Opinions: Goldman Sachs specialists are divided over the cryptocurrency and Bitcoin issue

Opinions: Goldman Sachs specialists are divided over the cryptocurrency and Bitcoin issue

In early 2018, Goldman Sachs accepted cryptocurrencies, arguing that Bitcoin is not a scam and has uncovered its plans to buy and sell cryptocurrency. But still, the opinions of employees vary on this point. Here is a collection of insights of top members of the company:

Lloyd Blankfein, CEO of Goldman Sachs Group Inc. feels skeptical about bitcoin:

If you could go through that fiat currency where they say this is worth what it's worth because I, the government, says it is, why couldn't you have a consensus currency?

Lloyd Blankfein, CEO of Goldman Sachs Group Inc.

Earlier, Lloyd Blankfein stated that he feels bitcoin 'a certain level of discomfort,' although in general, he is open to cryptocurrency. According to him, if in the future bitcoin takes a significant share of the financial market, this will be due to the natural evolution of money.

Later, the Goldman Sachs Chief Operating Officer, David Solomon, stated in an interview with Bloomberg TV in China:

We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.

David Solomon, the Goldman Sachs Chief Operating Officer

Also, there are some Goldman Sachs’s ex-workers, who prefer to leave Wall Street and bullish Cryptos.

Mike Novogratz, CEO of Galaxy Investment Partners, ex-partner at Goldman Sachs has gone all in on crypto.

We are in the early stages of a fundamental transformation in financial markets due to the digitization of assets.

Michael Novogratz, CEO of Galaxy Investment Partners, ex-partner at Goldman Sachs

As well as, Christopher Matta, the Co-founder of Crescent Crypto Asset Management, and former Vice President at Goldman Sachs Investment Management Division, vote for cryptocurrencies, suggesting hold a large variety of altcoins, as opposed to bitcoin alone.

There’s various levels of correlation between these coins. But holding a basket of 20 versus just holding Bitcoin, you’re going to get better absolute end-risk adjusted returns because of that diversification benefit that you get.

Even though each coin may be incremental, it’s still better than holding something like Bitcoin. Your drawdowns will be less – less volatility with holding a diversified basket.

Christopher Matta, the Co-founder of Crescent Crypto Asset Management, and former Vice President at Goldman Sachs Investment Management Division

As you can see, one company — different opinions about cryptocurrencies. Whom do you support?

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Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him

Bitcoin advocate and billionaire Mike Novogratz was in the news again after he said that people should bow down to Bitcoin’s creator, Satoshi Nakamoto, and thank him for the world’s largest cryptocurrency. A leading voice in the crypto ecosystem, Novogratz appeared in an exclusive video with the founder of Morgan Creek Digital, Anthony Pompliano. Novogratz is of the opinion that all kinds of funds, be it crypto or hedge, should own some amount of Bitcoin. He also called the digital asset “sovereign money”. Talking about BTC’s fundamental technology, the blockchain, he added that Bitcoin, originally a social experiment, had become “sovereign money” and held a market cap of $71.80 billion. Novogratz also drew parallels with gold, a store of value. Novogratz claimed, “Bitcoin provides a really interesting alternative to gold.” He was previously in the news when he claimed Bitcoin will eventually become the digital gold, at the MENA summit 2019. Bitcoin’s prices rose to breach the $4,000 mark recently, following the recent market surge led by the market’s altcoins. There is architecture in place to facilitate adoption and accessibility, the billionaire said, predicting that over a period of twenty years, Bitcoin was going to be “in the game.” Novogratz also serves as a member of the Investment Advisory Committee on Financial Markets, at the Federal Reserve Bank of New York. While talking about his first tryst with Bitcoin as a member of the committee, Novogratz said that the committee viewed cryptocurrency more as a payment system than a currency. However, many in the Federal Reserve did love the idea of blockchain technology as a store of value, he said. The post Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him appeared first on AMBCrypto.

