January 11, 2018Blog Posts

Goldman Sachs says ‘the bar looks high’ for bitcoin to thrive as real money

CNBC:

Bitcoin’s application as a form of real money is likely easier said than done, according to a new report from Goldman Sachs. In a report exploring the cryptocurrency as money in the classic sense, the firm said that while bitcoin could hypothetically thrive as we see the dollar, yen or euro, it would likely face a whole host of fundamental challenges.

While Goldman Sachs found some evidence that demand for cryptocurrencies comes from regions with “currency instability and/or capital controls,” other data point to pure retail speculation. Of course, bitcoin in the past year has been widely seen as a speculative market as the cryptocurrency soared quadruple digits in 2017 alone.

 

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