The cryptocurrency community is confident that such an outdated view on bitcoins, like Goldman Sachs, hardly can anyone arrange these days.
The main cryptocurrency has proven to investors that they are right, up $8800 to $9650 from 27 to 29 may (+8.4 per cent), while investment Bank Goldman Sachs, told his clients that “it is not a real asset class”.
According to cryptocurrency tracker Skew.com the growth of bitcoin prices led to the liquidation of shorts on BitMEX $40 million in the last 36 hours.
Bids above the spot price of bitcoin can talk about a longer rally. Also last week, there was a constant daily trading volume.
The recent growth of bitcoin can also be associated with news from Grayscale Bitcoin Trust that the company buys bitcoins at a rate equivalent to 150% of the new BTC created after halving.
Gemini co-founder Cameron Winklevoss said in his Twitter that the analysis of Goldman Sachs appears to be an outdated criticism. He recalled that bitcoin “was announced by the CFTC commodity even in 2015,” and that its price is determined by supply and demand like gold and oil.
Strategist Coinshares Meltem Demirors also challenged the criticism of Goldman Sachs regarding “the use of bitcoin for money laundering”:
“Goldman Sachs admits guilt in scandal “Joe Lowe / 1MDB” , where it was laundered $6.5 billion, and still pays one of the largest fines in history; Goldman Sachs: bitcoin is bad because it was used for money laundering. Not wildly whether it sounds?”.
Questionable logic Goldman Sachs makes itself felt for the first time. In 1994, the Bank had a very “bearish” sentiment surrounding the growth of Internet technologies, and these doubts were not confirmed.
The head of JP Morgan Jamie Dimon also said that “bitcoin is a fraud”. But now its cryptocurrency Bank serves such companies as Coinbase and Gemini.