[2021-05-21] Goldman Sachs Reconsiders, Calls Bitcoin a Legitimate Asset Class

Betwrong

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Quote from: newwest on May 31, 2021, 12:33:42 AM

Quote from: Kong Hey Pakboy on May 27, 2021, 04:07:13 AM

That's probably the reason why they are shilling, might want to stack some bitcoins because this might just be a speculation but I think more investors are going to flock the market now that some financial juggernaut is supporting it.

They would just want to clear the stance so that nothing comes as a surprise when they disclose later how much they might have purchased during this fall and holds huge qty of btc for themselves and also might purchased in their portfolios as well. Many such institution now would be buying with the fallen price and looks good too at this rate.

I, too, think that this is what's going to happen. They are just waiting for the "right" price, for the lowest one. But who knows the new bottom for Bitcoin? Nobody. Wait to long and you'll miss the bottom.

Now people from Goldman Sachs are "predicting" Ethereum to eclipse Bitcoin in the future, but we don't know if it's a strategic move to lower the BTC price even more before buying.

newwest

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Quote from: Kong Hey Pakboy on May 27, 2021, 04:07:13 AM

That's probably the reason why they are shilling, might want to stack some bitcoins because this might just be a speculation but I think more investors are going to flock the market now that some financial juggernaut is supporting it.

They would just want to clear the stance so that nothing comes as a surprise when they disclose later how much they might have purchased during this fall and holds huge qty of btc for themselves and also might purchased in their portfolios as well. Many such institution now would be buying with the fallen price and looks good too at this rate.

okae

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Quote from: bbc.reporter on May 24, 2021, 10:50:53 PM

Why did they suddenly change their stance? ...

The short answer is MONEY, they are playing with his fake news doing the opposite about what they say since the beginning of times... thats how those snakes play "with us" they dont care about nothing, everything is a game for them with only one final intention, to get more money.

I will never understand why people still care about what those guys say, people never learn...

Quote from: Theb on May 26, 2021, 01:27:18 PM

... I have said it in the past and the threat that these traditional investment companies are worried about are their own clients starting...

Even if this could be truth, dont be wrong, they just care about themself, to give to his clients some benedict is the way to them to obtain more benefits...in other words, they just "use" his clients...

Kong Hey Pakboy

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That's probably the reason why they are shilling, might want to stack some bitcoins because this might just be a speculation but I think more investors are going to flock the market now that some financial juggernaut is supporting it.

bbc.reporter

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@Theb. Has there been any occurences in the history of banking where the traditional banking institutional giants have bought or made acquisitions of the smaller growth companies? I predict the banking giants will buy exchanges and other cryptospace financial services. In 10 years we might witness the giants control more than 80% of cryptospace financial service.

Theb

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Quote from: bbc.reporter on May 25, 2021, 09:11:01 PM

@Theb. This also appears similar to the phrase if you cannot beat them, join them hehe. The cryptospace will certainly be a new source of revenue for them. They also cannot leave their competitors tap this new revenue stream without them or they become less competitive.

Companies such as Grayscale, BlockFi, and other crypto-related investment companies are what they worry about the most since they have pioneered in the industry. I have said it in the past and the threat that these traditional investment companies are worried about are their own clients starting to venture out from a more risky investment and that is what the crypto industry can offer them. They might be late to realize that but this is still a change that has a positive effect in the market for us.

acquafredda

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That is some old financial FOMO, because Goldman Sachs clients want exposures to bitcoin and crypto assets and if they do not get there they will go elsewhere. Even if reluctantly, Goldman had to open to bitcoin: it is the market that decides, not them and they should be really thankful about it because they can earn some extra revenues on top of crypto assets offering.

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Quote from: bbc.reporter on May 24, 2021, 10:50:53 PM

Why did they suddenly change their stance?

Not at all. Just they don't want to look different from their competitors and probably eyeing the fees they can charge from other investors (and futures' gamblers) and, why not? maybe also eyeing a little towards investing themselves...
They most probably have a big board that takes the decisions and probably a few voters have indeed change their mind. But overall I don't think that anything special has change. Keep in mind that they're still part of the traditional banking system.

hv_

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... so than go pls GS and work out the legal binding product prospects

Grin

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Well, if you can believe the things going around in Social media platforms, then people are saying that Warren Buffett sold his interest in all the Banks that he was invested in and then re-invested that money into Goldman Sachs. (Why would a giant like him do something like that, if he did not have some insider information?)

Goldman Sachs has been a thorn in Bitcoin's flesh for years and a sudden turnaround like this, just mean that something is going to happen soon and we should not be caught with our pants at our feet. (Buy Low & Hoard & Sell High) Wink

amishmanish

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They have based their argument of the social adoption, "name brand" of Bitcoin which gives it value. Not surprisingly though, they did not go into the technical details except saying that scarcity is ensured through cryptography.

