Goldman Sachs claim bitcoin isn’t even an asset class, the community strongly disagrees

• After a statement was made by Goldman Sachs, a significant chunk of the community expressed disagreement. 
• Solomon highlighted that the company is planning to launch its new cash management operation in the United Kingdom by September this year.

After a statement was made by the international investment bank in the financial services company, Goldman Sachs Group, a significant chunk of the crypto community expressed disagreement on the statement made by the chief of the company, David Solomon in an interview with Bloomberg. Solomon highlighted that the company is planning to launch its new cash management operation in the United Kingdom by September this year.

The company further said that cash management and holding deposits are the biggest part of banking operations. He further said that any security that divides appreciation from someone and willingness to pay a higher price isn’t in the best interest for investment for his clients. The banking giant added to this saying that even though hedge funds are looking towards cryptocurrency with an eagle eye, this doesn’t mean that crypto is a good tool for investment. This is mainly down to its volatility.

Goldman Sachs gave further reasons as to why bitcoin and other alternative crypto assets aren’t an investable trade. Adding to the fact that bitcoin is an uncertain asset, they actually say that it is not even an asset class. The high volatility is of course another factor to consider as well as them saying that holding bitcoin is cash saving and not cash flow investing.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!