Bitcoin (BTC) Billionaires Blast Goldman Sachs After Financial Giant Says Crypto Not a Viable Investment

Goldman Sachs just wrapped up a highly anticipated investor call that focused, in part, on its outlook for Bitcoin.

The investing giant is not impressed with increasing institutional investments in cryptocurrency and says the digital assets do not “constitute a viable investment rationale.”

Goldman says BTC is not an asset class because it can’t create a cash flow, as bonds do. According to the analysts, the world’s leading cryptocurrency has a number of other factors working against it: it does not generate earnings through exposure to economic growth; it has not proved itself to be a reliable hedge against inflation; and it has been used to facilitate money laundering and purchases on the dark web.

Billionaire Bitcoin entrepreneurs and co-founders of the crypto exchange Gemini quickly responded. Tyler Winklevoss says Goldman may not have the moral high ground when it comes to the illicit use of capital.

According to a report published last year by the United Nations Office on Drugs and Crime, banks carry the torch for the money laundering industry.

Cameron Winklevoss also points to Bitcoin’s official status as a commodity, implying its researchers need to get with the times.

The Winklevoss twins, who are strong advocates for a smart global regulatory framework for blockchain and crypto technology, did not stop there.

Here are a few additional hot takes from their ongoing tweetstorm.

Goldman’s report also addresses the economy as a whole, saying global markets have hit a bottom and have not entered into a depression.

However, the firm’s analysts say “significant uncertainty” on the path to recovery remain, centered on the question of whether people who have been laid off will be able to get their jobs back.

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