FX.co ★ Goldman Sachs remains crypto skeptic

Goldman Sachs, one of the world’s largest investment banks, remains skeptical about Bitcoin. Sharmin Mossavar-Rahmani, who is in charge of shaping the portfolios of the bank's VIP private clients, has questioned the value of the first digital asset, comparing the sentiment of today's crypto enthusiasts to the "tulip mania" seen three hundred years ago.

"We do not think it is an investment asset class. We’re not believers in crypto," the chief investment officer of the bank's wealth management unit said. Moreover, this is not a fleeting mood. The management of Goldman Sachs has long been convinced that cryptocurrencies have no value.

Mossavar-Rahmani even criticized the crypto industry for being hypocritical. According to her, crypto enthusiasts "all proclaim democratization of finance, yet the main decisions end up being driven by a few controlling people."

Citing the fact that it is impossible to assign a value to the cryptocurrency, Goldman Sachs remains negative about Bitcoin, noting that digital assets are not the best investment choice.