Goldman Sachs Scared That Bitcoin Would Put it Out of Business
The Goldman Sachs bank recently declared bitcoin as not an asset in the conference call on it had with its clients in which it discussed the top cryptocurrency by market cap and gold. The bank bashed bitcoin during the conference call and told them they're better off without buying it. There was outrage in the crypto community and now Charles Hoskinson, the founder of Shelly has joined the conversation and stated that such bashing stems from the sheer fear these banks have of going out of the business cause of bitcoin. The Conference call was on May 27.
Bearing the recent events in mind and the remarkable recovery bitcoin made after going down in the dumps you might expect these associations to soften their staunch repulsive approach. However, they continue to sing the same tune and bash bitcoin even when it is pretty much doing better than most of the assets, if not all.
"Goldman Sachs: We do not recommend bitcoin on a strategic or tactical basis for our client's investment portfolio..."What they are really saying: "Please don't buy the stuff that puts us out of business. We are disintermediated and lose control" — Charles Hoskinson (@IOHK_Charles) May 27, 2020
Charles Hoskinson believes that Goldman Sachs and other banks are scared of losing their traditional authority if people start buying the idea of decentralisation.
Barry Silbert tweeted that the Goldman Sachs hierarchy are not advocates of bitcoin and want people to stay away from it and stick to other assets which they've to offer.
Goldman Sachs Bank Approach Not PreposterousThe CEO of Leno, Marcus Swanepoel, however, understand the reasoning behind it by tweeting it is obvious why they don't support the idea as they don't sell the asset. He added that once they start selling he expects Goldman Sachs to take a u-turn on this matter.
Another big bank Jp Morgan Chase has, however, shown a thaw in its approach towards bitcoin. While they're still not entertaining the idea of selling it, they have started providing crypto accounts to its users for trading.
While comments as these do enrage the bitcoin community, its faith remains strong that bitcoin would triumphs such banks, eventually. Tyler Winklevoss also shared similar views in his tweets following the controversial declaration.
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Goldman Sachs: We do not recommend bitcoin on a strategic or tactical basis for clients’ investment portfolios...Google Translate: We don't want our clients to buy bitcoin and realize they don't need us anymore. — Tyler Winklevoss (@tylerwinklevoss) May 27, 2020
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About The Author
Zain RazaZain 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.
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