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It seems that Goldman Sachs' Investment Strategy Group believes that cryptoassets, such as Bitcoin, "are not an asset class"; however, this news has not stopped the price of Bitcoin from moving higher on the day.
As Scott Melker, a crypto trader at Texas West Capital, pointed out earlier today, at 10:30 EDT on May 27, Goldman Sachs's Investment Strategy Group, held a conference call with the bank's clients.
The title of this presentation is "US Economic Outlook & Implications of Current Policies for Inflation, Gold and Bitcoin". This call was hosted by Sharmin Mossavar-Rahmani, who is the Chief Investment Officer at the Investment Strategy Group:
Goldman Sachs is hosting a client call today at 10:30 AM EST discussing inflation, gold and bitcoin. There’s a lot of conjecture floating around as to the content.
— The Wolf Of All Streets (@scottmelker) May 27, 2020
I will be on the call and will let you know what they actually say. pic.twitter.com/VJkxaPpUzB
Well, around one hour before the call started, Melker provided the following summary of the leaked meeting notes:
The Goldman meeting notes have been leaked. The gist is this.
— The Wolf Of All Streets (@scottmelker) May 27, 2020
Fed = brilliant
Dollar = perfect
Inflation = not worried
Depression = economy has bottomed, no depression
Gold = bad$BTC = bad and for criminals
Predictable. Toeing the line for the government.
Then, about 20 minutes before the start of the call, Crypto analyst/investor Tuur Demeester, Editor-in-Chief of Adamant Research, sent out a tweet that included what he said was a slide from the leaked notes:
This slide from Goldman's investor call today exemplifies the income & expansion focused philosophy that benefited Wall Street so much since 1913. When the economy is irreparably overleveraged though, it becomes important to look at assets from a wealth preservation perspective. pic.twitter.com/uA5hsuwNoN
— Tuur Demeester (@TuurDemeester) May 27, 2020
As you can see, the reasons for Goldman Sachs not considering Bitcoin (and crypto in general) an investable asset class are the same ones mentioned in the past by Bitcoin bulls such as Warren Buffett, Dr. Nouriel Roubini, and Peter Schiff.
Featured Image by "geralt" via Pixabay.com.