Goldman Sachs To Host Conference Call On Crisis, Bitcoin, And Inflation
Goldman Sachs will soon host a conference call discussing the impacts of the current economic crisis on Bitcoin, gold, and inflation. Goldman Sachs To Host Conference Call On Crisis, Bitcoin, And Inflation
Goldman Sachs will host a conference call on May 27 titled US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin.
On May 23, Mike Dundas, the founder of crypto media outlet The Block, posted a screenshot of the invitation for the call, revealing that the event will be hosted by Sharmin Mossavar-Rahmani, the CIO of Goldman’s Investment Strategy Group, alongside Harvard economics professor Jason Furman, and Goldman Sachs’ chief economist Jan Hatzius.
Goldman Sachs Appears To Be Warming To Bitcoin
The news has been heralded as a milestone for the institutional adoption of crypto assets, appearing to signify a complete u-turn on the part of Goldman’s Mossovar-Rhami — who stated that cryptocurrencies fail as mediums of exchange, stores of value, and units of measurement, in August 2018.
For many years, the crypto community has appeared dedicated to willing cryptocurrency engagement from Goldman Sachs into existence, with false rumors that the financial giant planned to open a Bitcoin (BTC) trading desk circulating at frequently throughout the short history of cryptocurrency.
Institutions Increasingly Embrace Crypto
Goldman Sachs’ conference call comes amid other signs that many top financial institutions may be warming to crypto, with JPMorgan providing banking services to U.S. exchanges Coinbase and Gemini since April.
At the start of May, billionaire and hedge fund founder, Paul Tudor Jones, revealed that he is purchasing Bitcoin as a hedge against money printing-induced inflation.
The 65-year-old revealed that his Tudor BVI hedge fund is hodling “a low single-digit percentage” of its total assets in BTC futures, stating; “The best profit-maximizing strategy is to own the fastest horse […] If I am forced to forecast, my bet is it will be Bitcoin.”
Goldman Sachs Butts Heads With Bloomberg Over Bitcoin
Goldman Sachs starkly disagrees with Mike Bloomberg on cryptocurrency as an asset class worthy of investment interest.
According to a leaked PowerPoint slide, Goldman Sachs, in a May 27 call discussing the U.S. economic outlook, stated that cryptocurrencies are not an asset class. The wording of the slide appears to discourage its clients from investing in the up and coming technology-based asset. This stands in stark contrast to the views of former presidential hopeful, Michael Bloomberg, whose financial reform plan unequivocally called Bitcoin an asset class.
Bloomberg: Better Than Gold
Michael Bloomberg’s Plan Openly Acknowledged Cryptocurrency As A Major Asset Class. It Also Called For A Transparent Regulatory Framework:
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity.”
It should be noted that most, if not all, of the alleged criticisms of Bitcoin (BTC) by Goldman Sachs could also be levied against other established assets, such as gold. Notably, Bloomberg analyst Mike McGlone, who is frequently bullish on the cryptocurrency, believes Bitcoin to be a better store of value than gold because of the inelastic nature of its supply:
“Unlike quasi currency brethren gold, higher prices won’t be an incentive for more supply.”
‘What Are You Smoking?’ Winklevoss Pans Goldman Sachs Bitcoin Bashing
Tired claims that Bitcoin and cryptocurrencies are not an asset class say more about Goldman Sachs and the banking system itself, proponents argue.
Bitcoin (BTC) supporters have widely panned Goldman Sachs after it emerged that the banking giant does not consider it as a real asset class.
Materials from an investor call on May 27 revealed that the United States’ fifth-largest bank is dismissive of the largest cryptocurrency.
Goldman Wheels Out Legacy Bitcoin Complaints
The main reason for the continued lack of attention, Goldman says, is that Bitcoin does not generate revenue flows for holders, for example, in the same way that stocks and bonds do.
“We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients,” a related PowerPoint presentation states.
Along with other claims including high volatility, the criticism is nothing new, Bitcoin having faced years of identical scorn from the legacy banking sector. Just last week, wealth manager Peter Mallouk told CNBC that despite its recent returns, there was “no need” for any investors to buy Bitcoin.
