The chief of Goldman Sachs states that Bitcoin does not qualify as an investment class asset

Goldman Sachs, a renowned global investment bank established in 1869 and headquartered in New York City, offers a wide range of financial services, influencing global finance. The bank has been providing cash-settled Bitcoin and Ether option trading, as well as CME-listed Bitcoin and Ether futures, since 2021.

Recently, on 2 April 2024, Sharmin Mossavar-Rahmani, the chief investment officer at Goldman Sachs, shared intriguing insights in an interview with the Wall Street Journal (WSJ).

During the interview, Sharmin expressed skepticism towards Bitcoin, questioning its classification as an investment asset. She posed a thought-provoking query, “How can we confidently assess Bitcoin’s value if it remains elusive?” Furthermore, she highlighted the lack of client interest in Bitcoin, leading to Goldman Sachs’ decision not to introduce Bitcoin spot ETF products anytime soon.

In a similar vein, Max Minton, Goldman’s Asia Pacific digital assets head, discussed Bitcoin spot ETF products in a recent interview with Bloomberg, emphasizing the rising interest among the bank’s clients following the SEC’s approval of Bitcoin spot ETF applications.

A Closer Look at Bitcoin’s Price Movement

The current trade price of Bitcoin (BTC) sits at $66,290, representing a 5.5% decrease over the past week.

Significantly, Bitcoin experienced a sudden correction yesterday, dropping by 8% to $64.5k.