Bitcoin Watch: Goldman Sachs predicts further declines

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.

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