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Goldman Sachs and Bloomberg disagree with Bitcoin

May 27, 2020

According to a leaked PowerPoint slide, Goldman Sachs, in a conversation about the U.S. economic outlook. United States, May 27th explained that cryptocurrencies are not an asset class. The wording of the slide appears to be preventing your customers from investing in the technology-based asset. This is in stark contrast to the views of former President Michael Bloomberg, whose financial reform plan clearly calls Bitcoin an asset class.

Goldman Sachs’ alleged slip from May 27 call. Source: Ryane Browne’s Twitter account

Bloomberg: better than gold

Goldman Sachs and Bloomberg disagree with BitcoinGoldman Sachs and Bloomberg disagree with Bitcoin

Michael Bloomberg’s plan openly recognized the cryptocurrency as an important asset class. He also called for a transparent legal framework:

“Cryptocurrencies have become hundreds of billions of dollars in asset classes, but regulatory oversight remains fragmented and underdeveloped. Despite all the promises that blockchain, bitcoin, and initial coin offerings represent, there is also a lot of advertising, fraud, and criminal activity.”

It should be noted that most, if not all, of Goldman Sachs’ alleged criticism of Bitcoin (BTC) could also be raised against other established assets such as gold. Especially the Bloomberg analyst, Mike McGlone, who is often optimistic about cryptocurrencies, believes that Bitcoin is a better store of value than gold due to the inelastic nature of its offering:

“In contrast to the quasi-currency pair gold, higher prices are not an incentive for a higher supply.”

This article will be updated as more messages are available about the call.