The Crypto Roundup: 03 April 2024 | CryptoCompare.com

The Chief Investment Officer of Goldman Sachs’ Wealth Management unit, Sharmin Mossavar-Rahmani, has said that clients of the bank haven’t expressed interest in gaining exposure to cryptocurrencies, despite the recent rally.

In a recent interview with the Wall Street Journal, Mossavar-Rahmani, who is a well-known crypto skeptic, said “we do not think it is an investment asset class. We’re not believers in crypto.” The CIO’s words come even as competitors like BlackRock and Fidelity have embraced crypto, responding to client demand for exposure to Bitcoin.

Mossavar-Rahmani’s primary concern centers around the difficulty of valuing cryptocurrencies. “If you cannot assign a value, then how can you be bullish or bearish?” she questioned.

Beyond valuation concerns, she expressed reservations about the industry’s professed ideals, saying “crypto enthusiasts all proclaim democratization of finance, yet the main decisions end up being driven by a few controlling people.”

Goldman Sachs’s position stands in stark contrast to the growing mainstream acceptance of cryptocurrency, with various Wall Street giants including JP Morgan Chase exploring their underlying technology.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/apr/03/