Goldman Sachs Cluster remained a lone wolf on Wall Street when it came to cryptocurrencies, remaining steadfast in its negative stance despite the recent price surge and growing interest from other financial giants.
What happened: Sharmin Mossavar-Rahmanichief investment officer at Goldman Sachs' wealth management unit, has long been an outspoken skeptic of Bitcoin and other digital assets, and her views have not softened.
in a interview In the Wall Street Journal he reiterated his position: “We do not believe it is an investment asset class. “We don’t believe in cryptocurrencies.”
This stance was in stark contrast to that of Goldman's competitors such as BlackRock Inc. and Fidelitywhich have recently expanded their cryptocurrency offerings in response to customer demand.
According to Mossavar-Rahmani, Goldman Sachs clients have not expressed interest in cryptocurrency exposure.
One of the main reasons for their skepticism lies in the difficulty of valuing cryptocurrencies.
“If you can't assign a value, how can you be bullish or bearish?” she questioned.
Mossavar-Rahmani further criticized the crypto industry for its alleged hypocrisy. “Everyone proclaims the democratization of finance, but the main decisions end up being driven by a few controlling people,” he said.
Also read: Will Bitcoin have its own emoji? Major Crypto Momentum Targets 50,000 Backups
While Goldman Sachs stayed on the sidelines, many of its peers are actively exploring the crypto space. JPMorgan Chase launched a blockchain platform in 2020, with a team that currently exceeds 100 employees.
Similarly, citi group is venturing into the tokenization of private funds.
The contrasting approaches of Goldman Sachs and other financial institutions highlight the ongoing debate around cryptocurrencies.
As the market evolves and regulations develop, investors must navigate a complex landscape.
Benzinga's upcoming Future of Digital Assets conference, scheduled for November 19, 2024, offers a valuable platform to gain insights from industry leaders.
This conference will provide a forum to discuss the latest trends in cryptocurrency, with expert analysis and guidance to help investors make informed decisions in this ever-changing environment.
Read next: Bitcoin's 5.6% price drop takes it below $66,000… except in this country
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