Bitcoin Shrugs Off Goldman Sachs' Criticism With Price Spike

Crypto traders aren't taking advice from Goldman Sachs - with Bitcoin up by more than 8% since the investment bank slammed BTC in an investors call.

Bitcoin has increased from the $8,800 mark to $9530, with the $10,000 barrier in sight.

Analysis of the Grayscale Bitcoin Trust reported yesterday, showed that it is buying Bitcoin at a rate equivalent to 150% of the new BTC created since the halving.

Fundamental flawsIn the call Goldman Sachs argued Bitcoin lacks legitimacy, provides no cash flow, doesn't provide diversification and hasn't shown any evidence of being an inflation hedge.

Bizarrely the bank said Bitcoin is not scarce, pointing to the Bitcoin forks as evidence.

"Hey Goldman Sachs, 2014 just called and asked for their talking points back. Bitcoin was declared a commodity by the CFTC in 2015 in the Coinflip order...so yea it's an asset whose price is set by supply and demand. Just like gold. Just like oil. It's a commodity."

Goldman sachs: admits guilt in jho lo / 1MDB scandal where $6.5B 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 May 27, 2020 They could still come aroundIt isn't the first time Goldman Sachs have made strong calls with questionable logic.

The path Goldman Sachs appears to be following is the one taken by JP Morgan over the last couple of years.

The company has since embraced cryptocurrency, recently offering banking services to Coinbase and Gemini and its most recent Bitcoin analysis reported Bitcoin was undervalued by as much as 25%..