Goldman Sachs Report Warns Bitcoin Prices Likely To Declinebr>
In a midyear economic-outlook report, investment bank Goldman Sachs said the price of bitcoin is likely to decline more than it did during the first seven months of 2018.
“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected,” said strategy team chief investment officer Sharmin Mossavar-Rahamani, whose team compiled the report.
“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value.”
While Goldman Sachs isn’t bullish on bitcoin’s future growth, it is proceeding with plans to take custody of customers digital assets and manage them.