Goldman Sachs: Cryptocurrencies 'Are Not an Asset Class'
Goldman played down the idea that bitcoin is a "scarce resource," noting comment trader le bitcoin some of the most valuable coins — bitcoin cash and bitcoin SV — are "forks. Similar comparisons have been made previously by bank executives — most notably J. Goldman Sachs. Bitcoin Top 5 Bitcoin Investors. Listen Tips for crypto trading. News Markets News. Related Terms What is Dogecoin?
Read more: Bank of America says a new bubble may be forming in the stock market - and shares a cheap strategy for protection that is 'significantly' more profitable than during the past 10 years. Please refresh the page and try again. Sign up for free newsletters and get more CNBC delivered to your inbox. A sizable chunk of the presentation focused on bitcoin and other virtual currencies.
Bitcoin bulls often point to the fact that bitcoin is scarce, as in, like gold, there is a limited supply of it 21 million coins once all of them are mined. Work online and make money Infographic. With the dramatic rise and fall in Bitcoin prices over the past several months, Allison Nathan, senior strategist for Goldman Sachs Research, takes a look at the market value of cryptocurrencies. Women Women More Topics.
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Related Tags. Goldman said that "a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment Goldman Sachs lists 5 reasons why bitcoin is 'not an asset class', nor 'a suitable investment'. Compare Accounts.
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Blockchain Explained A guide to help you understand what blockchain is and how it can be used by industries. Blockchain Blockchain More Topics. Goldman Sachs Group Inc. Crypto evangelists — perhaps unsurprisingly — aren't impressed with its assessment. Visit Business Insider's what cryptocurrency to invest for more stories.