Goldman Sachs Chief: Bitcoin Not an Investment Option through ETFs
The recent approval of the Spot Bitcoin ETF has caused quite a stir in the crypto industry, attracting the attention of many investors and impacting their investment strategies. However, there are influential figures who remain skeptical about Bitcoin’s long-term prospects and view it as purely speculative.
Sharmin Mossavar-Rahmani, the chief investment officer of the private wealth management group at Goldman Sachs, expressed her doubts about Bitcoin’s legitimacy as an investment option. She believes that the approval of a Bitcoin ETF does not change the fact that the cryptocurrency is highly volatile and could potentially harm investors’ plans. “If you want to go to Las Vegas, great,” she remarked during a webinar.
Mossavar-Rahmani’s views align with those of Gary Gensler, a prominent regulator who voted in favor of approving spot Bitcoin ETFs. Despite his vote, Gensler remains skeptical about cryptocurrencies and does not consider them to be securities. He has been heavily criticized by the crypto industry for his remarks, including his belief that cryptocurrencies are often used for illicit activities such as money laundering and ransomware.
Meanwhile, renowned strategist and economist Peter Schiff took to Twitter to comment on the ongoing trend in Bitcoin prices. He noted that after the approval, Bitcoin reached a high of $49k but has since dropped to around $42k, representing a 10% decline. Schiff speculated that if the new Bitcoin ETFs open at a much lower price on Monday, it will be interesting to see how investors react and whether they will continue to hold their investments.
In conclusion, while the approval of the Spot Bitcoin ETF has generated excitement in the crypto industry, there are still prominent figures who remain skeptical about its long-term potential and view it as a speculative endeavor. The opinions of figures like Mossavar-Rahmani, Gensler, and Schiff highlight the ongoing debates and uncertainties surrounding the future of cryptocurrencies.