The head of Goldman Sachs’ (GS) wealth management unit says neither the investment bank nor its clients are interested in cryptocurrencies such as Bitcoin (BTC).
Goldman Sachs has long held a negative view of crypto, saying it doesn’t see any value in the digital asset class.
That negative sentiment has continued despite the rising popularity of spot Bitcoin exchange-traded funds (ETFs) after they were approved by U.S. regulators in January of this year.
Sharmin Mossavar-Rahmani, chief investment officer of Goldman’s wealth management unit, says the bank’s clients largely remain skeptical of digital assets.
In an interview published in The Wall Street Journal newspaper, Mossavar-Rahmani said: “We do not think it is an investment asset class… We’re not believers in crypto.”
Furthermore, Mossavar-Rahmani said that Goldman Sachs’ clients want nothing to do with crypto.
The comments from Goldman Sachs run counter to many of the investment banks competitors on Wall Street who have gone all in on crypto following the approval of spot Bitcoin ETFs.
J.P. Morgan Chase (JPM), for example, has launched its own blockchain platform and now employs more than 100 people in crypto investing and trading.
Another rival, Citigroup (C), says it is exploring private fund tokenization.
Mossavar-Rahmani said in the interview that the main problem with crypto is that it’s nearly impossible to evaluate its worth.
“If you cannot assign a value, then how can you be bullish or bearish?” she said to the Journal.
The stock of Goldman Sachs has risen 26% over the last 12 months and currently trades at $410.15 U.S. per share.
