It’s a meme, based on the tv series “The Simpsons:” Old man yells at cloud.” And that is exactly what the bitcoingemeenschap the (outdated) analysis of Goldman Sachs-to take on. It is almost heartbreaking look at the powerpoint Presentation, as the bitcoin price has since more than an 8% increase.
Bitcoin is, was, yesterday, during a conference call that the bank was traded to 8.800 dollars, and since then it has grown to 9.530 of the dollar.
Trust and confidence in the market
According to the crypto-derivatives of the tracker Skew.com has the increase in the price of about $ 40 million of BitMEX shorts have been liquidated in the last 36 hours. The data from the Skew seems to be suggesting that the market has confidence in a higher price for bitcoin. It has a 24-hour trading volume over the last week and have been consistent.
The increase was also due in part to the recent news of a financial institution: Grayscale. Yesterday, we informed you that the Grayscale Bitcoin Trust is really a lot of bitcoins buy. Since the halving and bought them for 50% more bitcoins than there was in the past gemined it.
The fundamental flaws
In the call, claiming Goldman Sachs is that Bitcoin has no legitimacy and has no future cash flow it provides, does not provide for diversification, and no evidence has been provided that it is a hedge against inflation is to. Strangely enough, he said the bank is that Bitcoin is not scarce and is, they’re used to the hard fork of, for example, BSV, and BCH, as evidence of this. How far can you take this seriously.
Cameron Winklevoss Gemini, said that the analysis of current criticism, and it was: “Hey Goldman Sachs, 2014 called and just asked for their designs. Bitcoin was established in 2015 by the CFTC voted as a raw material in the Start order, so yes, it is an asset of which the price is determined by supply and demand. Just as with gold. Just like the oil. It’s a commodity.’
Meltem Demirors of CoinShares responded to the criticism of Goldman Sachs, is that bitcoin is used for money laundering:
goldman sachs: admits guilt in jho lo / 1MDB scandal, where $6.5 B was laundered, pays one of the largest fines ever
also: goldman sachs: bitcoin is bad because it has been used for money laundering which is also bad
y’all, this is 🤪 WILD 🤪
— Meltem Demirors (@Melt_Dem) May 27, 2020
Turn is yet to come
It’s not the first time that Goldman Sachs bears witness of the old and of questionable logic. In 1994, the bank that is the internet, nothing would have to be something else for me. Also, you may want to look into the conduct of a competitor, JP Morgan. Pay attention to what they are doing, instead of what they have to say.
In 2017, said the CEO, Jamie Dimon, that he and all of the employees who have been caught in the trading of bitcoin would be to dismiss it because it’s both stupid and against the rules of the company. The company has since then cryptocurrency will be embraced, they need to work on their own coin, and to provide them with Coinbase and Gemini. In an analysis by JP Morgan, is even to the fact that bitcoin is 25% too low.