Goldman Sachs’s Rahmani Strikes Warning Over Bitcoin Value
Thu, 04 Feb 2021, 04:24 am UTC
The wild swings in the price of Bitcoin prove it’s not a real unit of value, though blockchain technology “is here to stay,” according to Goldman Sachs Group Inc.’s Sharmin Mossavar-Rahmani.
“Something with a long-term volatility of 80% can’t be considered a medium of exchange,” said Rahmani, head of the investment-strategy group for the bank’s consumer and investment-management division.
“Just because everybody piles into into an idea and talks it up doesn’t mean it’s a store of value,” she said during a briefing Wednesday on the group’s 2021 outlook, comparing the cryptocurrency’s spikes to the recent run-up in GameStop Corp. shares.
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