Goldman Sachs, one of the largest banks in the world, held a meeting on crypto money the other day. Evaluating the general characteristics of cryptocurrencies such as Bitcoin, Goldman Sachs executives explained in this meeting that cryptocurrencies cannot be evaluated as “asset class”. This decision of Goldman Sachs received a great reaction in the crypto money community. While some criticized the arguments of Goldman Sachs, some said that assets such as gold and oil are not “asset classes”.
- Bitcoin adds diversification benefits as typical portfolios with exposure to $BTC outperformed
- Inflation is not here yet, but once it is BTC will hedge it pic.twitter.com/vtSsiMQKLJ — John Todaro (@JohnTodaro1) May 27, 2020 Meanwhile, Gemini’s co-founder, Cameron Winklevoss, reminded a decision of the Commodity Futures Commission (CFTC) in the US in 2015. Winklevoss addressed to Goldman Sachs; He said that Bitcoin is already seen as a commodity by CFTC decision.
Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip order…so yea it’s an asset whose price is set by supply and demand. Just like gold. Just like oil. It’s a commodity. — Cameron Winklevoss (@winklevoss) May 27, 2020 Tether Story While the crypto money community reacted to this statement by Goldman Sachs, Craig Sellars, one of the founders of Tether, shared an interesting story. Sellars said that he went to meet Goldman Sachs years ago and received a negative response at the meeting. Sellars says he visited Goldman Sachs in 2015 (a few months after Tether was founded) and made a presentation to the authorities there about Tether. Sellars’s goal was to persuade Goldman Sachs to invest in Tether. But Goldman Sachs officials “laughed” at Sellars’s offer, saying that nobody would want the “blockchain-based dollar”.
They asked “why would anyone want a dollar on a blockchain?” I replied “Because it’s the dollar. On a blockchain.” They laughed me out of the room. — Craig Sellars (@OmniCraig) May 27, 2020 Although Goldman Sachs laughed at Tether’s offer, he made an investment of $ 50 million in Tether’s rival, Circle. Circle, which received a total investment of 135 million dollars from names such as Goldman Sachs; In 2018, he issued a new investment series and raised another $ 110 million, after which he announced the USD Coin (USDC). https://twitter.com/OmniCraig/status/1265824842949017600
