For all of its thinking about maybe trying to dabble in some things cryptocurrency-related, it has to be said that Goldman Sachs isn’t sold on the asset class. Nor, in fact, on its status as an asset class.
“Cryptocurrencies including bitcoin are not an asset class,” Goldman Sachs’ Investment Strategy Group wrote in the opening of one slide…. “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients,” the group wrote.
“We also believe that while hedge funds may find trading cryptocurrencies appealing because of their high volatility, that allure does not constitute a viable investment rationale.”
This is not a novel argument, of course, and it seems like a sound one. At least, it does until you hear tall asshole, half-billionaire and crypto-enthusiast/entrepreneur Cameron Winklevoss’ unanswerable riposte.
That sure looks like an impermissible fact-check to us, but we can’t worry about it because the irresistible force of using a decades-old joke to undermine an allegedly six-year-old case has us helplessly pouring all of our assets into bitcoin, via Gemini, of course.
How Goldman Sachs unintentionally sparked a war with cryptocurrency evangelists [CNBC]