"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.