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Crypto critic GS-CIO: No value, no asset class!
An expert from Goldman Sachs criticizes Bitcoin and Co. as “hypocritical” and “worthless”. Find out why cryptocurrencies are not an asset class in their eyes. First-hand financial news.
Crypto critic GS-CIO: No value, no asset class!
The CIO of Goldman Sachs' asset management division, Sharmin Mossavar-Rahmani, once again expressed her skepticism about cryptocurrencies. According to an interview with The Wall Street Journal, she reiterated her belief that cryptocurrencies like Bitcoin are not an asset class and have no intrinsic value. Mossavar-Rahmani criticized Bitcoin's volatile and speculative nature, arguing that it is difficult to assign an accurate value to these digital assets.
Despite the recent gains in cryptocurrency values, Goldman Sachs continues to maintain its negative stance towards the crypto sector. Mossavar-Rahmani described cryptocurrencies as “worthless” and compared them to past speculative bubbles such as the tulip fever of the 17th century. She emphasized that cryptocurrencies do not generate income, cash flow or dividends, making them difficult to value using traditional financial science methods.
Additionally, Mossavar-Rahmani called the crypto industry “hypocritical” because it claims to democratize finance while only a few people have control over key decisions. Although other institutional investors such as BlackRock are seeing increasing demand for cryptocurrencies, Goldman Sachs is not showing customer interest in crypto investments, according to Mossavar-Rahmani.
Although Mossavar-Rahmani is skeptical about cryptocurrencies, she sees potential in digital assets such as tokenized real estate and central bank digital currencies. Despite the ongoing criticism of Bitcoin and Co., she may see a future in certain digital assets.