Goldman Sachs called bitcoin an ‘unfit investment’ after recognizing it as an ‘asset class’.

Cryptocurrencies do not possess long-term value and are not a class of assets — such a thesis is contained in Goldman Sachs’ new report. A month ago, analysts at the investment bank arrived at opposite conclusions, writes Cointelegraph.

Such a turn came amid media reports about the planned launch of trading of futures and options based on Ethereum. Earlier Goldman Sachs offered clients uncollateralized forwards on bitcoin.

In the report by Matthew McDermott, head of the digital assets division, dated May 21, the financial conglomerate acknowledged that bitcoin can be regarded as an investment instrument.

In the latest study, prepared by the bank’s group of investment strategists, a more skeptical assessment of digital assets is presented.

«We have refrained from repeating the positive and negative hype surrounding this ecosystem. We do not want clients to be influenced by the cacophony of claims, many of which are unfounded», the document says.

The authors of the report questioned whether the status of ‘digital gold’ benefits the first cryptocurrency.

«The thesis that bitcoin is the digital version of gold does not confer value on it, since the precious metal has not always been a reliable store of capital», the analysts noted.

The researchers also expressed skepticism about blockchain technology. In their view, it is “built on levels of trust that can be undermined”.

Earlier in June, Goldman Sachs’ head of commodities Jeff Currie compared bitcoin to copper.

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