while recommending their clients avoid it. Though, It was as same as the scammer Jamie Dimon at Chase Bank.
It seems that Peter Schiff is born for his professionalized BTC refuting.
However, Wednesday hence expected to be listed under another note. In the long-term dispute between Bitcoin supporters and traditional financial assets.