Analysts at investment bank Goldman Sachs have written in a new report cryptocurrencies have no long-term value and are not an asset class, CoinTelegraph has reported.
Goldman Sachs acknowledged back in a May 21 report by Mathew McDermott, global head of digital assets, that Bitcoin could be considered an investment vehicle.
However, a recent study from the bank's investment strategists group has shared a skeptical assessment of digital assets.
"We have refrained from repeating the positive and negative hype that surrounds this ecosystem because we do not want clients to be seesawed, even swayed by a cacophony of assertions, many of them unsubstantiated."
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The authors of the report have questioned whether the status of "digital gold" is beneficial for Bitcoin:
"The argument that Bitcoin and cryptocurrencies are a digital version of gold does not confer any value to Bitcoin and other cryptocurrencies, because gold itself is not a consistent or reliable store of value."
Goldman Sachs has recently started offering non-deliverable Bitcoin forwards to its clients.