https://decrypt.co/71724/goldman-sachs-reconsiders-whether-bitcoin-is-legitimate-assetGoldman Sachs Reconsiders Whether Bitcoin is Legitimate AssetLittle over a year ago, the investment bank said crypto was not an asset class. Now it’s taking a second look.360 days, one global pandemic and a momentous Bitcoin bull run later, and Goldman Sachs has re-evaluated its initial position.
Bitcoin and Ethereum have generated profitable returns for investors over the course of most of the global pandemic—this week’s massive crash aside—prompting a debate over whether Bitcoin was, in fact, a hedge against inflation.
Goldman Sachs has slowly backtracked on their initial hard line vis-a-vis cryptocurrencies. In August last year, the investment bank announced its interest in creating its own stablecoin, and shortly after, announced it was looking to hire a Vice President of Digital Assets.
Since then, the banking giant has taken big steps to incorporate cryptocurrencies into its banking practice.
In March, Goldman Sachs resumed trading Bitcoin futures for the first time since 2018, and at the beginning of this month, it expanded the offering to other Wall Street firms.