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On May 27, 2020, a report was presented by Goldman Sachs, a famous American investment banker. In this report, a negative opinion was presented on Bitcoin, and friends considered this report to be a war between Goldman Sachs and Bitcoins or Hodleys of Bitcoin.
Bitcoin hoodlies are big fans of Bitcoin and cryptocurrencies who believe that Buy & Hold means to buy and hold Bitcoin. Of course, this is not the first time that Wall Streeters have rushed into Bitcoin.
Some bigwigs of Wall Street and the capital market have made many negative comments about Bitcoin. These people had a very negative opinion about buying Bitcoin and cryptocurrencies. Among them was Warren Buffett , who is a Wall Streeter. He has stated that Bitcoin is bought by idiots who hope to sell it to someone even more idiotic at a higher price.
In the video below, I have talked about this theory in detail;
The Goldman Sachs report has also recently mentioned Mr. Warren Buffett, but in a more respectful manner. It is stated on page 30 of this report that: We believe that securities whose value depends on someone else being willing to pay a higher price for it (and basically have no value if no one else buys it) are not suitable for our clients to invest in.
Negative opinion of Goldman Sachs report on Bitcoin
Considering that Goldman Sachs is the largest investment banker in the United States and the world, this report, regardless of whether it is right or wrong, will have a wide impact on the behavior of investors and the direction of the Bitcoin price.
Read more: Bitcoin price depends on what factors?!
Therefore, I, in turn, took advantage of this opportunity to discuss some concepts of the Goleman Sachs report and evaluate its accuracy. From the point of view of fundamental analysis, there are useful comments in this report, which can lead to new things.
Read more: Fundamental analysis
On page 29 of the Goldman Sachs report, referring to cryptocurrencies, Bitcoin has been rejected as a currency or an asset based on its characteristics. In fact, in this part of the report, it is stated that Bitcoin does not have the three main characteristics of money. Now these three characteristics are:
- Medium of exchange
- Unit of account
- Store of value
I have explained each of these items in detail. Just click on each item and get its additional information.
The goal of Goldman Sachs is to show that Bitcoin cannot be considered a currency because it does not have these three characteristics. Of course, the presented report did not go into details and clearly imagined the lack of these three characteristics of money.
This may seem a bit strange. In the rest of the report, it is concluded without explanation that Bitcoin is not money or currency. Then, rejecting this issue, he quickly pointed out whether Bitcoin is an asset class or not. That is, can you use it as an asset of value or a store of value?
In the Goldman Sachs report, entering the Bitcoin market and buying it was considered inappropriate for investors. Also, in the following, the questions about considering Bitcoin as a currency were answered negatively.
On the other hand, based on the high volatility of Bitcoin and illegal activities on its network, according to this report, it is not recommended for investors to enter the Bitcoin market. But what is strange about this issue was the failure to go into details in this report and the proof of assuming that Bitcoin does not have three characteristics; Perhaps in the future, without explaining the result of the report, the rejection of Bitcoin as a currency or money was announced.
Goldman Sachs Change of Mind on Cryptos in 2023
Currently, the latest Goleman Sachs report is for 2023. In this report, we see the general change of opinion of Goldman Sachs regarding cryptos. In a way that Goldman Sachs has accepted cryptos as a medium of exchange. Alabar has introduced these cryptos as a medium of exchange that you can consider as an investment in your portfolio.
We also saw in an interview that it was stated that the years 2024 and 2025 will be the golden years for cryptos.
