Goldman Sachs, one of the largest US banks, added Bitcoin to its annual report on the returns that individual assets can provide. Interestingly, the cryptocurrency ranks first on the list.
Bitcoin is a top asset of Goldman Sachs
Goldman Sachs was founded in 1869 in New York City and is a large international investment bank that has had a negative view of the cryptocurrency industry in recent years. But he has clearly started to change over time, especially about Bitcoin. The latest evidence for the latter is the Global Investment Research report.
As you can see in the chart above, the investment bank has included cryptocurrency in its annual analyzes. The study showed the strength of BTC 2020.
The first part of the report shows the total annual BTC return that exceeds 100%. Crude oil is next with 31% and S&P and Nasdaq 100 with 12% and 9% respectively.
As for the indicator “Risk-adjusted return”, BTC leads again with the score 2.5.
Why is this message so important?
But why is this news important? Goldman was one of the entities that was very critical of Bitcoin and the entire cryptocurrency industry. However, the bank began to change its strategy. He launched a cryptocurrency trade in 2017, closed it a year later and then reopened in 2021.
Meanwhile, he held a conference call that confirmed to his customers that BTC and all digital assets are not an asset class. Banking has often criticized the volatility of cryptocurrency and questioned its benefits.
A few months ago, however, the trend began to reverse again. For example, Goldman outlined plans to allow its institutional clients exposure to Bitcoin as demand for cryptocurrencies grows and has applied to launch ETF BTC for the SEC.
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