Goldman Sachs clients have shown little interest in accessing digital assets, even after the recent price surge. This was revealed in an interview with the WSJ by Sharmin Mossavar-Rahmani, CIO of the bank’s wealth management division.
According to her, the involvement of competitors like BlackRock and Fidelity with their bitcoin ETFs has not changed the situation.
“We do not consider this an asset class. We do not believe in cryptocurrency,” she stated.
One reason for the CIO’s skepticism at Goldman Sachs Wealth Management is the difficulty in accurately assessing the intrinsic value of digital assets.
“If you can’t calculate it, then how can you be bullish or bearish?” she asked.
Mossavar-Rahmani criticized the industry for hypocrisy. In her view, crypto enthusiasts “proclaim the democratization of finance, but key decisions are ultimately made by a few controlling individuals.”
The position of the CIO at Goldman Sachs Wealth Management contrasts with statements from the bank’s Asia-Pacific director, Max Minton. In March, the executive noted a renewed interest in cryptocurrency-related products among clients.
Besides trading, Goldman Sachs is involved in tokenizing traditional assets using blockchain technology. The bank recently launched a platform called GS DAP for this purpose.
Back in March 2024, Goldman Sachs announced the possibility of acquiring claims against liquidated crypto firms.
The head of the bank’s digital assets department, Matthew McDermott, noted increased interest from TradFi representatives in tokenization.