Goldman Sachs, one of the largest American banks, added Bitcoin for its annual report on the returns that individual assets could have given. Interestingly, the cryptocurrency ranks first on the list.
Bitcoin is a top asset by Goldman Sachs
Founded in 1869 in New York City, Goldman Sachs is a large international investment bank that has had a negative outlook on the cryptocurrency industry in recent years. However, he has clearly started to change his mind for some time, especially about Bitcoin. The latest evidence of the latter is the Global Investment Research report.
As you can see in the chart above, the investment bank has included cryptocurrency in its annual analysis. The study showed the strength of BTC in 2020.
The first part of the report shows total annual BTC returns that exceed 100%. Crude oil is next with 31%, and S&P and Nasdaq 100 with 12% and 9% respectively.
As for the indicator “Risk-adjusted return”, BTC is leading again with a score of 2.5.
Why is this message so important?
But why is this news important? Goldman was one of those entities that were highly critical of Bitcoin and the entire cryptocurrency industry. However, the bank began to change its strategy. He launched a cryptocurrency trading office in 2017, closed it a year later, and then reopened in 2021.
Meanwhile, he held a teleconference confirming to his clients that BTC and all digital assets are not an asset class. Bank management has often criticized the volatility of the cryptocurrency and questioned its merits.
However, a few months ago the trend started to reverse again. For example, Goldman outlined plans to allow its institutional clients to gain exposure to Bitcoin as demand for cryptocurrencies grows, and has applied to launch ETF BTC to the SEC.
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