Here’s What Bitcoin Must Prove Before Goldman Sachs Would Invest [Fortune]
Citigroup, Inc. (C)
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Source: Fortune
Goldman Sachs thinks it may have found Bitcoin’s biggest problem: It doesn’t have one. No, that wasn’t a trick answer. In a new missive this week, a top Goldman Sachs (gs) investment strategist explained what Bitcoin and other cryptocurrencies would need to do to justify their prices, which have recently rebounded after a sustained crash. “We believe that the crucial question underpinning the real value of cryptocurrencies themselves, is what economic problem they actually solve?” said Allison Nathan, a senior strategist of global investment research at Goldman Sachs, in a new video released by the bank. “As a currency, cryptos can often seem like a solution in search of a problem.” It’s a classic “if it ain’t broke, don’t fix it” argument: After all, Nathan observed, traditional fiat money and banks work just fine in the majority of the world. “There just doesn’t seem to be a need for digital currencies,” she said. It’s only in “some corners of the world” t
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