Goldman Sachs has done a complete 180 turn as far as Bitcoin and cryptocurrency are concerned. That is not entirely surprising, as Bitcoin shouldn’t be ignored by anyone. However, the institution is now actively telling their investors not to dismiss Bitcoin any longer. Given the recent price surge, that outcome isn’t surprising by any means. It will be interesting to see if their words have any major impact, though.
Goldman Sachs has been one of the few financial institutions to dismiss Bitcoin for some time. That is only normal, as most banks have taken up a similar attitude. Cryptocurrency poses a risk, in their opinion, even though any other type of investment does so as well. Things have come to change in favor of Bitcoin lately, though. In fact, it seems the institution now warns investors NOT to ignore cryptocurrency. A drastic turn of events, to say the least. Whether or not this will yield positive results, remains to be seen for now.
Another Positive Change by Goldman Sachs
According to a recent Q&A involving the company, Bitcoin is impossible to ignore. Considering how one Bitcoin is valued above US$4,000 now, that statement is more than obvious. No one should ignore an investment opportunity based on sentiments. Believing in Bitcoin is not required to reap the rewards of what this cryptocurrency has to offer. That is, as far as investors and speculators are concerned. The Apple stockholder may be an Android fanatic as well, but still makes good money regardless.
One has to commend Goldman Sachs for this turn of events, though. They are even advising people on how to buy and trade cryptocurrency right now.It doesn’t make too much sense for the average investor, to say the least. They aren’t used to directly holding their wealth in a wallet only they can control. Rest assured most people will keep storing BTC on exchanges for the foreseeable future, though. That is never a good approach, but for speculators, it makes the most sense right now.
Trading cryptocurrencies requires a lot of work, though. Although technical analysis is a part of Bitcoin as well, other factors are at play too. People who follow the advice of Goldman Sachs will need to do their homework first and foremost. Bitcoin is not your average stock investment which can be ignored for long periods of time. The institution also puts a small focus on cryptocurrency ICOs right now. An interesting turn of events, that much is evident.
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