Goldman Sachs, an American Multinational investment bank and financial company has changed its view on Bitcoin. The bank is facing the Bitcoin dilemma; a situation in which the firm has to assert if the coin was an asset worthy of investment. This however is coming at a time when the company enlarged its crypto dealing desk.
In a statement released this week, the investment bank stated that Bitcoin’s store of value potential is doubtable. On this basis, according to the bank, the coin is not worth investing in. The firm’s recent stance is in negation to their last month’s assessment of the coin as they had then declared Bitcoin as an investable holding. In 2020, during the firm’s presentation, some of the bank’s analysts opined with cogent reasons that Bitcoin was not an asset worthy of investment. This also was an utter disclaimer to their last month’s position.
In the recent statement, the strategy group of the bank said they were exercising carefulness with cryptocurrencies. The officials stated that their effort was to ensure that their clientele base were not tossed through ebbs and flows of what Bitcoin is or will be. It categorically stated that Bitcoin was not the expected digital gold and even gold according to the authorities was not a dependable asset in terms of long term value.To this end, the firm had after indepth evaluation declared cryptocurrencies asssets as not investment worthy.
There is obvious discordance in the bank’s attitude towards cryptocurrencies. Last month, the multinational bank organized a $15 million fund round for Coin Metrics; a blockchain analytics company. On June 14, it was reported that the mega bank enlarged its crypto dealing desk and included Ethereum and futures. A statement verified by McDermott.
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