In a recently released report, Goldman Sachs is reconsidering old stances as they said that cryptocurrencies can be explored as an asset class this time. Last year, one of the most important banks in the United States said that cryptocurrencies and digital assets are bad investments.

Goldman Sachs says Cryptocurrencies may be an Asset Class

Apart from being on the list of most important banks in the United States, Goldman Sachs is a significant name in the world of finance. The bank has recently shared a report named “Crypto, a new asset class” and undoubtedly, its content is quite promising for the crypto ecosystem.

Although the report has not been made available to access for the general public, it has already been revealed on social media platforms by the investors who managed to get their hands on these recent investigations.

The Founder of the asset management firm, Aike Capital, and active Crypto Twitter commentator, Alex Kruger shared a segment of the report, and along with it, he said that it should be available in its complete version really soon.

As mentioned in the report, the nature of cryptocurrencies was considered as an asset class, and to do the same, the report gathers the opinions of various experts and veterans in the field.

The significant names in the field included Michael Novogratz, the CEO of Galaxy Digital, Michael Gronager of Chainlaysis, Zach Pandl of Global FX, and critics such as Nouriel Roubini.

What Changed Their Minds? Price Evolution of Bitcoin

The bank explained in the report, the most necessary characteristics of the market-leading cryptocurrencies and the capabilities of each one. 

It mentioned that Bitcoin serves as a currency with huge market capitalization, Ripple as a real-time settlement system, Binance Coin as a utility token/application, Ethereum as a smart contract platform, and Polkadot as a blockchain that has interoperability capabilities.

In addition to this, the bank shared a graph indicating the price evolution of Bitcoin along with mentioning that this is an optimistic point for those who share a common belief in the cyclical behavior of markets and could represent a great opportunity to invest.