Goldman Sachs announced that it will hold a special meeting for investors a few days ago. This meeting, entitled “General Outlook of the US Economy & Effects of Current Policies on Inflation, Gold and Bitcoin” was expected to be held today. This meeting, which Forbes also announced, attracted great attention in the crypto money community. Some cryptocurrency users even started to say that this is ‘bullish’ for the market. Because these names hoped that Goldman Sachs would make positive statements about cryptocurrencies.
— Omar Bham (Crrrrypt0) (@crypt0snews) May 26, 2020 Not Expected Digital Currency Group CEO Barry Silbert made a statement about this meeting an hour ago. Silbert Goldman says he sees the presentations that Sachs will show to investors. According to his statements, Goldman Sachs argues that cryptocurrencies like Bitcoin are not an asset class.
“Cryptocurrencies Including Bitcoin Are Not an Asset Class” — Barry Silbert (@barrysilbert) May 27, 2020 Some users on social media have interpreted this situation quite negatively. A user named Bitcoinaire interprets this as “So Goldman Sachs thinks the price of Bitcoin will drop to zero”. But Goldman Sachs’ statement is actually not that negative.
— Bitcoinaire (@Bitcoinaire_) May 27, 2020 Today, when it comes to the asset class, stocks and commodities come to mind. To give an example, gold or silver is not seen as an ‘asset class’. But we all know that gold and silver are not worthless. Just because Bitcoin and other cryptocurrencies are not a special asset class does not mean that they are ‘worthless’.
