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Goldman Sachs Now Considers Bitcoin an Investable Asset.

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1 year ago

Goldman Sachs global head of digital assets, Mathew McDermott published a research note on bitcoin recently. The content inside is optimistic for Bitcoin investors.
After a rough week for the Crypto market, with cryptocurrencies falling further and further, it seems like the market is finally on its way to a comeback. The 24Hr chart of many cryptos is currently trading in green. So things are looking good for Bitcoin and other cryptos after a rough week, although the chance for a further fall is not slim either.

Along with this recovery, the research note from Mathew McDermott is giving fresh hopes for Bitcoin investors.

"Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase" - Mathew McDermott wrote.

This note is changing the statement from Goldman Sachs earlier this year that said: "bitcoin was not yet an investable asset class". So this change in opinion now is giving the much-needed boost for the crypto which fell heavily over the week.

The note also acknowledges that the fresh regulations appearing in the crypto space pose a significant risk.

But the interest of institutional investors in crypto is still very high and the fact that they want to add more to their portfolio is positive news. Also, institutional investors are now more interested in learning the real-world application of cryptocurrencies rather than just holding the crypto waiting for a better price to sell. Which in turn creates much more stable market charts.

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