Goldman Sachs remains steadfast in its negative stance towards cryptocurrency, with its clients showing little to no interest in the asset class, according to Sharmin Mossavar-Rahmani, the chief investment officer of the bank’s Wealth Management unit.
In a recent interview with the Wall Street Journal, Mossavar-Rahmani reiterated the bank’s scepticism of bitcoin and other digital assets, stating, “We do not think it is an investment asset class. We’re not believers in crypto.”
Despite recent moves by competitors such as BlackRock and Fidelity to increase their involvement in the crypto industry in response to client demand for exposure to bitcoin, Goldman Sachs clients have shown no inclination towards crypto investments.
Mossavar-Rahmani cited the inability to accurately evaluate the worth of cryptocurrencies as one reason for the bank’s disinterest, questioning, “If you cannot assign a value, then how can you be bullish or bearish?”
Furthermore, she criticised the crypto industry for its perceived hypocrisy, noting that while enthusiasts often proclaim the democratisation of finance, decisions within the industry are often driven by a select few individuals.
While many of Goldman Sachs’ competitors have embraced the crypto space, with initiatives such as J.P. Morgan Chase’s blockchain platform and Citigroup Inc. ‘s exploration of private fund tokenisation, Goldman Sachs remains cautious and uninvolved in cryptocurrency ventures.