Goldman’s tone meanwhile riled some of the best-known figures in the Bitcoin industry and beyond.
Reacting, D-TAP capital founder Dan Tapeiro argued that the bank was simply concerned about its revenue stream.
“Goldman Sachs does not make fees when a client buys #bitcoin. Buying Btc is an implicit rejection of buying assets that Goldman Sachs sells upon which they make fees,” he wrote on Twitter.
Buying btc is a rejection of the worldview they sell upon which they make fees. Long PTJ/Short GS EVERY TIME.
Gemini exchange co-founder Tyler Winklevoss meanwhile argued that the attention being paid to Bitcoin suggested a longer-term shift was underway.
“Crypto used to be where you ended up when you couldn’t make it on Wall Street,” he tweeted.
The quality of Goldman Sachs’ recent research on #Bitcoin demonstrates that there has been a talent flippening. Today, Wall Street is where you end up when you can’t make it in crypto.
In another post, Winklevoss took issue with Goldman’s understanding.
“Me: What are you smoking? I thought Goldman was the bank on Wall Street for smart bankers,” he wrote.
Others simply reiterated that Bitcoin was immune to naysayers, as evidenced in recent years by high-profile criticism impacting the price less and less.
“In all honesty most of their arguments were cookiecutter,” School of Arms Media CEO, John Bednarski summarized.
What Goldman Gets Wrong About Bitcoin (From Someone Who Used to Work There)
When I worked at Goldman Sachs, one of the running jokes among those around me was that I spent more time trading bitcoin than the bonds I was meant to be covering. Back in 2013, bitcoin was not taken very seriously among my colleagues. Even seven years later, I did not expect much to have changed. So, as I started reading and listening to the Goldman Sachs research piece on bitcoin Wednesday, I was pretty sure I knew where it was going.
The report begins with an overview of the state of the U.S. economy and projections as to what it may look like in a post-COVID-19 world. In particular, the report emphasizes that inflation is unlikely to be something to worry about anytime soon. Dollar demand remains strong and indicators show the pandemic has had effects that are, if anything, deflationary in nature. As I’ve written before, I think this is largely true for the short-to-medium term.
Goldman’s research then goes on to make a largely data-driven argument against investing in gold. Not only do we not have to worry about inflation, it says, but even if we did, gold would not be a great investment. Gold has not consistently outperformed inflation whereas equities have.
Similarly, U.S. Treasury bonds tend to offer a much better return in market downturns than gold. It turns out that gold does not always, or even often, behave as advertised. There are better options. The value of gold as an asset class has largely been driven by historical narrative – and that narrative does not line up with reality.
This is all reasonable. And as I say, I thought at this point that I knew where this was going. I believed the talented team of Goldman research analysts was about to break down bitcoin in a similar way. The story that has been told around bitcoin as an inflation hedge does not line up to the reality of how bitcoin has performed over the course of its albeit brief life as an investable asset.
The noisiness and volatility of its price action has prevented us from being able to draw a meaningful correlation between bitcoin and any major market or economic indicators. I expected Goldman’s report to conclude by summarizing that inflation is not an issue and that even if it was, neither gold nor bitcoin behave as the narratives around them might lead us to believe.
I was wrong. Rather than make a parallel argument to the one that they made against gold – a feat that is eminently possible using the data at hand and would have made for a compelling case – Goldman research launched into a series of non sequiturs about the objectionable traits of and dynamics around bitcoin. They did exactly what I find the smartest people often do when confronted with something as ground-breaking as bitcoin: they abandon all reason.
“They did exactly what I find the smartest people often do when confronted with something as ground-breaking as bitcoin: they abandon all reason.”
The report first poses the question as to whether bitcoin is a currency or an asset class. After only defining the features of a sovereign currency, the report concludes that, due to bitcoin’s failure to meet these criteria, it does not qualify as an asset class. This makes so little sense there is not even a name for this kind of logical fallacy.
