The chief investment officer of Goldman Sachs Wealth Management reportedly thinks that investing in crypto is nothing more than a means of speculation.
According to The Wall Street Journal, Sharmin Mossavar-Rahmani does not consider crypto as an investment class because it is nearly impossible to accurately value cryptocurrencies and these digital assets do not produce earnings, cash flow or dividends.
“We’re not believers in crypto.
If you cannot assign a value, then how can you be bullish or bearish?”
Financial advisors have started advising their clients to include crypto in their portfolios as the price of Bitcoin (BTC) hit a new record high this year. Wall Street giants, including BlackRock and Fidelity, also launched Bitcoin exchange-traded funds (ETF) in January.
But Mossavar-Rahmani says the current enthusiasm over crypto is comparable to the tulip mania, the first recorded asset bubble that happened in the 1600s. She says her clients are aware of her stance on digital assets and are not asking about jumping in.
Mossavar-Rahmani says another reason why she is steering clear of cryptocurrencies is that these assets are also used to facilitate crimes.
Last month, a federal jury in Washington convicted the Russian-Swedish operator of the crypto mixing service Bitcoin Fog, which moved over 1.2 million BTC that mostly came from darknet marketplaces and are linked to illegal narcotics, computer fraud and abuse activities, and identity theft.
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- Source: https://dailyhodl.com/2024/04/04/goldman-sachs-cio-of-wealth-management-says-crypto-facilitates-crime-and-is-not-an-investment-class/
