Goldman Sachs sees more pain on prices for bitcoin


"Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been confirmed long before we expected." Mossavar-Rahmani said

Goldman is the last global investment bank to consider that cryptocurrency is neither a medium of exchange, "nor a unit of measurement, nor a store of value ". On Thursday, UBS made a similar assessment and said that the bitcoin is too "unstable" to be a traditional currency.

Mossavar-Rahmani reminded investors of the value of cryptocurrencies compared to that of total financial markets.

will not negatively affect the performance of financial assets because cryptocurrencies account for only 0.3% of global GDP as of mid-2018, "he said." Indeed, we believe that they collect many more traditional media and attention of social media to what is guaranteed. "

The investment bank is trying to launch a bitcoin trading bank this year and become the first company on Wall Street to make a market in cryptocurrencies. The CEO of the Lloyd Blankfein bank declared in June that although it does not have bitcoins, it would not rule out that cryptocurrency has a future.

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