{"id":425266,"date":"2020-05-27T13:36:50","date_gmt":"2020-05-27T13:36:50","guid":{"rendered":"https:\/\/wncen.com\/?p=425266"},"modified":"2024-06-11T13:49:23","modified_gmt":"2024-06-11T13:49:23","slug":"goldman-sachs-bitcoin-crypto-asset","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/goldman-sachs-bitcoin-crypto-asset\/","title":{"rendered":"No, Goldman Sachs Doesn&#8217;t Think Bitcoin is the Next Big Thing"},"content":{"rendered":"<p>A call focusing on the future US economic outlook hosted by Goldman Sachs that mentioned <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> alongside gold got the crypto market buzzing early this week.<\/p>\n<p>But as details leak out early regarding what&#8217;s being covered in the call, it&#8217;s been revealed that Goldman Sachs not only doesn&#8217;t think Bitcoin is the next best thing, the firm says that cryptocurrencies aren&#8217;t even an asset class at all.<\/p>\n<h2>Not An Asset Class: Goldman Sachs Slams Crypto<\/h2>\n<p>In a call with investors scheduled for 10:30 AM today, Goldman Sachs Chief Investment Officer and Head of Investment Strategy Sharmin Mossavar-Rahmani will discuss the &#8220;US Economic Outlook &amp; Implications of Current Policies for Inflation, Gold and Bitcoin.\u201d<\/p>\n<p>With the <a href=\"https:\/\/wncen.com\/2020\/05\/18\/the-fed-chairman-just-made-the-ultimate-case-for-bitcoin\/\">Fed printing trillions of dollars<\/a> with each passing month, investors have been looking to hard assets as a hedge against inflation. Gold has been used this way for decades in the face of an economic downturn. The limited supply keeps its valuation stable and strong, while other cash-valued assets nosedive.<\/p>\n<p>Bitcoin&#8217;s recent halving has reignited the discussion around the cryptocurrency and its use as a hedge against inflation. Billionaire Hedge Fund Manager and Philanthropist <a href=\"https:\/\/wncen.com\/2020\/05\/08\/tudor-jones-sees-bitcoin-leaping-20k-based-on-golds-vintage-fractal\/\">Paul Tudor Jones recently compared Bitcoin<\/a> to the &#8220;role gold played in the 70s.&#8221; Institutional interest at Grayscale Investments has been soaring, causing the firm to gobble up a large portion of the already limited asset&#8217;s supply.<\/p>\n<p>Bitcoin being mentioned alongside gold and inflation caused crypto investors to speculate that the first-ever cryptocurrency would be getting a stamp of approval from a massive firm like Goldman Sachs, which currently has nearly $2 trillion in assets under management.<\/p>\n<p>Instead, leaked Goldman Sachs slides from the call reveal that not only is <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> not getting the nod of support that was expected, but the firm is slamming the entire asset class, as not an asset class at all.<\/p>\n<p>https:\/\/twitter.com\/barrysilbert\/status\/49503488<\/p>\n<p>&nbsp;<\/p>\n<h2>Bitcoin Blasted: Does Not Constitute a Viable Investment Rationale<\/h2>\n<p>According to the seemingly scathing report, <a href=\"https:\/\/en.wikipedia.org\/wiki\/Goldman_Sachs\" target=\"_blank\" rel=\"noopener nofollow\">Goldman Sachs<\/a> says that crypto assets like Bitcoin do not generate cash flow like bonds or &#8220;earnings through exposure to global economic growth&#8221;. They also don&#8217;t provide consistent diversification benefits due to their wildly fluctuating correlations between other assets like gold or stocks.<\/p>\n<p>Goldman Sachs also points out <a href=\"https:\/\/wncen.com\/2020\/05\/26\/bitcoin-price-crypto-gaussian-channel\/\">Bitcoin&#8217;s notorious volatility<\/a>, underscoring the fact it fell over 37% on Black Thursday. The S&amp;P 500, by comparison, fell just 35% from its all-time high in February to the March bottom, but it took weeks to happen.<\/p>\n<p>Interestingly, the investment powerhouse also claims that there are no signs of evidence that the asset class acts as a hedge against inflation. But it is this current economic environment that will either make or break Bitcoin and prove the value of its limited 21 million BTC supply.<\/p>\n<p>They further state that because cryptocurrency valuations are primarily driven by one investor selling to another investor at a higher price, and not much else, it&#8217;s not a suitable investment for Goldman clients. They warn that although hedge funds may trade the asset to take advantage of the volatility the asset class is known for, this isn&#8217;t a &#8220;viable investment rationale.