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Bitcoin (BTC) Billionaires Blast Goldman Sachs After Financial Giant Says Crypto Not a Viable Investment

by Daily Hodl Staff
May 27, 2020
in Bitcoin
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Goldman Sachs just wrapped up a highly anticipated investor call that focused, in part, on its outlook for Bitcoin.

The investing giant is not impressed with increasing institutional investments in cryptocurrency and says the digital assets do not “constitute a viable investment rationale.”

Goldman says BTC is not an asset class because it can’t create a cash flow, as bonds do. According to the analysts, the world’s leading cryptocurrency has a number of other factors working against it: it does not generate earnings through exposure to economic growth; it has not proved itself to be a reliable hedge against inflation; and it has been used to facilitate money laundering and purchases on the dark web.

Billionaire Bitcoin entrepreneurs and co-founders of the crypto exchange Gemini quickly responded. Tyler Winklevoss says Goldman may not have the moral high ground when it comes to the illicit use of capital.

Goldman Sachs: In 2019, $2.8 billion in Bitcoin was sent to currency exchanges from criminal entities.

Fun Fact: Goldman Sachs facilitated $6 billion in money laundering via 1MDB scandal between 2012-13.

Double standard much?

— Tyler Winklevoss (@tyler) May 27, 2020

According to a report published last year by the United Nations Office on Drugs and Crime, banks carry the torch for the money laundering industry.

Cameron Winklevoss also points to Bitcoin’s official status as a commodity, implying its researchers need to get with the times.

Hey Goldman Sachs, 2014 just called and asked for their talking points back.

Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip order…so yea it's an asset whose price is set by supply and demand. Just like gold. Just like oil. It's a commodity.

— Cameron Winklevoss (@cameron) May 27, 2020

The Winklevoss twins, who are strong advocates for a smart global regulatory framework for blockchain and crypto technology, did not stop there.

Here are a few additional hot takes from their ongoing tweetstorm.

Goldman Sachs: We do not recommend bitcoin on a strategic or tactical basis for clients’ investment portfolios…

Google Translate: We don't want our clients to buy bitcoin and realize they don't need us anymore.

— Tyler Winklevoss (@tyler) May 27, 2020

Paul Tudor Jones isn't waiting around for approval from the establishment to buy bitcoin. And neither should you. Do your own research, build your own conviction, avoid groupthink.

— Cameron Winklevoss (@cameron) May 27, 2020

Goldman Sachs aka Bankers aka Wall Street still don't get (or want to get) #Bitcoin. It's ok, because everyone else does.

— Tyler Winklevoss (@tyler) May 27, 2020

Bitcoin does "not generate cash flow like bonds." Because it's not a bond. And the sky is blue.

— Cameron Winklevoss (@cameron) May 27, 2020

Goldman’s report also addresses the economy as a whole, saying global markets have hit a bottom and have not entered into a depression.

However, the firm’s analysts say “significant uncertainty” on the path to recovery remain, centered on the question of whether people who have been laid off will be able to get their jobs back.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/MicroOne

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