Even though Goldman Sachs is reportedly looking to venture into Bitcoin trading, the firm’s investment strategy group is convinced that the current bearish Bitcoin market will continue for some time to come in the near future.
Goldman Sachs Rejects Bitcoin Again
Over the years, it has become painfully evident that conventional banking institutions have a biased opinion when it comes to Bitcoin and cryptocurrency. This has become especially apparent when it comes to Goldman Sachs’s and their statements regarding Bitcoin. Even so, a lot of people were surprised when the firm first announced a Bitcoin trading desk.Â
In a new statement issued by the bank’s investment strategy group, Goldman Sachs claims that bitcoin’s price will keep declining moving forward. This is a very interesting sentiment, especially since 2018 hasn’t been great for Bitcoin in any way, shape, or form.Â
As per the report, analysts at Goldman Sachs noted:
“Importantly, we continue to believe that such declines will not negatively impact the performance of broader financial assets, because cryptocurrencies represent just 0.3% of world GDP as of mid-2018. In fact, we believe that they garner far more traditional media and social media attention than is warranted.”
These comments will undoubtedly spark some debates since every time a bank talks negatively about Bitcoin, cryptocurrencies see a small uptrend. Today is proving to be no different, albeit Bitcoin is still not noting any real gains.
Final Thoughts
Banks have attempted to degrade Bitcoin for several years now. Every single time that happens, the price of Bitcoin scales to a new all-time high less than twelve months later. It is certainly possible that history will continue to repeat itself, albeit it remains to be seen what the future holds for Bitcoin.
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