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Goldman Sachs Maintains Crypto Skepticism Amid Wall Street's ETF Embrace

Despite the firm's public caution, indications of engagement with the crypto ecosystem emerge.

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An empty corporate boardroom. on the back wall a large TV screen displays the Bitcoin symbol and financial charts. On a side wall is written: Goldman Sachs.
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Overview

  • Goldman Sachs remains steadfast in its skepticism towards cryptocurrencies, emphasizing the difficulty in valuing assets that lack earnings, dividends, or cash flow.
  • Despite the firm's public stance, there are indications that Goldman Sachs is engaging with the crypto ecosystem, particularly in roles related to the infrastructure of Bitcoin ETFs.
  • The approval of Bitcoin ETFs by the SEC has led to significant interest and investment, with leading funds amassing billions in assets under management.
  • Other major financial institutions are exploring and expanding their crypto offerings, highlighting a divide in Wall Street's approach to digital assets.
  • Goldman Sachs' chief investment officer, Sharmin Mossavar-Rahmani, criticizes the crypto industry for its lack of democratization, despite claims to the contrary.