Crypto News

Goldman Sachs Is Inviting Clients to a Bitcoin Call: Here’s Why That’s So Important

bitcoin price featured image

Multinational investment bank Goldman Sachs will be hosting a Bitcoin call on May 27th for its clients.
The news was revealed Friday by The Block’s Mike Dudas, who shared the image below of an invitation to a call for May 27th entitled “Implications of Current Policies for Inflation, Gold, and Bitcoin.”
Image of an invitation to a Bitcoin- and gold-related call by Goldman Sachs shared by CEO of The Block, Mike Dudas.
The call hasn’t even happened and some have postulated what this indicates and what could transpire in the wake of this call.
The Goldman Sachs Call Is Bullish for Bitcoin
Although the Goldman Sachs call has yet to transpire and it’s unclear what exactly the firm will say about Bitcoin, many in the space have taken the news as a positive sign.
A commentator on institutional trends in the cryptocurrency space said that the existence of this call confirms there is true client demand for BTC.
“The fact that BTC is included tells you they are seeing substantial client interest.”

Amazing to see this CIO of Goldman discuss Bitcoin – who would have thought a few years ago!
— Henrik Andersson (@phenrikand) May 23, 2020

That’s not to say Goldman Sachs will be bullish on Bitcoin when the call comes around, though.
Sharmin Mosszvar-Rahmani, a Chief Investment Officer of the Investment Strategy Group at Goldman Sachs, has previously expressed bearish opinions about the efficacy of Bitcoin as an investment.
She wrote in a report published in 2018 that she believes cryptocurrencies “do not fulfill any of the three traditional roles of a currency,” before adding:
“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected.”
An Institutional Flood
Goldman Sachs’ decision to further involve itself with Bitcoin comes at an auspicious time: earlier this month, a legendary hedge fund manager involved himself with cryptocurrencies publicly.
The manager in question is Paul Tudor Jones, an investor worth in excess of $5 billion and regarded as one of Wall Street’s most respected macro thinkers.
In a research note titled “The Great Monetary Inflation,” the investment veteran said that he will be personally and professionally investing in Bitcoin. The cryptocurrency has become an increasingly smart investment due to the growing debasement of fiat money, Jones postulated.
“Owning Bitcoin is a great way to defend oneself against the Great Monetary Inflation, given the current fact set… I am not an advocate of Bitcoin ownership in isolation, but do recognize its potential in a period when we have the most unorthodox economic policies in modern history,” Jones wrote.
Considering the timing of this call and anecdotal comments from crypto analysts and fund managers, this call may have sparked true Wall Street interest in Bitcoin for the first time since 2017’s bubble. As Bitwise Asset Management explained in a recent note: 
“His taking a public bet on bitcoin provides air cover for other investors advocating for allocations to their investment committees. […] Moreover, it adds pressure for those who’ve dismissed bitcoin without doing their homework.”
Related Reading: Ethereum 2.0 Is Casting Big Doubts on ETH’s Value as an Investment: Fund Manager 
Featured Image from Shutterstock

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

Ethereum Makes 3rd Attempt at New Highs as Options Skew Turns Negative
Ethereum made its third attempt to set new local highs against its Bitcoin trading pair in 2020 yesterday. This...
Bitcoin Closing the May Candle Above $9,360 is Crucial For Bulls: Here’s Why
In just a few minutes’ time, Bitcoin will close May’s price candle. Analysts say that this close will be...
Max Keiser: There Isn’t Anything Crypto Altcoins Do That Bitcoin Won’t Do
Ever since the peak of the 2018 crypto bull market, Bitcoin has been front and center for most investors....
Ethereum DeFi Nears $1 Billion Milestone Again, and That’s Big for the ETH Bull Case
Ethereum’s budding decentralized finance (DeFi) ecosystem took a heavy beating after the March capitulation crash. As I detailed in...
Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31
Goldman Sachs attacks crypto, why Bitcoin may be wandering into a bull trap, and how Libra is going to...
Trading Bitcoin Vs. BTC Futures — Which Is Best for You?
A growing number of crypto exchanges are offering futures trading for Bitcoin and altcoins, can retail investors capitalize on...

Featured Crypto News

Bitcoin Sells Off At $9.5K Ahead of Trump’s China Response; What’s Next
Bitcoin breaks below $9,500, a crucial support level, a day after breaching it to the upside. The cryptocurrency pared...
Bitcoin May Surge as Chinese Yuan Gets Fixed to Lowest Price in a Decade
Unlike Bitcoin and other free markets, the Chinese yuan market is fixed and somewhat controlled by the country’s central...
Coinbase Now Supports Tezos Staking Rewards for UK and Some EU Users
Major crypto exchange Coinbase is rolling out Tezos staking rewards for users in the United Kingdom and three European...
Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...