The meaning behind Goldman's evaluation of Bitcoin

[Hugo Barbosa]

Despite the recent rebound in Bitcoin, and the macroeconomic situation is also promoting the development of Bitcoin, this cryptocurrency was criticized by Goldman Sachs analysts on Wednesday.

In a customer conference call on May 27, entitled "Implications of Current Policies for Inflation, Gold and Bitcoin," two Goldman Sachs executives and a Harvard professor discussed bitcoin in detail.






Goldman Sachs' comments on Bitcoin also have a positive side

A well-known market commentator said that when discussing Bitcoin, Goldman secretly pushed up this asset. He explained that the fact that they discussed bitcoin meant that they were actively following it: "My opinion is that any publicity could be considered as the good news. With bitcoin on their radar, they have to respond. The content of the response Is secondary. "

A commentator on cryptocurrency trends added that the content of this meeting confirmed the demand for Bitcoin: "The facts including BTC indicate that they have seen a lot of interest from customers."

At the same time, Goldman Sachs is a general brand with countless teams. This call is a conference to discuss their private banking and private wealth management departments, not a research report sent by their macroeconomic research (macro team) or global investment research team. So it was more of a perfunctory report requested by a private financial client.

Having said that, the pessimistic prospects reported by Goldman Sachs analysts on the conference call are not enough to prove that "all Goldman Sachs holds a pessimistic view of Bitcoin."

Ethan Vera, the chief financial officer of the crypto asset mining startup Luxor, point that Goldman Sachs is a large institution with many different departments. The wealth management department's views on Bitcoin and cryptocurrencies do not necessarily reflect the opinion of the company.

Ethan Vera's Twitter




The former Goldman Sachs investment banker added that the rest of the multinational company has a vested interest in cryptocurrencies.

The bank's investment branch is part of Circle's $50 million financings, Circle is a financial services startup that currently focuses on cryptocurrencies. Circle launched USD Coin and other well-known products, which received the funds.

Goldman Sachs also considered launching bitcoin services for customers. Bloomberg reported in late 2018 that, according to a person familiar with the matter, the company is considering a cryptocurrency custodian solution.

The point here is that parts of aspects of Goldman's business may be delving into Bitcoin and cryptocurrencies, while others are quietly turning back. Form Evan points of view, the main strategic investment group is completely independent of the wealth management department. He thinks that Goldman Sachs has gone further in Bitcoin than most other banks.

[Hugo Barbosa]

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[Cici Lee]

Goldman might change the attitude in the later future.

[Cici Lee]

What they have said could reveal their concern.