Oct 18, · Now, after the bitcoin and cryptocurrency community was set alight by a bold $1 trillion market cap prediction from a major Tesla TSLA +6% investor last month, a former Goldman Sachs GS . Jun 06, · Goldman Sachs told its clients Bitcoin is not a suitable investment. Its previous statements since suggest the bank's overall stance on crypto is not so pessimistic. Dec 18, · Market Cap: $,,, However, defying this opinion another Wall Street giant Goldman Sachs said that Bitcoin’s popularity is not a threat to Gold. Goldman Sachs believes that both the asset class can co-exist. In a note to clients accessed by Bloomberg, the banking giant wrote.
Bitcoin market cap vs goldman sachsEx-Goldman Sachs exec: Ethereum could surpass Bitcoin's market cap in 10 years | CryptoSlate
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Genesis Mining. People Brad Garlinghouse. Charlie Lee. Su Zhu. Kyle Samani. Charles Hoskinson. Brian Armstrong. Ross Ulbricht. Marco Streng. Michael Saylor. Recent Stories. Posted In: Ethereum , Adoption , Analysis. Like what you see? The U. A sizable chunk of the presentation focused on bitcoin and other virtual currencies. The deck detailed several reasons why cryptocurrencies couldn't be considered an asset class in their own right, claiming they don't generate cash flow likes bonds or earnings through exposure to global economic growth.
Many industry analysts have been pointing to increased interest from institutional investors like hedge funds as a potential catalyst for price rises. Crypto enthusiasts had eagerly anticipated the Goldman call, with some assuming the year-old bank might lay out a case for investing in bitcoin.
Needless to say, they didn't get what they wanted on Wednesday. The Winklevoss twins, co-founders of the cryptocurrency exchange Gemini, were among the most vocal in the backlash to Goldman's claims. His brother, Tyler, claimed, "The more I think about it, the Goldman report is probably a head fake," referring to a sports tactic used to throw an opponent off by pretending you're moving in one direction only to then move the opposite way.
Similar comparisons have been made previously by bank executives — most notably J. Goldman played down the idea that bitcoin is a "scarce resource," noting that some of the most valuable coins — bitcoin cash and bitcoin SV — are "forks.
Bitcoin bulls often claim the digital asset's limited supply is part of what underpins its value and makes it a potential "hedge" against currencies which are vulnerable to devaluation in times of economic crisis.
The bank also called cryptocurrencies a "conduit for illicit activity," highlighting their use in fraudulent schemes and money laundering.
Fidelity last year set up a separate unit devoted to cryptocurrency clearing and custody, while J.