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Bitcoin [BTC] and “unsteady cryptocurrency mania”, a risk to Goldman Sachs 2018 market outlook | #VentureCanvas

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Roshni Vayyapuri | BCFocus


Bitcoin [BTC] and “unsteady cryptocurrency mania”, a risk to Goldman Sachs 2018 market outlook

Bitcoin [BTC] and “unsteady cryptocurrency mania” are one among the six factors that threaten Goldman Sachs 2018 market outlook, according to the report published by Goldman Sachs investment Strategy Group’s July 2018 report.

“Cryptocurrency mania” is considered as one of the various other factors that could influence their initial market outlook for this year, according to the report entitled “(Un)Steady as She Goes. Terrorism, the rise of populism, rising geopolitical tensions, and an increasing threat of cyberattacks constitutes other factors.

According to the report from the investment bank, they are expecting the cryptocurrency markets to “further [decline] in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of currency…”

See also: Vitalik Buterin supports Coinbase’s final testing of Ethereum Classic [ETC]

“Crypto is “neither a medium of exchange, nor a unit of measurement, nor a store of value,” report reads.

Also, the banking giant cites the unstable nature of cryptocurrency as one of the possible risk factors. “We continue to believe that such declines will not negatively impact the performance of broader financial assets, because cryptocurrencies represent just 0.3 percent of world GDP as of mid-2018,” the bank added, cryptocurrencies “would not retain value in their current incarnation.”

The bank cited “cryptocurrency mania” as a factor that lead to “higher levels of investor unease,” claiming that the sharp rise in Bitcoin’s price “has pushed it into bubble territory,” in the report the bank published in January.

Goldman Sachs skeptical stance towards cryptocurrency remained unchanged. Recently the bank with an international presence in New York has expressed its unfavorable outlook towards cryptocurrencies. Goldman Sachs believes that in the future, the value of cryptocurrencies will further decline.

Image via Shutterstock

BCFocus

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Source: Bitcoin [BTC] and “unsteady cryptocurrency mania”, a risk to Goldman Sachs 2018 market outlook

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