Bitcoin Price Goes up by 8% After Goldman Sachs Criticism

May 29, 2020   (0)   Zain Raza

The recent comment by Goldman Sachs regarding bitcoin has caused a bit of a stir amongst the crypto community as they found their claims downright ridiculous. In the controversial conference call on May 27, the bank declared bitcoin as not an asset and further claimed that it has liquidity issues and there’s no theory to suggest that it is an infection hedge. However, ever since the criticism has crawled in, bitcoin price has increased by 8% according to data from skew which also highlights that the trading volume has remained constant over the week.

Community Celebrates After Bitcoin Price Rises 

the bitcoin community voices were in full flow as they questioned on what grounds is the bank making such ludicrous claims.  Even the scarcity of bitcoin was put into a spot by the bank when it is well known that bitcoin is a scarce asset with a fixed supply. Co-founder of Gemini exchange stated that the talking points and criticism are so off and ridiculous as if the bank is still living in 2014. Coinshares CSO also tweeter mocking the illogical comments made by them after the surge in bitcoin price.

However, as bizarre as it may sound, the Goldman Sachs bank has a habit of getting it extremely wrong in a plethora of cases. In 1994, it was critical of the internet too and safe to say they couldn’t have been any more wrong about it. The approach is similar to another big bank in the US, JP Morgan chase which in 2017 banned its employees from trading in bitcoin. However, they appeared to have softened their stance now by bringing Gemini exchange and Coinbase on board while also publishing a report stating that bitcoin is undervalued by as much as 25%.

Bitcoin price surge also proves that undue criticism can also work in favour of the top cryptocurrency.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.