“We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients,” the report goes on to state.
I hate to point out that, really, the fact someone else is willing to pay a higher price for a given instrument is probably the only criteria necessary to know something is a suitable investment. The reasons why someone else will be willing to pay that higher price are what is interesting and are what people generally look to the likes of Goldman Sachs research to explain and expound upon.
It’s not worth detailing every misconception or failed bit of logic in the report. But a few are worth mentioning. Goldman’s argument that cryptocurrencies are not a scarce resource due to the ability to fork into “nearly identical clones” represents a shocking failure of research into the immense technical and cultural differentiations between the three examples that they offer (bitcoin, bitcoin cash and bitcoin sv).
Goldman raises the possibility that cryptocurrency can be used for illicit activity to further discredit it – failing to address that the U.S. dollar, which is lauded for its strength earlier in the report, is the number one asset in the world used for illicit activity.
Finally, the report says the infrastructure around bitcoin and cryptocurrencies is relatively immature. There is much that is misrepresented on the slide illustrating this contention, including the omission of the option to self-custody assets uniquely offered by cryptocurrency. For a company that prides itself on being a “technology firm,” this slide in particular demonstrates an unwillingness to break out of traditional ways of thinking and instead look toward the possibilities opened up by bitcoin.
It would be easy to blame Goldman’s poor arguments against bitcoin on intellectual laziness or a certain strain of stuck-in-the-past thinking. If there is one thing I know from having worked there, however, it is that Goldman Sachs is neither lazy nor slow on the uptake. Rather, I would posit, the weakness of Goldman’s thesis around bitcoin is due primarily to the weakness of the industry around bitcoin in articulating the defining attributes and uses of this paradigm-shifting technology. There are exceptions, to be sure. There are voices, for which I am immensely grateful, that ring out loud and clear in articulating why bitcoin is valuable. But they have an arduous task breaking through the din of misinformation and jargon.
One need only look as far as the industry’s recent failed attempts to sell J.K. Rowling on the value proposition of bitcoin to know that we need to start finding better ways of communicating. If we want the likes of Goldman Sachs to buy into bitcoin, or if we even just want it to be able to make coherent arguments as to why not to buy into bitcoin, then we as an industry ought to look at the coherence of our own arguments first, do more to quiet the noise and work harder to lift up the voices that do make an honest and compelling case.
Coinbase Investor and Fundstrat Analyst Explain Why Goldman Sachs Is Incorrectly Assessing Bitcoin
Here’s why Goldman’s approach to Bitcoin is ‘stale’ and ‘hasn’t evolved much.’
A leaked slide from a client meeting shows Goldman Sachs does not believe Bitcoin is an asset class. Coinbase angel investor Seth Ginns and Fundstrat analyst David Grider explain why Goldman continues to hold this antiquated position.
Ginns and Grider joined Cointelegraph’s weekly Crypto Live Show to bring an investor’s perspective to the usual trader-heavy lineup. They also dive deeply into a broad range of topics including how they began investing in crypto, why they’ve stayed, crypto’s macro impact on the world of finance, private and central bank digital currencies, and institutional involvement in the space. Watch the livestream’s full recording in the video above or skip to 23:05 to go directly to the discussion on Goldman Sachs.
Cointelegraph’s Crypto Markets Live broadcasts every week on Thursday afternoons eastern time. The next show will feature crypto traders Big Cheds and Korean Jew Crypto, so subscribe to the Cointelegraph YouTube channel to make sure you don’t miss when we go live!
Goldman Sachs Leaks Its Position On Bitcoin
Cointelegraph reported that in a May 27 call discussing the state of the U.S. economy, Goldman Sachs appeared to discourage clients from investing in Bitcoin. This was discovered after a Powerpoint slide of Goldman’s presentation was leaked to the public.
On the opposite side of the spectrum stands former presidential hopeful Michael Bloomberg, who already acknowledged cryptocurrency as an asset class. When asked whether they supported Bloomberg or Goldman’s perspective, both Ginns and Grider sided against Goldman.
