Goldman Sachs has changed its mind, calling cryptocurrency an “unviable investment.”

Posted:

June 20, 2021 20:10 GMT

In particular, enterprise experts believe that blockchain technology may become obsolete and suggest that “those who care about environmental, social and governmental goals” can reject such coins.

In a report to clients released on Monday, US investment bank Goldman Sachs warned against investing in cryptocurrencies.

“While many components of ecosystems, especially blockchain technology, are likely to contribute to long-term economic growth, cryptocurrencies are not a viable investment to include in our clients’ diversified portfolios.” they point entity analysts.

In particular, experts are of the opinion that “technological advances can render blockchain technology obsolete.” They also suggest that the high energy consumption and use of digital currencies by cybercrime “could discourage cryptocurrency adoption by those concerned with environmental, social, and governmental goals.”

With the release of the new report, Goldman Sachs revealed its public opinion in mid-May. So, in the document titled “Cryptocurrencies: A New Asset Class?” , I consider Bitcoin is a “reversible asset.”

In 2017, Goldman Sachs was one of the first institutions to launch a bitcoin trading desk, which at that time was on the rise. After the currency prices fell, he suspended the initiative to renew it last March. Picks CryptoPotato portal.