Tuesday, July 27, 2021

US banking giant Goldman Sachs adds bitcoin to its year-to-date asset returns report.

The Takeaway:

Goldman Sachs, one of the biggest US banks and former bitcoin critic, has added the primary cryptocurrency to its year-to-date asset returns report.

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American banking giant Goldman Sachs has added the primary cryptocurrency to its year-to-date asset returns report. Interestingly, the leading cryptocurrency bitcoin occupies the first spot with over 100% early returns as the next assets are far behind. Founded in 1869 in New York, Goldman Sachs is a large multinational investment bank, which negatively influenced the cryptocurrency industry for the majority of the last few years.Β 

 

Goldman Sachs appears to change its stance on bitcoin.Β 

US banking giant Goldman Sachs has apparently started to change its mind on bitcoin in particular, and the latest evidence came from its Global Investment Research department. The giant investment bank has included the cryptocurrency in its year-to-date absolute and risk-adjusted returns. This shift in the bank’s stance is important as Goldman was among the most vocal bashers of bitcoin and the entire industry. The US bank initially started a crypto trading desk in 2017, halted it a year later, and then restarted it in 2021.Β 

 

Goldman led Coinbase’s direct listing.

Goldman Sachs’s executives have frequently criticized cryptocurrency’s infamous volatility and questioned its merits. However, the trend started to reverse again a few months ago. Goldman led Coinbase’s direct listing. The bank outlined plans to enable its institutional clients to receive exposure to bitcoin as demand increased and filed to launch a BTC ETF. The addition of bitcoin in its YTD asset returns report seems like the latest pro-cryptocurrency endeavor initiated by the bank, signifying its change of heart moment. As reported earlier, Coinbase made its public debut last week via a direct listing on Nasdaq. Coinbase’s listing also helped bitcoin’s price briefly reach a new all-time-high. At the time of writing, BTC is changing hands at just below $57,000.Β 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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