A recently released Goldman Sachs crypto report garnered huge attention from the crypto space, and no not in a positive sense and Winklevoss twins are top of the bashers list.
The report outlined five key reasons as to why cryptocurrency cannot be classified as an asset and an appropriate investment. This whole episode has led to the formation of new enemies for Goldman Sachs in the crypto industry.
Goldman Sachs crypto report bashed by community
Goldman Sachs crypto report states that security that depends upon the fact that whether anybody else is interested in paying a higher price for it does not deem to be a suitable investment for their clients.
Moreover, the bank also pointed out the popularity of cryptocurrency with the hedge funds claiming that though hedge funds might find trading with cryptocurrencies attractive due to their high volatility, however; this allure does not deem to be reliable investment rationale.
The report and the claims made in the report sparked ire from cryptocurrency enthusiasts. Many of them responded on Twitter. Tyler was the one to respond to the report bashing it on Twitter while Cameron simply endorsed the statements by retweeting the same.
The more I think about it, the Goldman report is probably a head fake. Seems like something the vampire squid would do. They’re probably rebranding to ‘Goldman Stacking Sats’ as we speak.
— Tyler Winklevoss (@tyler) May 27, 2020
Goldman furthermore compared the popularity of cryptocurrency in 2017 to Dutch tulip mania which occurred back in the 17th century and is by far the most popular instance of the speculative bubble.
The founder of Quantum Economics, Mati Greenspan in note stated that Goldman Sachs has disappointed the crypto community that was expecting the bank to come out with the good news of bullish trend on the world’s leading digital asset. Moreover, he stated that maybe Goldman is attempting to jawbone Bitcoin, in order to buy more for them at a lower rate.