Goldman Sachs Investment Chief: Crypto ‘Bubble’ Burst Will Affect 1% Of Global GDP

From Cointelegraph

The chief investment officer (CIO) of the Investment Strategy Group at Goldman Sachs, Sharmin Mossavar-Rahmani, said in an interview with Business Insider on Feb. 27 that cryptocurrencies are in a bubble, which, when it bursts, will impact only 1 percent of global GDP.
Mossavar-Rahmani, who guides investment strategy for clients with over $10 mln in assets, said that cryptocurrencies are “the hot topic” among her clients and colleagues. She said that Goldman Sachs acknowledges the opportunities that can be brought by Blockchain technology to many fintech companies, but cryptocurrencies “in their current format” are “in a bubble.”

In the interview, Mossavar-Rahmani referenced data from a public report by Goldman Sachs’ Investment Strategy Group, comparing price trends of Bitcoin (BTC) and Ethereum (ETH) with equity bubbles of the past like the TOPIX in 1990, and Nasdaq in 2000.

Mossavar-Rahmani argues that TOPIX and Nasdaq look “like a flat line” compared to crypto, and even compared to the infamous Tulip bubble in the early 1600s, Bitcoin’s price is too high. Mossavar-Rahmani added that the Ethereum price is “is even more astronomical,” as the bubble on the graph far outstrips even that of Bitcoin.

Well if Goldman is saying that publicly they are probably the ones that recently bought up $400 million worth of bitcoin. We know for a fact that Goldman has lied and given investment publicly and to their clients while doing the exact opposite themselves. I don't doubt for a second these guys are loading up on crypto right now.

Leave your thoughts in the comments below.

Follow @contentjunkie to stay up to date on more great posts like this one.

Click one of the links below to signup for a free crypto trading account

it will not burst so nothing too worry about follow me and i follow you

theyre just lying. they put a trusted person out into the media to say negative comments and manipulate the market

We know they lie. And give advice to their clients while they do the opposite.

This is just strategy to kill the crypto market, too late though his views can't hold water any longer

Good read, thank you for sharing.

Its common practice to trade against your own clients, isn’t it? The world we live in...
i had a post regaring the buying activity following the dip that led me to a similar place thinking big players pushes the peices down to load up... thanks for sharing @contentjunkie

This post has received gratitude of 13.02% from @appreciator courtesy of @contentjunkie!

I don't expect honesty from Goldman-Sachs. Their whole game is making money, so every word they say is calculated to improve their bottom line.

You got a 6.77% upvote from @postpromoter courtesy of @contentjunkie!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

You got a 9.95% upvote from @buildawhale courtesy of @contentjunkie!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.

If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.

Leave it to goldman SUCKS to spread FUD....I bet they are looking to buy an exchange and enter the market in a down turn! This is on elf the few financial sectors where the masses and little guys won most of the space...for now. Wont be long and the big guys will come in and rule the markets. Seems like the great cycle of life.