Goldman Sachs rejects Bitcoin!

Bitcoin stands out as the patriarch of cryptocurrencies. However, in the arena of Wall Street, a voice rises above the tumult, that of Goldman Sachs, which, with the delicacy of an elephant in a china shop, declares Bitcoin non grata in the world serious investments. Investment director Sharmin Mossavar-Rahmani, in an interview tinged with good skepticism with the Wall Street Journal, affirms that Bitcoin should not be considered as an investment asset class. “We don’t believe in cryptocurrencies,” she punctuates, throwing a wrench into the digital pond.

The school of tradition versus bitcoin

It seems that Goldman Sachs has chosen to stick to positions that smell like parchment and sealed wax.

With the air of a great sage, Mossavar-Rahmani questions the intrinsic value of Bitcoin, seeming to momentarily forget that value, like beauty, is often in the eye of the beholder.

“If you can’t assign a value, how can you be bullish or bearish? “, she asks, raising a point that would make more than one counter philosopher shake their heads.

This skepticism, as refreshing as a winter wind, contrasts with the enthusiasm of many other financial institutions which, like children in front of a new toy, have rushed to integrate Bitcoin and other cryptocurrencies into their offerings.

A crypto paradox

The irony of the situation is not lost on anyone: although the bank publicly displays a reluctance to adopt Bitcoin as a valid asset class, behind the scenes at Goldman Sachs is buzzing with activity related to precisely this very crypto.

The bank, in a burst of measured boldness, opened a cryptocurrency trading desk in 2021 and embarked on a delicate dance with various financial products linked to Bitcoin.

Max Minton, spokesperson for the bank, testifies to a renewed interest in cryptos, fueled in particular by the approval of ETFs linked to Bitcoin. A foot in the water, while claiming that the pool is empty?

The discreet play of influences

In 2021, a revelation somewhat shook Goldman Sachs' image of rigor: the bank, along with a few other financial behemoths, had invested in a product offering exposure to Polkadot's DOT crypto.

An approach which, if it does not amount to a fiery declaration of love for Bitcoin, is nonetheless akin to an extensive flirtation with the crypto sphere.

Ultimately, Goldman Sachs' stance on Bitcoin and crypto reflects a palpable tension between financial conservatism and the need to innovate in a rapidly changing world.

If officially, the bank seems to be turning its back on Bitcoin, its actions suggest a curiosity, even a strategic interest, in cryptos. Could it be a fool's game, where we publicly criticize what we secretly covet? In the meantime, bitcoin continues to chart its course, sometimes adored, sometimes rejected, but always at the center of debate. During this time, the state will seize your money to pay its debt. What if the real investment was to bet on the unpredictability of your future?

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