Goldman's Bearish Bitcoin Forecast

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Goldman Sachs “reiterated its January call published in the full-year outlook that bitcoin’s meteoric rise to $20,000 “dwarfed” mania seen during the dot-com bubble. The cryptocurrency has lost roughly 60 percent of its value since that high in December, and was trading near $7,470 Friday, according to industry site CoinDesk,” reports CNBC.

While more investing industry giants, including BlackRock and Goldman Sachs, are evaluating ways to profit from the cryptocurrency boom, that does not prevent Wall Street firms from waxing bearish on bitcoin. In fact, Goldman is not alone in its recent bearish commentary on the largest digital currency by market value.

“Goldman is the latest global investment bank to take the view that cryptocurrency is neither a medium of exchange, “nor a unit of measurement, nor a store of value.” On Thursday, UBS made a similar assessment and said bitcoin is too “unstable” to be a mainstream currency,” according to CNBC.

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