Goldman Sachs analysts divided over whether Bitcoin is an 'investable asset class'
Wall Street investment bank Goldman Sachs has made another U-turn on its stance toward Bitcoin as it struggles to define the asset’s investment status.
The investment bank flip-flopped again in its approach to cryptocurrencies with a report issued earlier this week that claims they are not a “viable investment”.
The report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, concluded Bitcoin is not “a long-term store of value or an investable asset class”.
This contradicts their May 21 report titled “Crypto: A New Asset Class?” which was largely positive about the idea and even featured Matthew McDermot, global head of digital assets at Goldman Sachs, saying:
"Bitcoin is now considered an investable asset".
That in turn, was a repudiation of another Goldman Sachs presentation last year where different analysts from the bank provided five reasons that Bitcoin was not an asset class suitable for investment.
In the new report, the bank’s Investment Strategy Group stated it wanted to play it safe with regards to cryptocurrency. “We have refrained from repeating the positive and negative hype that surrounds this ecosystem because we do not want clients to be seesawed, even swayed by a cacophony of assertions, many of them unsubstantiated,” the report said.
Read more
https://cointelegraph.com/news/goldman-sachs-analysts-divided-over-whether-bitcoin-is-an-investable-asset-class
