Goldman Sachs’ incoming CEO David Solomon has previously said he aims to add more Bitcoin and cryptocurrency services to the investment firm’s portfolio. However, the Goldman Sachs 2018 midyear economic outlook report suggests BTC will continue on a downward trajectory for the foreseeable future.
The report notes BTC price has declined 45% so far in 2018. “We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency”, Goldman Sachs said, adding they are neither a medium of exchange, a unit of measurement, nor a store of value. Cryptos represent 0.3% of global GDP, Goldman Sachs estimates.
Stay updated here with how the cryptocurrency is tracking:
More Like this
- Bitcoin Watch – Weekend positive with 80% of top 20 currencies in the greenSeptember 24, 2018
- Bitcoin Watch: Bitcoin holds around USD6500, India unveils first crypto ATMOctober 17, 2018
- Bitcoin Watch: Crypto drops to three week low while JPMorgan CEO remains criticalAugust 7, 2018
- Bitcoin Watch – Google to reenable crypto advertising in the US, JapanSeptember 28, 2018
- Bitcoin Watch: Bitcoin falls below USD6000 as cryptocurrency sell-off continuesAugust 15, 2018
- Bitcoin Watch: Crypto holds at USD6700 over the weekend, bulls still bullish on year-end forecastAugust 27, 2018
- Bitcoin Watch – Winklevoss twins eye Europe in potential expansion of Gemini exchangeSeptember 25, 2018
- Bitcoin Watch: Can Bitcoin turn the crypto market from bear to bull?August 17, 2018
- Bitcoin Watch: Major cryptos mildly increase following heavy losses in past weeksAugust 13, 2018
- Bitcoin Watch: Bitcoin briefly spikes to two week high, BitMEX sees DDoS attackAugust 23, 2018
- Bitcoin Watch: Bitcoin tests USD6500, most altcoins showing recoveryAugust 20, 2018
- Bitcoin Watch: Bitcoin falls to USD6700 while SEC delays ETF proposalAugust 8, 2018