Goldman Sachs says Bitcoin is not an investment asset class and its clients are not interested in the cryptocurrency.

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

“We don’t think this is an investment asset class,” said Sharmin Mossavar-Rahmani, CIO of the bank’s asset management division. wall street journal (WSJ). “We don’t believe in cryptocurrency.”

Her comments come as investors flock to Bitcoin exchange-traded funds (ETFs) launched by Wall Street giants including BlackRock and Fidelity in January.

Bitcoin ETFs traded at about $111 billion in March, triple their February performance, Bloomberg Intelligence ETF analyst Eric Balchunas wrote in

Goldman Sachs Clients Not Interested in Gaining Bitcoin Exposure

When asked if there was Goldman Sachs Mossavar-Rahmani said the investment giant’s clients were not interested.

Her skepticism toward the cryptocurrency sector stems in part from the difficulty of assessing the true value of digital currencies.

“How can you be bullish or bearish if you can’t put a value on it?” She said.

She also criticized the cryptocurrency community for calling cryptocurrencies “the democratization of finance” when “key decisions are driven by a small number of people in control.”

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

“If people want outright speculation, they can use Bitcoin, but it’s not an investment,” the Goldman Sachs CIO said. interview With WSJ. It added that investors should not “invest in cryptocurrencies, Bitcoin or ETFs as part of their investment portfolio.”

Wall Street giants are bullish on Bitcoin

Although Goldman Sachs maintained a negative view for several years. Bitcoin In the cryptocurrency sector, competitors are preparing to invest in digital assets.

Mark Yusko, a prominent hedge fund manager and CEO of Morgan Greek Capital Management, predicted that BTC could soar to $150,000 by the end of this year. Michael Saylor, known as a Bitcoin maximalist, is also bullish on Bitcoin, MicroStrategy said: It won’t be there in 1000 yearsBut BTC will.

great chart @JSeyff it shows the way $GO It has just taken over mass market share. $GBTC. Although all ETFs won in terms of profitable hits; $GO won the volume competition and officially $GLD of Bitcoin. It’s basically a wrap. pic.twitter.com/SGe8gH1heL

— Eric Balchunas (@EricBalchunas) April 2, 2024

Meanwhile, the booming Bitcoin ETF market suggests that institutional investors are interested in gaining exposure to BTC. BlackRock’s IBIT ETF has garnered attention since its launch at the beginning of the year and has taken bulk market share from Grayscale’s converted Bitcoin Trust.

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