Earlier this week, major investment firm Goldman Sachs held a client call where it denounced Bitcoin and other cryptocurrencies as “not an asset class” and blasted its use as an investment vehicle.
The investment giant is missing the fact, however, that the asset has provided an unprecedented over 100,000,000% return on investment for those that got in around 2011.
Goldman Sachs Slams Crypto, Claims It’s Not An Asset Class
In a report released ahead of an investor call with the company’s Chief Investment Officer Sharmin Mossavar Rahmani, Goldman Sachs outlined the many reasons for why the emerging asset class of cryptocurrencies isn’t an asset class at all.
Key points include a lack of conclusive evidence of its use as an inflation hedge, unstable correlations with other assets, and the fact it doesn’t generate cash flow like bonds.
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The crypto community erupted in fury, but even negative publicity is good publicity due to the visibility Bitcoin received with some of the wealthiest investors in the world.
These high wealth investors will certainly take Goldman Sachs’s comments into consideration. They will also rely on data, fundamental, and technical analysis to make their decision, not only conjecture from a third-party.
Bitcoin Brings Investors Over 100,000,000% Returns Since 2011
When they do dig into charts, fundamentals, and historic data, the ‘not an asset class’ speaks for itself.
Chartered market technicians offering a completely unbiased look based on nothing but technicals suggest Bitcoin will resume its long term uptrend.
This ten-year-long term uptrend thus far has resulted in over 100,000,000% returns, according to the Brave New Coin Liquid Index.
This chart starts at $0.01, so in reality, the returns are even more unrealistic sounding, coming from virtually worthless.
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The most important Bitcoin fundamentals are all screaming buy. The hard-capped supply of just 21 million BTC and recent halving coincide with the massive mishandling of monetary policy.
The likes of billionaire hedge fund manager Paul Tudor Jones has compared Bitcoin to the role gold played in the 1970s, which made it one of the most lucrative investments of all-time.
Gold is becoming more like Bitcoin in an effort to bring the hard, physical asset into the digital age. But Bitcoin already serves that role well.
The recipe for Bitcoin’s greatest bull market yet is upon us, in an asset that has already provided early investors with unprecedented returns.
However, Goldman Sachs just told its clients to let this opportunity pass them by. Will they listen, or will they look into the facts and data that say otherwise?
Featured image from Shutterstock. origin »
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Goldman Sachs held an investor call Wednesday to discuss current policies for bitcoin, gold and inflation. The stalwart investment bank is still no fan of bitcoin or other cryptocurrencies.
A greater number of the crypto community members expressed their disagreement with the recent statement made by the American multinational investment bank and financial services company, Goldman Sachs Group.
Despite recent hype, it doesn’t look like Goldman Sachs will be recommending Bitcoin to clients anytime soon. According to early reports, the global investment bank said that the cryptocurrency is “not an asset class” and “not a suitable investment.
Many gold investors are not endorsing Bitcoin as an investment option. Nevertheless, digital asset manager CoinShares launched an index that tracks gold and five crypto assets. CoinShares’ CGCI is EU BMR Compliant Earlier on Tuesday, CoinShares launched CoinShares Gold and Cryptoassets Index (CGCI).
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Grayscale Investments bought up to 33% of all newly minted bitcoin over the last three months, as the asset manager continues to stockpile major cryptocurrencies. The investment fund added 60,762 BTC to its Bitcoin Trust Fund between February 7 and May 17, a researcher posted on Reddit.
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Bitcoin price is consolidating above the $95,000 support zone. BTC must settle above the $100,000 level to start a fresh increase in the near term. Bitcoin started a fresh increase from the $94,200 zone.
Bitcoin price started a fresh upward move above $100,000. BTC is facing resistance at $103,000 and might aim for an upside break. Bitcoin started a decent upward move above the $100,000 zone. The price is trading below $103,200 and the 100 hourly Simple moving average.
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
