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<p><span style="font-weight: 400;">Goldman Sachs said Bitcoin and other digital assets are not an investment asset class, and that its clients aren’t interested in cryptocurrencies.</span></p>
<p><span style="font-weight: 400;">“We do not think it is an investment asset class,“ Sharmin Mossavar-Rahmani, CIO of the bank’s wealth management unit, said in an interview with the </span><a href="https://www.wsj.com/finance/currencies/bitcoin-price-goldman-01189443" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Wall Street Journal</span></a><span style="font-weight: 400;"> (WSJ). “We’re not believers in crypto.”</span></p>
<p>Her comments come even as investors pile into spot Bitcoin ETFs (exchange-traded funds) that were launched by Wall Street titans including BlackRock and Fidelity in January.</p>
<p>Bitcoin ETFs traded about $111 billion in March, tripling their performance in February, said Bloomberg Intelligence ETF analyst Eric Balchunas in a post on X.</p>
<p><span style="font-weight: 400;"><img decoding="async" src="https://s44650.pcdn.co/wp-content/uploads/2023/07/goldman-sachs-layoffs-1200-1667256738-1.jpg" alt="Goldman Sachs Realignment Consolidates Divisions - Global Finance Magazine"></span></p>
<h2 id="span-style-font-weight-400-goldman-sachs-clients-disinterested-in-gaining-bitcoin-exposure-span"><span style="font-weight: 400;">Goldman Sachs Clients Disinterested In Gaining Bitcoin Exposure</span></h2>
<p><span style="font-weight: 400;">When asked if </span><a href="https://insidebitcoins.com/news/bitcoin-etf-preparations-ramp-up-with-goldman-sachs-and-jpmorgan-in-talks-with-with-grayscale-over-key-role" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Goldman Sachs</span></a><span style="font-weight: 400;"> clients are looking to gain exposure to Bitcoin, Mossavar-Rahmani said that the investment giant’s clients are not interested.&nbsp;</span></p>
<p><span style="font-weight: 400;">Her skepticism towards the crypto sector stems in part from the difficulty of assessing the true value of digital currencies. </span></p>
<p><span style="font-weight: 400;">“If you can’t put value on it, then how can you be bullish or bearish?” she said. </span></p>
<p><span style="font-weight: 400;">She also criticized the crypto community for calling cryptocurrencies the “democratization of finance,” when “the main decisions end up being driven by a few controlling people.”</span></p>
<p><span style="font-weight: 400;">This is not the first time Mossavar-Rahmani has expressed doubts regarding the potential of Bitcoin. Weeks after the approval of spot </span><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-bitcoin-flash-crash-triggers-310m-of-liquidations-as-this-btc-derivative-closes-on-13m" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin</span></a><span style="font-weight: 400;"> ETFs (exchange-traded funds) in the U.S., she warned the public against investing in the crypto market leader.</span></p>
<p><span style="font-weight: 400;">“People can use it [Bitcoin] if they want for total speculation, but it is not an investment,” the Goldman Sachs CIO said in an earlier </span><a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/goldman-investing-chief-etfs-don-t-make-bitcoin-an-investment-ZPHwNJHbRNIdekJOF9cd" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">interview</span></a><span style="font-weight: 400;"> with the WSJ. Investors should not be ”investing in cryptocurrencies, in Bitcoin, in the ETF, as part of an investment portfolio,” she added.</span></p>
<h2 id="span-style-font-weight-400-wall-street-giants-are-bullish-on-bitcoin-span"><span style="font-weight: 400;">Wall Street Giants Are Bullish On Bitcoin</span></h2>
<p><span style="font-weight: 400;">While Goldman Sachs maintains its multi-year-long negative view towards </span><a href="https://insidebitcoins.com/news/bitcoin-price-prediction-bitwise-cio-says-1-trillion-will-be-injected-into-btc-as-experts-say-this-2-0-doge-might-10x" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin</span></a><span style="font-weight: 400;"> and the crypto sector, its competitors are warming up to investing in the digital asset. </span></p>
<p><span style="font-weight: 400;">Mark Yusko, the prominent hedge fund manager and CEO of Morgan Greek Capital Management, predicted that BTC could soar to as high as $150k by the end of this year. Known Bitcoin maximalist Michael Saylor is also bullish on Bitcoin, saying that MicroStrategy </span><a href="https://twitter.com/RealCostef/status/1772965371055612120?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1772965371055612120%7Ctwgr%5E5df50dbaa5cc00b4fbc1ddeac1795594cc7e3539%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.ibtimes.com%2Finvest-bitcoin-microstrategy-michael-saylor-says-btc-will-survive-1k-years-mstr-wont-3728347" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">will not be around in 1,000 years</span></a><span style="font-weight: 400;">, but BTC will be.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Great chart from <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a> that shows how <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> has just taken over the volume market share from <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a>. While all of the ETFs won in terms of being profitable hits, <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> won the volume race and is officially the <a href="https://twitter.com/search?q=%24GLD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GLD</a> of bitcoin. It's basically a wrap. <a href="https://t.co/SGe8gH1heL" rel="noopener noreferrer nofollow">pic.twitter.com/SGe8gH1heL</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1775148579360776562?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 2, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">Meanwhile, the booming spot Bitcoin ETF market suggests that institutional investors are interested in gaining exposure to BTC. BlackRock’s IBIT ETF has stolen the show since its launch at the start of the year, and managed to take over the volume market share from Grayscale’s converted Bitcoin Trust.</span></p>
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Goldman Sachs Says Bitcoin Isn’t An Investment Asset Class, That Clients Aren’t Interested In Crypto

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