Goldman Sachs' Investment Chief Thinks ETF Doesn't Make Bitcoin An Investment: 'If You Want To Go To Las Vegas, Great'
Portfolio Pulse from Rounak Jain
Sharmin Mossavar-Rahmani, CIO of Goldman Sachs' private wealth management group, expressed skepticism about Bitcoin ETFs, stating that Bitcoin is not a legitimate investment but rather 'total speculation'. Despite a false announcement of a Bitcoin ETF approval, which led to market volatility, Goldman Sachs has not applied for a Bitcoin ETF and advises clients against investing in cryptocurrencies. Bitcoin's price experienced a pullback, trading under $43,000 after previously crossing $49,000.
January 13, 2024 | 5:35 am
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Goldman Sachs' CIO Sharmin Mossavar-Rahmani's comments on Bitcoin ETFs reflect the bank's cautious stance on cryptocurrency investments, which aligns with their advice to clients to avoid cryptocurrencies.
While the comments from Goldman Sachs' CIO may not directly impact the bank's stock price, they reinforce the bank's conservative approach to cryptocurrency, which could affect investor perception of the bank's risk management and advisory services.
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IMPORTANCE 60
RELEVANCE 70