‘Stale’ Arguments Against Bitcoin
Ginns stated that he thought the question of Bitcoin being an asset class was already settled. He went on to point out another flaw in a different part of Goldman’s presentation, suggesting he was privy to the entire report:
“One of the interesting takedowns of crypto that we’ve seen — we saw it yesterday — was the idea that a lot of crypto is used for illicit purposes, and I found it really funny… So I thought that was a really good indicator of how stale that type of argument is as a takedown on crypto.”
Grider Also Noted How Goldman’s Approach To Crypto Hasn’t Changed Much Over The Past Few Years:
“Goldman — they’re obviously smart folks, very, very smart folks, some of the smartest folks on Wall Street. I think that the narrative that they put out on the call and in the deck — it’s very 2017, 2018…I don’t think that the narrative they’ve kind of put out has evolved much.
Grider goes on to explain why he thinks Goldman’s stance is due in part to political motivations. To hear the full explanation, check out Cointelegraph’s May 28 Crypto Markets Live stream in the video above.
If you enjoyed this latest market update, make sure to hit the Like button, and subscribe to Cointelegraph’s YouTube channel for more weekly crypto content!
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Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)
Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)
Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)
Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)
Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)
Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?
1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)
Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)
Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)
Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)
Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)
TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)
Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)
Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)
China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)
More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)
Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)
Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)
Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)
“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)
Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)
Cryptocurrency Startups Get Partial Green Light From Washington
Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)
Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)
The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)
Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)
US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)
US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)
EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)
The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)
Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)
Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)
Blockchain And AI Bond, Explained (#GotBitcoin?)
Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)
XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)
Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)
As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)
Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)
Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)
Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)
Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)
Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)
Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)
Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)
Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)
World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)
Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)
Another Crypto Exchange Receives License For Crypto Futures
From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)
These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)
Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)
Quantum Computing Vs. Blockchain: Impact On Cryptography
This Fund Is Riding Bitcoin To Top (#GotBitcoin?)
Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)
Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)
You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)
Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)
Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Bitcoin’s Lightning Comes To Apple Smartwatches With New App (#GotBitcoin?)
E-Trade To Offer Crypto Trading (#GotBitcoin)
US Rapper Lil Pump Starts Accepting Bitcoin Via Lightning Network On Merchandise Store (#GotBitcoin?)
Bitfinex Used Tether Reserves To Mask Missing $850 Million, Probe Finds (#GotBitcoin?)
21-Year-Old Jailed For 10 Years After Stealing $7.5M In Crypto By Hacking Cell Phones (#GotBitcoin?)
You Can Now Shop With Bitcoin On Amazon Using Lightning (#GotBitcoin?)
Afghanistan, Tunisia To Issue Sovereign Bonds In Bitcoin, Bright Future Ahead (#GotBitcoin?)
Crypto Faithful Say Blockchain Can Remake Securities Market Machinery (#GotBitcoin?)
Disney In Talks To Acquire The Owner Of Crypto Exchanges Bitstamp And Korbit (#GotBitcoin?)
Crypto Exchange Gemini Rolls Out Native Wallet Support For SegWit Bitcoin Addresses (#GotBitcoin?)
Binance Delists Bitcoin SV, CEO Calls Craig Wright A ‘Fraud’ (#GotBitcoin?)
Bitcoin Outperforms Nasdaq 100, S&P 500, Grows Whopping 37% In 2019 (#GotBitcoin?)
Bitcoin Passes A Milestone 400 Million Transactions (#GotBitcoin?)
Future Returns: Why Investors May Want To Consider Bitcoin Now (#GotBitcoin?)
Next Bitcoin Core Release To Finally Connect Hardware Wallets To Full Nodes (#GotBitcoin?)
Major Crypto-Currency Exchanges Use Lloyd’s Of London, A Registered Insurance Broker (#GotBitcoin?)
How Bitcoin Can Prevent Fraud And Chargebacks (#GotBitcoin?)
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
Recession Is Looming, or Not. Here’s How To Know (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)
Definite Signs of An Imminent Recession (#GotBitcoin?)
What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)
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