Analysts Strike at Goldman Sachs Over BTC Bashing

Analysts Strike at Goldman Sachs Over BTC Bashing

Recently, it was reported that Goldman Sachs held a client call having to do with assets such as bitcoin and gold. The call – rather than praising both assets for their resilience and their ability to hedge wealth during times of economic strife – was used to hit these assets, particularly bitcoin, which members in the call said was “not an asset class.”

Goldman Sachs Is Eating Its Words

These words have come back to haunt Goldman, and they have seemingly angered many people in the crypto space. Traders, crypto experts and financial analysts alike all took their turns hitting back at the investment company, claiming that the company’s words do not reflect the changes or the benefits that have been added to bitcoin over the past several years. Throughout the call, Goldman Sachs treated its viewers and listeners to a series of slides that discussed why bitcoin and crypto in general make poor investments. According to the company, bitcoin does not generate cash the way government bonds do. In addition, it does not gain value when exposed to global markets, and it is not diverse enough for traders to really benefit. The slides ended with a single comparison of bitcoin to the tulip craze in Europe in the 17th century, something we’ve all heard before. Read More...