What they should probably realize is that the ratio of people who tend to understand and appreciate the technical under-pinnings have been increasing and will continue to increase with technology, especially web technologies becoming more and more inter-twined with our jobs, lives and so on. That is why a peer-to-peer network which enables anyone, literally anyone to verify the whole history and be part of transaction verifications ( by running a Full node), will continue to have allure for this and the coming generations.

Bitcoin is. Cool

bbc.reporter

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@Theb. This also appears similar to the phrase if you cannot beat them, join them hehe. The cryptospace will certainly be a new source of revenue for them. They also cannot leave their competitors tap this new revenue stream without them or they become less competitive.

In any case, HSBC is going on a different direction. They might have projected that the revenue is not enough for themselves to enter? However, how long can they avoid the cryptospace as their competitors enter. I speculate only 1 year hehehehe.

HSBC CEO Noel Quinn has said that the banking giant has no plans to launch a cryptocurrency trading desk or offer it as an investment vehicle to its clients. That is because crypto is too volatile and lacks transparency, he said.

Source https://www.theblockcrypto.com/post/105844/hsbc-no-plans-crypto-trading-desk-ceo-comments

Theb

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Quote from: bbc.reporter on May 24, 2021, 10:50:53 PM

Why did they suddenly change their stance? Goldman Sachs

Similar route used by a lot of companies who have "plans" for crypto in the future. It is similar to how JP Morgan CEO's suddenly eating their words about the crypto industry and Bitcoin in particular and then later on releasing their own JP Morgan Coin. This will be the same pattern for a lot of traditional companies where they have taken a negative view about the crypto industry they will suddenly change their opinion as they have plans for it. Simply make this all about money seeing companies changing their views and opinions as its either their clients realizing they are missing an opportunity or themselves seeing that they have made a mistake on giving negative opinion about the whole crypto industry.

hv_

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Quote from: Betwrong on May 25, 2021, 04:38:18 AM

Quote from: hv_ on May 25, 2021, 12:44:40 AM

Sure ... they want to earn money with trading - try to create more coins ? How is that good for Bitcoin ?

Regardless of what they want and whether they are going to succeed, of course they are doing good for Bitcoin by calling it a legitimate asset class. It's better to be used as a speculative asset than not used at all.

I think, in the long run we basically have two options: either BTC is used by many millions of people or it's dead. Why? Because developers need money to survive.

But that's just my opinion, I may be wrong, of course.

with 6000 different (but copied) coins live atm and wanting - (your money)

yes nice competition for just the same thing: fix the double spending for computers (and devs) who were just used to copy things

There can be only on in the end

but at scale and generating real new value

Betwrong

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Quote from: hv_ on May 25, 2021, 12:44:40 AM

Sure ... they want to earn money with trading - try to create more coins ? How is that good for Bitcoin ?

Regardless of what they want and whether they are going to succeed, of course they are doing good for Bitcoin by calling it a legitimate asset class. It's better to be used as a speculative asset than not used at all.

I think, in the long run we basically have two options: either BTC is used by many millions of people or it's dead. Why? Because developers need money to survive.

But that's just my opinion, I may be wrong, of course.

hv_

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Sure ... they want to earn money with trading - try to create more coins ? How is that good for Bitcoin ?

bbc.reporter

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Why did they suddenly change their stance? Goldman Sachs released their report, which appears to be an advertisement, after a -60% dump on bitcoin and more than -70% dump on many altcoins after their all time high. It appears that Goldman Sachs might be shilling the cryptospace to rich clients who might be buying hehehe.

A new research report by investment banking giant Goldman Sachs shows that the bank has read up on crypto, and changed its prior tune.

Crypto is "a new asset class," the report declares. "Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase... But clients and beyond are largely treating it as a new asset class, which is notable—it’s not often that we get to witness the emergence of a new asset class."

This time last year, Goldman Sachs conformed with the generally bearish views on crypto of the investment banking world. It flat-out denied that cryptocurrencies were a viable asset class, citing their extreme volatility and the fact that they “do not show evidence of hedging inflation.”

In March, Goldman Sachs resumed trading Bitcoin futures for the first time since 2018, and at the beginning of this month, it expanded the offering to other Wall Street firms.

Read in full https://decrypt.co/71724/goldman-sachs-reconsiders-whether-bitcoin-is-legitimate-asset

Topic: [2021-05-21] Goldman Sachs Reconsiders, Calls Bitcoin a Legitimate Asset Class (Read 156 times)