🤑 Goldman Sachs says that Bitcon is not an asset
Hello!
A leaked slide from a client presentation of Goldman Sachs shows what are they thoughts regarding Bitcoin. In general they state that Bitcoin and cryptocurrencies are nos an asset class. According to the document, their main reasons are the following:
- They do not generate cash flow like bonds.
- They don not generate earnings through exposure to global economic growth.
- They do not provide consistent diversification benefits given their unstable correlations.
- They do not dampen volatility given historical volatility of 76%.
- They do not show evidence of hedging inflation.
Are you fucking kidding me? These are the reasons?
The last 2 are hilarious from my point of view. Given the last volatility of the markets due to Covid and the historical decrease in value of the US Dollar inflation, it doesn't make sense to use these as arguments against Bitcoin.
You can find the slide here.
There is a saying that its something like this: "Don't look at what they say, look at what they do". And I decided to search on the internet some other news about Goldman Sachs and cryptocurrencies, to see if they have really different intentions regarding cryptocurrencies or they definitely don't like them.
I found an article on their own website goldmansachs.com wrote by Allison Nathan (Senior Strategist, Global Investment Research). She basically says the following:
We are optimistic that blockchain, the distributed technology that underpins digital currencies, could have a meaningful and important impact across industries. But as the debate over crypto pricing itself continues, we would take a fairly cautious view.
I also found an old article by The New York Times tittled Goldman Sachs to Open a Bitcoin Trading Operation. And I found other articles stating that Goldman Sachs, JP Morgan and other institutions are planning to launch their own cryptocurrencies or at least they are studying it.
In conclusion, I don't believe them at all. They say one thing and plan another, they have to say that they are against Bitcoin as it is a real attack to their power.
It will be hard but we'll win this battle.
Enjoy! 😊
Shared on twitter #posh:
https://twitter.com/ResilienciaHODL/status/1266470625964699649?s=20
today @Techconcatalina posted a great video on her youtube channel. A must-watch for everyone. It shows how bankers manipulate info to purchase bitcoin at cheaper prices.
https://twitter.com/Techconcatalina/status/1266355116266971136?s=20
This video is what I was talking about. This bankers are playing with the masses, they know the fundamentals and that is a really good choice to have it on their portfolios.
Thanks for sharing!
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Goldman Sachs is a criminal organization that really should be shut down in my opinion. They are famous for manipulating markets and profiting off of misery. They will announce that X company is failing, or some other nonsense; then watch the price crash. Then they dump a ton of money into it and buy up at a discount.
I don't know how they are still allowed to operate.
Hello @nuthman! Long time without reading you!
I read a post in Steem that you were almost quitting the platform but now I see that you managed to accumulate a really large amount of HIVE! Congratulations man, I am happy that you didn't leave!
Regarding Goldman, I hate this kind of unethical behavior. They game the system over and over again without any punishment.
Thanks! Yeah, I did almost leave for sure. I was so sick of the way Steem was being managed and the way Steemit Inc was dumping coins in the millions at our expense. Then it was the final nail in the coffin when Sun took over. Thank God for the Hive fork!
So true... I used to work with them and I would almost always do the opposite of what they “told us”.
Some should definitely be in jail.
It is nice that you stayed on Hive @nuthman
Yeah I wouldn't take any of their advise. If they say they don't like a stock, it probably means they are going to buy a lot of it soon.
Upvoted and reblogged !
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Great article and clearly, once Goldman Sachs will talk about Bitcoin positively we will learn they bought a lot all along...
This conference call was a joke (on the Bitcoin’s topic). They used it as a buzz word and talked 2 minutes about it.
Great read @resiliencia
Everytime I read any kind of this news my hate for the financial institutions increases...
Thanks!
I work in Finance and I believe this is not the place where so many sharks 🦈 are anymore as it is very well regulated compared to pre-2008.
Real estate, Governments or Tech/Startups seem to have a lot more of these bad people Nowadays.
Probably governments are where the majority of sharks 🦈 are...
To be fair to Goldman, the first bullet point is completely accurate and we don't know yet how Bitcoin would perform during a recession,
If anything Bitcoin has been a beneficiary of the asset bubble that started after 2008's QE, it's received billions of $ of value from fiat money leading the price to rise rapidly because of its rigid supply.
The Goldman crowd might still be stuck in a blockchain not Bitcoin world but these folks aren't idiots and the goal should be to convince them, not insulting them.