Bitcoin is Officially a New Asset Class: Goldman Sachs
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“Bitcoin is now considered an investable asset. It has its own particular risk, in part because it’s still relatively new and going through an adoption phase,”
Mathew McDermott, Head of Global Digital Assets, Goldman Sachs
Goldman Sachs, one of the largest banks in the USA, has published an essential report on cryptocurrencies. The report published by Goldman Sachs is also considered to be very useful for the cryptocurrency ecosystem. It can be said that this report provides essential information about the integration of cryptocurrencies into the financial ecosystem in the long term.
The report published with the title “Crypto, a new asset class” and defines cryptocurrencies as a new asset class still has not been posted publicly. It is known that only influential economists and Goldman Sachs members can access this report at the moment. However, the information has already started to be shared on social media, and names such as the famous economist Alex Krüger are interpreting it.
In his statement about the report, Krüger stated that if he is not a cryptocurrency investor, the first thing he would do after reading the information would be “to look at the charts and see that this is a good entry point and start buying.” Although Goldman Sachs stated on May 27, 2020, that Bitcoin and cryptocurrencies are not asset classes, they made the opposite statement a year later.
Goldman Sachs also shared the Bitcoin price graph between 2017 and 2021, drawing attention to the similarities between 2013-2016 and 2017-2021. According to Krüger, this chart offers an incredible investment opportunity for those who believe in cyclical price movements. Looking at the Bitcoin chart, it is seen that the rise is much more substantial and more severe after each sharp fall in the rally.
Looking at the 2013 report of Goldman Sachs, it can be seen that the sharp decline experienced with the closure of Silk Road in October 2013 resulted in an incredible rise afterward. The report, which also includes the acceptance of BTC by the institutions, also implies that BTC has now become a real asset.