In a report for its clients, Goldman Sachs states that the price of Bitcoin will keep falling. Among the reasons for this decline, Goldman names the inability to be a store of value, a medium of exchange or a good unit of account
Does anyone steps to Goldman Sachs these days? Usually, it's great to do the opposite of their recommendations because if they recommend selling short, that means they want to go long, and if they tell you to buy, that means they want to sell their assets to you.
Apart from that, don't ever forget that they bear no responsibility. They always can simply state 'We were wrong', like in the case of Microsoft in 2015, when its shares' price grew 84%, while Goldman insisted on shorting it. Or with gold when it lost $200 per ounce, contrary to Goldman analyst. Or we can remember Shanghai Stock Composite, which fell 33% instead of predicted 10%.
Did Goldman lose its clients? No. Does it get new clients, that use its analysis every day? Yes. They can predict anything they want, it shouldn't be given any attention. They predict it's gonna rise when the trend is clearly bullish, and predict it's gonna fall further during a bearish trend. There's a short period when they are wrong, during reversal. But it's not their job to foresee the reversal, their job is just pointing the finger at the trend. And let's not forget that they get the salary for it. Pretty amazing job.
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