Banks bashing cryptocurrency should come as no surprise

Investment bank Goldman Sachs turned heads last week when it stated that Bitcoin was, “not an asset class”.

The company made the comments during an investor presentation, which also said that the digital currency was, “not a suitable investment for our clients.”

The first point I would make is that cryptocurrencies are a threat to banking establishments. A rush of retail money into crypto is different than a rush of retail money into stock bubbles- the key difference being that for Goldman there would be no fees. Any money pulled from the stock market would also undermine their IPO business, with less investment capital available to pump stocks higher. …

About

Kevin G

I have a masters degree in finance and 14 years’ trading experience.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store