Goldman Sachs Investment Chief: Bitcoin is not an asset, and the democratization of cryptocurrency finance has never occurred.

Goldman Sachs’ Chief Investment Officer, Sharmin Mossavar-Rahmani, stated in an interview that although many cryptocurrency supporters claim it to be a new system of financial democratization, the reality is that major decisions are ultimately driven by a few people in power.

Goldman Sachs’ Chief Investment Officer, Sharmin Mossavar-Rahmani, has long held a skeptical attitude towards Bitcoin and digital assets, and even though the Bitcoin spot ETF has performed well this year, it has not changed her long-term perspective.

According to The Wall Street Journal interview, she still does not consider Bitcoin to be an asset class:

“Bitcoin is not an investment asset. I myself am not a believer in cryptocurrencies. If we cannot evaluate the value of Bitcoin, how can we assess its rise and fall? Our clients are also not interested in Bitcoin.”

Mossavar-Rahmani also criticized the hypocrisy of the cryptocurrency industry, pointing out that although many cryptocurrency supporters claim it to be a new system of financial democratization, the reality is that major decisions are ultimately driven by a few people in power.

However, Mossavar-Rahmani’s statement seems to contradict the remarks of Max Minton, Goldman Sachs’ Asia-Pacific region digital assets manager. In a Bloomberg interview at the end of March, Max Minton stated:

“The recent approval of the Bitcoin spot ETF has reignited interest among Goldman Sachs’ clients, and many of the largest clients have started to become active or explore in the cryptocurrency field. Last year was relatively calm, but since the beginning of this year, we have seen significant growth in client interest in the cryptocurrency field. Most of the demand comes from Goldman Sachs’ existing clients, primarily traditional hedge funds, but Goldman Sachs is also exploring a ‘broader customer base’ including asset management institutions and digital asset companies.”

Goldman Sachs announced in early March that it was ending its bearish stance on the Coinbase exchange after nearly two years, but since then, COIN has seen more than a five-fold increase in value.

ETF
Sharmin Mossavar-Rahmani
Bitcoin
Goldman Sachs’ Chief Investment Officer