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. …


Kevin G

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

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