Goldman Sachs On Bitcoin Performance: “It’s Unexpected…We’re Blown Away”
At Goldman Sachs, brass and bankers are watching the performance of the powerful cryptocurrency, Bitcoin, and they’re overwhelmed with shock.
The banking giant recently released a report indicating that Bitcoin is the world’s best-performing asset of the year. International financial analysts had expected an impressive performance but were nonetheless surprised by the tremendous gains in Bitcoin’s price.
What’s Behind the Price Increase?
The ongoing trade war between the U.S. and China has increased demand for Bitcoin. Investors see the cryptocurrency as a safe-haven in which they can store their wealth.
The growing popularity of Bitcoin among tech enthusiasts, asset managers and venture capitalists has also been a major factor in driving the price higher.
Bitcoin on Goldman Sachs’ Radar
CFO Stephen Scherr (he actually said it!) said in a statement: “It’s been truly extraordinary and somewhat unexpected … We have been blown away by the performance.”
And with that kind of statement, you can bet that the future of Bitcoin has definitely caught the attention of Goldman Sachs. The firm is reportedly exploring how to offer direct access to whatever Bitcoin trading platform these folks may be using.
Yes, but Will Crypto Maintain Heady Gains?
For now, everyone is having a party with Bitcoin, but the potential of the cryptocurrency gaining long-term mass adoption is not so certain. While the blockchain-based technology might have far-reaching implications, consumer understanding and trust in Bitcoin is still in its infancy.
In order for Bitcoin to thrive it needs to:
- Be accepted as a legitimate currency in the world market
- Advance censorship-resistant technology
- Reduce transaction costs to make it competitive with other digital payment processors
- Guard against hackers and fraudsters
- And finally, make it easier for everyday people to use
Only time will tell if Bitcoin will be able to meet these criteria and maintain its world-leading performance.
