Goldman Sachs turn against the cryptocurrencies

Goldman Sachs, a leading investment bank has expressed their skeptical approach about cryptocurrencies.

In the recent times, Bitcoin has showed some positive growth in the crypto market as the momentum has shifted in favour of the virtual currencies.

Thus, Bitcoin has witnessed a price surge of 40 per cent since the initial phase of July, 2018 but Goldman Sachs predicts that future valuation of cryptocurrencies will be witnessing further declination.

Sharmin Mossavar- Rahmani, the chief investment officer of the investment Strategy Group of the Goldman Sachs has asserted the points of deficit of cryptocurrencies.

He said in a statement, “We expect further decline in the future as we believe that these cryptocurrencies do not fulfil any of the three traditional roles of  a currency as they are neither a unit of measurement, not a medium of exchange, nor a store of value.”

Bitcoin have slipped below the $8000 mark and the market price is currently revolving around $7853.

The price of the crypto coin has depreciated by -3.53%.

Despite, the recent yet sudden upsurge in the valuation of Bitcoin which struck the $8500 mark , however, failed to seize the attention and adoption of a wider mass. This has been suggested with the help of a Gallup and Well Fargo survey.

In the survey Gallup’s senior editor, Lydia Saad has stated, “Bitcoin has yet to make significant inroads into any major subgroup of U.S. investors,” wrote Lydia Saad, senior editor at Gallup. “Just 3% of men, 1% of women, 3% of those aged 18 to 49 and 1% of those aged 50 and older report owning it.” 

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