&#8221;<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-425267\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/2020-05-27-09.13.48.jpg?resize=610%2C439\" alt=\"bitcoin crypto goldman sachs\" width=\"610\" height=\"439\"><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A call focusing on the future US economic outlook hosted by Goldman Sachs that mentioned Bitcoin alongside gold got the crypto market buzzing early this week. But as details leak out early regarding what&#8217;s being covered in the call, it&#8217;s been revealed that Goldman Sachs not only doesn&#8217;t think Bitcoin is the next best thing, the firm says that cryptocurrencies aren&#8217;t even an asset class at all. Not An Asset Class: Goldman Sachs Slams Crypto In a call with investors scheduled for 10:30 AM today, Goldman Sachs Chief Investment Officer and Head of Investment Strategy Sharmin Mossavar-Rahmani will discuss the &#8220;US Economic Outlook &amp; Implications of Current Policies for Inflation, Gold and Bitcoin.\u201d With the Fed printing trillions of dollars with each passing month, investors have been looking to hard assets as a hedge against inflation. Gold has been used this way for decades in the face of an economic downturn. The limited supply keeps its valuation stable and strong, while other cash-valued assets nosedive. Bitcoin&#8217;s recent halving has reignited the discussion around the cryptocurrency and its use as a hedge against inflation. Billionaire Hedge Fund Manager and Philanthropist Paul Tudor Jones recently compared Bitcoin to the &#8220;role gold played in the 70s.&#8221; Institutional interest at Grayscale Investments has been soaring, causing the firm to gobble up a large portion of the already limited asset&#8217;s supply. Bitcoin being mentioned alongside gold and inflation caused crypto investors to speculate that the first-ever cryptocurrency would be getting a stamp of approval from a massive firm like Goldman Sachs, which currently has nearly $2 trillion in assets under management. Instead, leaked Goldman Sachs slides from the call reveal that not only is Bitcoin not getting the nod of support that was expected, but the firm is slamming the entire asset class, as not an asset class at all. https:\/\/twitter.com\/barrysilbert\/status\/49503488 &nbsp; Bitcoin Blasted: Does Not Constitute a Viable Investment Rationale According to the seemingly scathing report, Goldman Sachs says that crypto assets like Bitcoin do not generate cash flow like bonds or &#8220;earnings through exposure to global economic growth&#8221;. They also don&#8217;t provide consistent diversification benefits due to their wildly fluctuating correlations between other assets like gold or stocks. Goldman Sachs also points out Bitcoin&#8217;s notorious volatility, underscoring the fact it fell over 37% on Black Thursday. The S&amp;P 500, by comparison, fell just 35% from its all-time high in February to the March bottom, but it took weeks to happen. Interestingly, the investment powerhouse also claims that there are no signs of evidence that the asset class acts as a hedge against inflation. But it is this current economic environment that will either make or break Bitcoin and prove the value of its limited 21 million BTC supply. They further state that because cryptocurrency valuations are primarily driven by one investor selling to another investor at a higher price, and not much else, it&#8217;s not a suitable investment for Goldman clients. They warn that although hedge funds may trade the asset to take advantage of the volatility the asset class is known for, this isn&#8217;t a &#8220;viable investment rationale.&#8221; &nbsp;<\/p>\n","protected":false},"author":517,"featured_media":425271,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,2212,76835],"class_list":["post-425266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-goldman-sachs","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>No, Goldman Sachs Doesn&#039;t Think Bitcoin is the Next Big Thing<\/title>\n<meta name=\"description\" content=\"A call focusing on the future US economic outlook hosted by Goldman Sachs that mentioned Bitcoin alongside gold got the crypto market buzzing early this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/goldman-sachs-bitcoin-crypto-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No, Goldman Sachs Doesn&#039;t Think Bitcoin is the Next Big Thing\" \/>\n<meta property=\"og:description\" content=\"A call focusing on the future US economic outlook hosted by Goldman Sachs that mentioned Bitcoin alongside gold got the crypto market buzzing early this\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/goldman-sachs-bitcoin-crypto-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-27T13:36:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:49:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/bitcoin-goldman-sachs-crypto-asset-shutterstock_1236378445-scaled.jpg?fit=2560%2C1707\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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