Goldman’s not giving up hope on Bitcoin

Goldman’s not giving up hope on Bitcoin

If there's one meme to really sum up the past week in crypto, it's probably this:

For those who don't know, cryptocurrencies experienced one of their wildest rides ever after Chinese authorities said on Wednesday that they would ban financial institutions and payment companies from offering crypto services.

But the drama didn't end there. After regaining a chunk of losses, crypto took another toppling on Friday. Then again on Sunday. This time the price fell on news (and later confirmation) that China wasn't only banning crypto services but coming directly after Chinese bitcoin mining operators as well.

The South China Morning Post reportedat the weekend:

While many see the 50 per cent or so rout in bitcoin's value since it achieved a record $63,729 on April 13 as confirming the cryptocurrency's unsuitability for mainstream financial usage, other more dedicated voices have not given up hope.

Among those voices appears to be Goldman Sachs, whose global macro research team put out a comprehensive deep dive into crypto assets on Friday, which included bullish interviews with the likes of Michael Novogratz, the co-founder and CEO of Galaxy Digital Holdings, and Michael Sonnenshein, CEO of Grayscale investments, albeit buttressed by the views of the ever-cynical-about-crypto economist Nouriel Roubini.

Even