Goldman Sachs rejects Bitcoin!

Bitcoin establishes itself as the patriarch of cryptocurrencies. Yet, in the arena of Wall Street, a voice rises above the commotion, that of Goldman Sachs, which, with the finesse of an elephant in a china shop, declares Bitcoin as non grata in the world of serious investments. The chief investment officer, Sharmin Mossavar-Rahmani, in an interview tinged with rightful skepticism at the Wall Street Journal, states that Bitcoin should not be considered as an investment asset class. “We do not believe in cryptocurrencies,” she punctuates, throwing a stone into the digital pond.

The school of tradition versus Bitcoin

It would seem that Goldman Sachs has chosen to stand its ground on positions reeking of parchment and wax seals.

With an air of a wise old sage, Mossavar-Rahmani questions the intrinsic value of Bitcoin, seemingly forgetting momentarily that value, like beauty, is often in the eye of the beholder.

“If you cannot assign a value, how can you be bullish or bearish?” she wonders, raising a point that would make more than one barroom philosopher nod in agreement.

This skepticism, as refreshing as a winter breeze, contrasts with the enthusiasm of many other financial institutions which, like children in front of a new toy, have rushed to incorporate Bitcoin and other cryptocurrencies into their offerings.

A crypto paradox

The irony of the situation is lost on no one: although the bank publicly displays a reluctance to adopt Bitcoin as a valid asset class, the backrooms of Goldman Sachs buzz with activities precisely related to this same crypto.

In a burst of measured boldness, the bank opened a cryptocurrency trading desk in 2021 and has engaged in a delicate dance with various financial products related to Bitcoin.

Max Minton, a bank spokesperson, testifies to a renewed interest in cryptos, fueled in particular by the approval of Bitcoin-related ETFs. A toe in the water, while claiming the pool is empty?

The subtle game of influences

In 2021, a revelation somewhat shook the image of rigor at Goldman Sachs: the bank, along with a few other financial behemoths, had invested in a product offering exposure to Polkadot’s DOT crypto.

An approach that, while not amounting to a fervent declaration of love for Bitcoin, resembles an intense flirtation with the crypto sphere.

In the end, Goldman Sachs’ stance on Bitcoin and cryptocurrencies reflects a tangible tension between financial conservatism and the necessity to innovate in a rapidly changing world.

While officially, the bank seems to turn its back on Bitcoin, its actions suggest a curiosity, even a strategic interest in cryptos. Is this possibly a deception, where one publicly criticizes what one secretly covets? Meanwhile, Bitcoin continues on its path, sometimes adored, sometimes rejected, but always at the center of debate. In the meantime, the state will seize your money to pay off its debt. Could the true investment be betting on the unpredictability of its future?