Goldman Sachs Admits Bitcoin is Real Money, Cites Use Cases in Developing World
From Cointelegraph
White shoe investment bank Goldman Sachs has admitted that Bitcoin and other digital currencies could succeed as real money in developing economies. Goldman strategists wrote in a recent report:Read more: https://cointelegraph.com/news/goldman-sachs-admits-bitcoin-is-real-money-cites-use-cases-in-developing-world“In recent decades the U.S. dollar has served its purpose relatively well. [But] in those countries and corners of the financial system where the traditional services of money are inadequately supplied, Bitcoin (and cryptocurrencies more generally) may offer viable alternatives.”
Nonetheless, the investment bank warns against expecting 2017-level returns:
“Our working assumption is that long-run cryptocurrency returns should be equal to (or slightly below) growth in global real output—a number in the low single digits. Thus, digital currencies should be thought of as low/zero return or hedge-like assets, akin to gold or certain other metals.”
Changing tides
This is a remarkable change of tune from the skepticism with which big banks and “mainstream” investors have generally treated digital currency. JPMorgan Chase CEO Jamie Dimon famously called Bitcoin a fraud last year, while legendary billionaire investor Warren Buffett insists that Bitcoin isn’t money and people should stay away. Likewise, hedge fund magnate Ray Dalio dismisses Bitcoin as a bubble.
I have absolutely no proof of collusion but have noticed lately there seem to be days when there is a concentrated effort by the US financial media to spread FUD and then other days to tell stories of amazing gains. The first company that comes to mind when I think of who could wield that much power to sway markets like this I think Goldman Sachs. It feels lately like Wall Street is playing all kinds of games with the price.
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Off course it's real money it's the real deal
It does seem like there's a bit of manipulation going on. . . and considering their history of manipulation of lightly regulated markets, they're gettin' while the gettin' is still good.
If the giants like Goldman say it, my belief has strengthened. HODL
If Goldman says something like that conversely other investors, i believe that is some kind of game. No sir, Goldman can't have me. I believe they are after something.
It would not surprise me of manipulation, however, I do not think that's necessarily the case. I think the more media attention cryptos gain, the more people want to jump in and make some of that money for themselves.
But manipulation by Goldman Sachs is quite possible as well, the media does like to portray cryptos as "great" then as "better pullout of cryptos now!" It is very weird that they'll praise it day 1 then hate it day 2. When they praise it, people buy... They hate it, people sell because they get scared. Someone is profiting off of the buying, selling, buying back up again surely.
i lol'd so hard when i first heard about this (not because of you). 'goldman sachs admits bitcoin is real money'... c'mon, 'real money' is not even 'real money' anymore (gold standards anyone?)... goldman sachs (and other members of the r3 blockchain conglomerate) is only speaking good about crypto recently to push their own cryptocurrency (corda) imo... but we will see what 2018 holds for bitcoin and other cryptocurrencies.
keep on hodling!
Great Post.
yep yep ;)
Interesting your post!
Hopefully the next post is more interesting
Really great year for cryptocurrency