Goldman Sachs, one of the few Wall Street banks with a negative stance on cryptocurrencies, continues to express doubts about the value of digital assets. The bank's Chief Investment Officer Sharmin Mossavar-Rahmani has long been known for her skepticism about Bitcoin and other cryptocurrencies, and her views have not changed.
“We don't think it's an investment asset class. We're not big believers in crypto,” Mossavar-Rahmani said in a recent interview with the Wall Street Journal. This announcement comes even as traditional finance (TradFi) rivals such as BlackRock and Fidelity have recently increased their efforts in the crypto sector due to customer interest in Bitcoin.
Mossavar-Rahmani's skepticism stems from the difficulty of assessing the value of cryptocurrencies, according to the statement. “If you can't put a value on it, then how can you be bullish or bearish?” he asks. He also criticized the crypto industry for its perceived hypocrisy, noting that while many cryptocurrency enthusiasts proclaim the democratization of finance, important decisions are often controlled by a select few.
Contrary to Goldman Sachs' stance, most of its competitors have embraced the crypto space. JP Morgan Chase launched its own blockchain platform in 2020, which now employs more than 100 people.
*This is not investment advice.
