Previously, we were hoping that Goldman Sachs would treat cryptocurrencies in a different way, especially given the fact that BTC had gained a lot in value since the beginning of the year and fiat currencies were subject to high inflation.
However, the bank's economists don't see any potential in BTC and think that buying BTC as an investment has no sound reasoning. Better yet, they don;t think that BTC belongs to a new class of assets. Not only do the blockchain-based cryptocurrencies bring any profit at the cost of economic growth, they are still not seen as a reliable way to secure against inflation, let alone the fact that they have been intensively used for money laundering and buying stuff on the darknet.
In reality, such statements disappoint because these are double standards. The thing is that fiat money has also been used fro the same dirty purposes while BTC has been fighting for the right to be a safe-haven asset. Just look at the BTC price chart.
It's interesting to not that Bitcoin was approved as a CFTC asset back in 2015, the Winklevoss twins say:
Hey Goldman Sachs, 2014 just called and asked for their talking points back.
— Cameron Winklevoss (@winklevoss) May 27, 2020
Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip order...so yea it's an asset whose price is set by supply and demand. Just like gold. Just like oil. It's a commodity.
He also quoted Paul Tudor Jones who admitted buying BTC futures and spent 1,2% of his capital on that.
Paul Tudor Jones isn't waiting around for approval from the establishment to buy bitcoin. And neither should you. Do your own research, build your own conviction, avoid groupthink.
— Cameron Winklevoss (@winklevoss) May 27, 2020
You can always check the current BTC exchange rate and other exchange rates by visiting the official website of NordFX, a trusted forex broker.
