Goldman Sachs’s Wealth Management Division Says Bitcoin Not An Asset Class, Declines Viable Investment Rationale

Recently, the wealth management division of Goldman Sachs rolled out a presentation which noted that digital assets including Bitcoin are not an asset class. The firm mentioned that hedge funds are trading it because of high volatility. They are not looking at them as a feasible investment basis.

Nevertheless, the apparently gloomy stance of Goldman Sachs regarding Crypto does not completely mirror the bank’s discernment of virtual assets.

As per a former investment banker at Goldman Sachs, Ethan Vera, the perception of Bitcoin and other cryptocurrencies by one division does not essentially reflects the stance of the bank.

He noted that the principal tactical investments group is totally detached from the wealth management division that delivered the presentation.

He further mentioned,

“I really do think Goldman is further ahead than most of the other Banks on Bitcoin.”

Notably, Goldman Sachs is taking a vigilant stance on BTC and other digital assets, similar to numerous hedge funds and investment firms.