- Goldman Sachs told its clients that Bitcoin was not a suitable investment.
- Bitcoin lambasted the bank for ignorance and lack of touch with reality.
One of the world’s largest investment banks, Goldman Sachs, held a conference call with its clients to discuss the risks of growing inflation and the outcomes for the assets like gold, bonds, and Bitcoin.
The news about the scheduled meeting created a lot of excitement in the cryptocurrency industry. According to the title of the presentation, “US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin”, the Wall Street behemoth was supposed to dwell on Bitcoin’s benefits.
However, contrary to the expectations, Goldman Sachs bank said that the cryptocurrency is “not an asset class” and “not a suitable investment.” Instead of admitting the role of Bitcoin in a post-crisis economy, the bank dismissed it and poked fun of it.
Crypto Twitter bites back
The disappointed cryptocurrency community went negative on Goldman’s position and even questioned the intelligence of people working there. Thus, Tyler Winklevoss, the co-founder, and CEO of the US-based cryptocurrency exchange Gemini said that the quality of Goldman Sachs’ research proves the brain drain from the banking industry.
Crypto used to be where you ended up when you couldn’t make it on Wall Street. The quality of Goldman Sachs’ recent research on #Bitcoin demonstrates that there has been a talent flippening. Today, Wall Street is where you end up when you can’t make it in crypto.
Some other commentators pointed out that all major innovations, including telephone and automobile, were often dismissed or met with hostility.
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