Goldman Sachs changes its stances on cryptocurrencies
Financial institutions over the past year have changed their view on Bitcoin and other cryptocurrencies. They have previously refused to offer cryptocurrency services to their clients, but they are now doing so as they believe cryptos are an asset class.Leading investment bank Goldman Sachs is one of the banks to change its view on Bitcoin in recent months. According to Alex Krüger, crypto trader and founder of asset management firm Aike Capital, Goldman Sachs is reconsidering its position on cryptocurrencies and is set to consider them a legitimate asset class. This is a change from its position last year when it argued that Bitcoin is not a legitimate asset.
Kruger revealed this view in a series of tweets that contained screenshots from the Goldman Sachs report, entitled: ‘Crypto: a new asset class?’ Kruger added that Goldman Sachs would publish the report in a few days.
The report includes views from popular cryptocurrency figures such as Michael Novogratz, founder and CEO of Galaxy Digital Holdings and Michael Sonnenshein, CEO of Grayscale. Goldman Sachs also added the views of other prominent financial executives and academic economists.
Novogratz and others back crypto as an asset class
Mike Novogratz is a leading figure in the crypto space, and it wasn’t surprising that he confirmed that cryptocurrencies are an asset class. Per the report, Novogratz “argues that the mere fact that a critical mass of credible investors and institutions is now engaging with crypto assets has cemented their position as an official asset class.”Grayscale CEO Sonnenshein supported this notion, adding that cryptocurrencies are not going away. “Institutional investors now generally appreciate that digital assets are here to stay, with investors increasingly attracted to the finite quality of assets like bitcoin—which is verifiably scarce—as a way to hedge against inflation and currency debasement and to diversify their portfolios in the pursuit of higher risk-adjusted returns,” Sonnenshein added.
Goldman Sachs and a wide range of other top financial institutions are now offering cryptocurrency services to their clients. Earlier this month, the bank began offering Bitcoin derivatives to its clients. In March, Goldman Sachs announced that its wealthy clients would gain access to Bitcoin investment vehicles in the current quarter. Other banks to offer such services include Morgan Stanley, Citigroup, Wells Fargo and JPMorgan.
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