Goldman Sachs’ Criticism on Bitcoin is Actually Bullish News

Every new and evolving invention needs an antagonist. And bitcoin’s antagonist of 2020 may have just made itself known. In a leaked PowerPoint slide, Goldman Sachs criticized that bitcoin is not an asset class and that clients who are not momentum-oriented traders should reconsider investing in it. 

While such harsh criticism coming from financial giant Goldman Sachs seems like a discouraging signal, crypto believers remain positive on the performance of bitcoin, or cryptocurrencies in general. According to Santiment Insights, the report of Goldman has ignited wide discussion among the crypto community, with most of the post laughing or just overlooking its criticism. Unlike the huge panic sell-off that was likely caused by Satoshi Nakamoto, it seems this time not many people will buy the speech of Goldman and dump their bitcoins. 

Before Goldman Sachs, bitcoin’s biggest antagonist was JP Morgan, whose CEO Jamie Dimon deemed bitcoin ” a fraud” and that“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.” But now the nation’s largest bank is going to provide banking services to bitcoin exchanges Gemini and Coinbase. In view of this move, critics believe JP Morgan will be able to gain a serious edge over its biggest competitor Goldman. 

In becoming more open to bitcoin, JP Morgan is not alone. Mike McGlone, Bloomberg’s senior commodity strategist, also signed bullish for bitcoin by saying it is a better assent than gold: “Unlike quasi currency brethren gold, higher prices won’t be an incentive for more supply.”

In a way, Goldman’s stance against bitcoin is not entirely a bad thing, as it showed that bitcoin has gained more attention among institutional investors. For such a unique asset as bitcoin, attention, as well as recognition, are what keep it going strong. 

Bitcoin is gaining momentum!

Institutional investors are flocking to bitcoin. Grayscale has accelerated its move to accumulate bitcoin by buying over 1.5 times the total BTC mined since halving. Hedge fund manager Paul Tudor Jones outright supports bitcoin saying“It’s a great speculation,” and “just over 1% of my assets in bitcoin. Maybe it’s almost 2. That seems like the right number right now.”

Even when bitcoin shed 9% of its value on June 2, institutional investors remain bullish on its long-term performance. Timothy Peterson, the asset manager of Cane Island Alternative Advisors made a comment on Twitter that “If Lowest Price Forward trend holds, August 2020 will be the last time we see #bitcoin below $10,000.”

Go with the trend 

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