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Swiss Bank Calls Goldman Sachs’ Bitcoin Bluff About Bitcoin As A Bad Investment Channel

A Swiss bank has said that Goldman Sachs' out look on Bitcoin is wrong.

Tolu Ajiboye by Tolu Ajiboye
June 4, 2020
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According to a Swiss Bank, Swissquote, Goldman Sachs’ recent declaration against Bitcoin could be very wrong. The bank, Swissquote, says that Bitcoin is leading the shift to tokenization.

On May 27, Goldman Sachs published a report on inflation and the current outlook of the US economy, especially as it relates to Bitcoin and Gold. The report did nothing for Bitcoin, specifically mentioning that crypto does not “constitute a viable investment rationale.”

Goldman Sachs said that Bitcoin does not qualify as an asset class because unlike bonds, it is incapable of creating cash flow. The report also emphasized that Bitcoin’s earning does not come from growth in the economy, may not be a good enough hedge to protect against inflation, and is quite well used for illegal transactions like money laundering and dark web activity.

The head of digital assets at Swissquote, Chris Thomas, has responded. He says the Bitcoin market is still a lot more stable:

“Bitcoin did fall 37% on March 12, 2020. And just one month later, oil markets plunged 333% in the space of 24 hours, nearly 10x a greater drop, touching a low of minus $40 per barrel at one point.”

Thomas also says that Bitcoin and a few other major assets are already the “driving force behind the paradigm shift which is happening.” He also predicts that in the future, most assets will be tokenized, trading will be democratized, and Bitcoin is already at the forefront of that paradigm shift.

Image Credits: Pixabay

Tags: bitcoinChris THomasGoldGoldman SachsSwissquote
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