Goldman Sachs CEO Sharmin Mossavar-Rahmani bluntly says in an interview that Bitcoin is not an investor class. She emphasizes that there is no demand for Bitcoin among her customers. “We don’t believe in it either.”
The old guard is not yet fully convinced about Bitcoin
After major asset managers such as BlackRock and Fidelity are doing very good business with their new exchange traded fund (ETF), the old guard at Goldman Sachs isn’t paying much attention at the moment.
It has long been known that the head of Goldman Sachs’ wealth management unit, Mossavar-Rahmani, is skeptical about Bitcoin and other digital assets. In a recent interview, her opinion seems unchanged.
“We don’t believe it’s an investor class, we don’t believe in it,” she told the Wall Street Journal. Additionally, she states that the clients she serves are currently not interested in Bitcoin or cryptocurrencies in general.
She even called the crypto industry hypocritical because, in her opinion, crypto enthusiasts claim to be democratic while decisions are often made centrally by a small number of people.
Who else can be against Bitcoin and crypto?
A little insight into Mossavar-Rahmani’s background: She currently has a 31-year career at Goldman Sachs and has been there for some time. She is not the only one from the “old guard” who currently has nothing to do with Bitcoin. Investment legend Warren Buffet has also spoken out against Bitcoin in the past.
“Bitcoin hasn’t created anything, it doesn’t do anything. It just sits there like a shell, it’s not worth the investment for me.”
Then there is Jamie Dilon, also not a lightweight in the financial world. He is chairman and CEO of JPMorgan Chase Bank. His biggest problems with Bitcoin were the lack of regulation and the ability for criminals to hide their identities. It’s unclear whether he still thinks that way. But he also made a harsh statement a few years ago.
“If you are stupid enough to buy Bitcoin, one day you will pay the price.”
Will BlackRock, Fidelity and other ETFs prove otherwise?
Bitcoin price has risen about 350% since its last low of around $15,000 in early 2023, partly due to the inflow of money via the newly approved ETFs. There was a moment of fear when the Biden administration was going to come up with a plan.”Kill crypto“But luckily that never happened.
On the contrary, there has been a lot of work with governments and banks around the world on new regulations to make cryptocurrencies in general a safer environment for investors.
Now Coinbase has revealed that it is behind Blackrock’s plans for the title “$5 trillion by 2030” Cathy Wood is also very positive and predicts up to $500,000 by the end of this bull market.
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