The former CEO of Goldman Sachs issues an abrupt Bitcoin warning
The former CEO of Goldman Sachs issued an abrupt bitcoin warning saying that widespread adoption of cryptocurrencies won't necessarily increase their pricing.
Raoul Pays, CEO of Real Vision and a macro expert, claims that he is stockpiling cryptocurrency assets because he anticipates a sharp decline in economic statistics over the coming months. The former Goldman Sachs executive claims that since economic unrest has already been largely priced in, risky assets like equities and cryptocurrencies shouldn't fall much further. And given how much has already been included, in their opinion, the price may not be much lower.
In 2021, the price of bitcoin has increased immensely, grabbing the attention of Wall Street and regulators alike. Last month, the price of bitcoin surged to above $40,000 per bitcoin for the first time in three years before easing back slightly (even as smaller cryptocurrencies continue to climb).
Currently, as bitcoin battles to maintain a price above $30,000 per coin, former Goldman SachGS +3.2% CEO Lloyd Blankfein has issued a warning that if bitcoin's growth is unchecked, regulators may take action.
Additionally, he claims that it can even refute the claim that a portfolio is enhanced by coins like bitcoin, Ethereum, and others. Zach Pandl and Isabella Rose
nberg, two Goldman strategists, claimed on Thursday that tokens like Bitcoin have recently become more popular with the general public. As a result, their interaction with other macro assets has grown, making crypto the focus of the most recent changes in asset classes. Additionally, they have stated that it appears that the price of Bitcoin is favorably correlated with "frontier" technology stocks as well as intermediaries for consumer-price risks like breakeven inflation and crude oil prices.
After a steep decline, in which the market for cryptocurrencies lost over $1 trillion, the price of bitcoin and other cryptocurrencies has finally stabilized this week. The failure of Ethereum, BNB, Solana, Cardano, and XRP, however, may herald the beginning of another crypto winter.
CBW - External Analyst