Goldman Sachs Admits Bitcoin as Real Money

Goldman Sachs, one of the leading investment banks in its field, acknowledged that Bitcoin and other digital currencies can function as a real currency in the economies of developing countries. Goldman experts wrote in a recent report:

“The US dollar has served its purpose quite well over the past few decades.. But in countries where the traditional services of money are under-supplied, and in corners of the financial system, Bitcoin (and other cryptocurrencies in general) can offer viable alternatives.”

However, the investment bank recommends not to expect the revenues experienced in 2017 to continue this time around. :

“Our current forecast is that long-term cryptocurrency returns… will be in the low single digits or less. Therefore, digital currencies should be seen as low/no profit or hedge-like assets like gold and other metals.”

The Stream is Changing

The big banks and their investors are turning to digital currencies. Such a statement from Goldman Sachs is quite significant given the general attitude towards. JPMorgan Chase CEO Jamie Dimon has come to the fore in the past year, calling Bitcoin a fraud.. Warren Buffet, another billionaire investor, said that Bitcoin is not money and that people should stay away from it.

Great Importance

Goldman Sachs is a very influential bank in the world of economics and politics.. Both The Independent and Al Jazeera refer to Goldman Sachs as the bank that rules the world. Commenting a little further, The Atlantic describes Goldman Sachs’ growing influence in the US government as a “Silent Coup.”

The Huffington Post also published an article about the “revolving door” between Goldman Sachs and the US government.. The article mentions that two Goldman Sachs CEOs – Rubin and Paulson – serve in the US Treasury Department and former CEO Jon Corzine is a US senator.. Other Goldman Sachs executives have also served in many places, both in the government and in different areas of the economic world.

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