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Goldman Sachs analysts advise to not invest in cryptocurrency

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  • Goldman Sachs issues a report that suggests cryptocurrency to be an unviable investment
  • Opposing statements from the investment bank confuses the clients
  • Report contradicts previous reports published by the Bank that supported crypto investments

In the recent race of crypto investment, many banks are running on the track to accommodate as much crypto as they can under them because cryptocurrency is the inevitable future. Major investment banks are looking for more in cryptocurrency but are also not sure about the investment because of the volatility. Investment banks like Goldman Sachs are continuously changing their stance about their involvement and acceptance of cryptocurrency. 

Goldman issues report, says Bitcoin has no store of value

Goldman Sachs retreats from its belief in crypto assets this week because of uncertainty in defining the status of the asset investment. The company issued a report this week that stated Bitcoin as a non-viable investment. The title of the report, Beauty is Not in the Eye of the Beholder clearly contradicts a report published by the company in May that suggested otherwise. The recent report calls Bitcoin non store of value and with lack of long term investment characteristics. 

The constant rebuttal and contradiction from different leaders in Goldman Sachs is confusing the public. Some call out on cryptocurrency to be unreliable and unpredictable while others highly recommend investing in the same. This shows the company’s analysts to be divided on the forefront. 

Analysts across the bank have different opinions regarding crypto

Goldman compares Bitcoin with Gold but then continues further by calling Gold also having no store of value, while building a stance against Bitcoin. The contradictory reports released by the Bank shows lack of a unitary decision and opinion regarding cryptocurrency. While a few weeks back crypto was deemed to be a good investment, now, as per the new report, it is supposed to be highly irregular and untrustworthy of the Goldman investors. The Bank suggests that after analyzing and strategizing the methods of valuing cryptocurrency by different multi-factor asset allocation models, the investment is viable enough for their customer’s investment portfolios. 

This indicates a division inside the bank regarding the blockchain topic as only recently they invested around $15 million in a blockchain analytics firm called Coin Metrics. The conflicting statements from them leave the clients in a grey area with opposing views from their investment bank. 

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