According to CoinDesk, Goldman Sachs remains firm in its belief that cryptocurrencies have no value. Sharmin Mossavar-Rahmani, the chief investment officer of the bank's Wealth Management unit, says clients have not expressed interest in exposure to the asset class, even after the recent surge in prices. Mossavar-Rahmani has long been known for her skepticism of bitcoin and other digital assets, and her opinion has not changed. "We do not think it is an investment asset class," she told the Wall Street Journal, "We’re not believers in crypto."
Even as competitors such as BlackRock and Fidelity increased their efforts in the crypto industry earlier this year due to client interest in bitcoin exposure, Goldman’s clients have shown no interest, according to Mossavar-Rahmani. One reason she sees no value in the asset is the difficulty in evaluating its worth. "If you cannot assign a value, then how can you be bullish or bearish?" she said. She also criticized the industry for being hypocritical, claiming that crypto enthusiasts "all proclaim democratization of finance, yet the main decisions end up being driven by a few controlling people."
Unlike Goldman Sachs, many of its competitors have taken steps to participate in the crypto space. J.P. Morgan Chase launched its own blockchain platform in 2020, which now employs over 100 people, while Citigroup Inc. is exploring private fund tokenization.
