Why did they suddenly change their stance? Goldman Sachs released their report after a -60% dump on bitcoin and more than -70% dump on many altcoins after their all time high. Does Goldman Sachs have rich clients who are buying hehehe?



A new research report by investment banking giant Goldman Sachs shows that the bank has read up on crypto, and changed its prior tune.

Crypto is "a new asset class," the report declares. "Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase... But clients and beyond are largely treating it as a new asset class, which is notable—it’s not often that we get to witness the emergence of a new asset class."

This time last year, Goldman Sachs conformed with the generally bearish views on crypto of the investment banking world. It flat-out denied that cryptocurrencies were a viable asset class, citing their extreme volatility and the fact that they “do not show evidence of hedging inflation.”

In March, Goldman Sachs resumed trading Bitcoin futures for the first time since 2018, and at the beginning of this month, it expanded the offering to other Wall Street firms.

Read in full https://decrypt.co/71724/goldman-sachs-reconsiders-whether-bitcoin-is-legitimate-asset