Mike Novogratz: Another BTC Value Surge is About to Happen

Coinspeaker Mike Novogratz: Another BTC Value Surge is About to HappenThe latest but not the least whose voice came out of Crypto Winter is Michael Novogratz of crypto merchant bank Galaxy Digital who kept telling it from his own view. Novogratz called the market bottom days after Fundstrat’s Thomas Lee issued his latest bullish outlook for the Bitcoin price.Just for a reminder, few days ago Lee said that the “tailwinds” that had dragged bitcoin down during the current Crypto Winter are easing. Specifically, Lee said that “macro factors such as a rally in risk assets plus the US dollar no longer surging are tailwinds for BTC.”He suggested that this means the bitcoin price would rise to $10,000 to $20,000 if BTC were to “catch up” to equities.CRYTPO (2/2): natural question is how much implied upside #bitcoin to “catch up” to macro.S&P 500+small-cap rally since 12/24 is >2 std dev.1-std dev for $BTC is +185% gain. “Catching up” to equities implies $10k-$20k.NOT OUR BASE CASE. Just highlighting macro tailwind. pic.twitter.com/p67FDNGmI3— Thomas Lee (@fundstrat) March 17, 2019Novogratz’s remarks were the actual response to Binance CEO Changpeng “CZ” Zhao, who posted a poll on Twitter asking followers whether we’re in a bull or bear market. Out of more than 32,000 votes so far, the needle is leaning toward a bear market. Novogratz disrupted the poll, pointing to a “sideways market” that has found a base and boldly predicting: “Next move higher.”Looks pretty sideways to me. But basing. Next move higher.— Michael Novogratz (@novogratz) March 18, 2019However, Novogratz didn’t actually propose when that should happen and Fundstrat’s Lee appears to be focused on the next five to six month period.BTC Trading Volume Surpassing $11 BillionThe experts have picked a good time to call a base, with the BTC price managing to hold $4.026,79 (at the time of writing) and posting gains of approximately 5% year-to-date. The thing to note about the recent price increase is trading volume, which surpassed $11 billion in recent days for the first time in nearly a year.Last month, reflecting on the proliferation of crypto assets, many of which have attempted to vie with Bitcoin (BTC)’s function as a store of value, Novogratz said:“There’s 118 elements on the periodic table, and only one gold. Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”Novogratz then also noted that critical infrastructure for institutional investors to become comfortable with crypto is gradually falling into place — albeit temporarily slowed by the recent United States government shutdown. He explained that forthcoming custodial solutions from New York Stock Exchange (NYSE) operator ICE’s Bakkt platform and investment giant Fidelity’s digital asset business indicate the institutional watershed is just getting started.The prolonging crypto rout forced many crypto businesses out of the market. According to a recent interview, even Ledger SAS, the biggest producer of hardware wallets, is struggling. Eric Larchevêque, the CEO of the Paris-based startup, reveals that they have to resort to austere management to make sure that they will still be in business for ‘18 months more’.In another one of his crypto-related tweets, which are somewhat scant in current conditions, the former Wall Street hotshot explained that there’s tons of institutional “activity under the hood,” adding that investors should “stay the course.” While Novogratz seems to be implying that lots of underlying developments aren’t public knowledge, there is a handful of recent news pieces that show that institutional players are here.Realizing having tweeted about crypto in a while. It’s a grind. Don’t think we head north for at least a few more months. Always take longer for institutions to move. Very confident they will. Tons of activity under the hood. Stay the course.— Michael Novogratz (@novogratz) February 1, 2019And while traditional financial institutions like Fidelity are beginning to step into the crypto sphere, veteran industry firms such as crypto exchange and wallet service Coinbase have also introduced their own custody solutions for institutional clients.Novogratz’s perspective is shared by established analysts such as Netherlands-based Big Four auditor KPMG, which last fall argued that institutionalization is “a necessary next step for crypto to create trust and scale.”Big-Name Crypto BullsThe Winklevoss brothers recently mentioned that crypto could eventually become bigger than Facebook (ironically, the social media giant is on the verge of launching its own stablecoin). They also claimed that Bitcoin, which is often called ‘digital gold’, is a better store of value than gold. The same opinion was expressed by Block.One founder Brendan Blumer, who believes that Bitcoin will ultimately replace gold by 2040.On top of all that, Twitter CEO Jack Dorsey recently revealed that he buys $10,000 worth of BTC every week, using the dollar-cost averaging (DCA) investment strategy.Mike Novogratz: Another BTC Value Surge is About to Happen

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