Goldman Sachs Butts Heads With Bloomberg Over Bitcoin

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Goldman Sach starkly disagrees with Mike Bloomberg on cryptocurrency as an asset class worthy of investment interest.

Listen to article According to a leaked PowerPoint slide, Goldman Sachs, in a May 27 call discussing the U.S. economic outlook, stated that cryptocurrencies are not an asset class.

The wording of the slide appears to discourage its clients from investing in the up and coming technology-based asset.

This stands in stark contrast to the views of former presidential hopeful, Michael Bloomberg, whose financial reform plan unequivocally called Bitcoin an asset class.

Michael Bloomberg's plan openly acknowledged cryptocurrency as a major asset class.

"Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there's also plenty of hype, fraud and criminal activity."

It should be noted that most, if not all, of Goldman Sach's Bitcoin alleged criticisms could also be levied against other established assets, such as gold.

"Unlike quasi currency brethren gold, higher prices won't be an incentive for more supply."

This article will be updated as more news of the call will become available.

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