Goldman Sachs' About Face on Bitcoin

Happy Wednesday, Blockfolians

The Lede

Last year in May, Goldman Sachs held a teleconference about bitcoin and the economy. Cryptocurrency, they vociferously argued, was not an asset class, and their investors should stay out of it.

10 months later, bitcoin is worth about 6x what it was then and GS is looking pre-tty silly. Many of their peers - most recently Morgan Stanley - have made announcements offering bitcoin products.

Maybe that’s why they’re now doing an about face and announcing a forthcoming slate of crypto and bitcoin investment opportunities for their wealthy clients.

Whatever the case, it’s hard not to feel like Goldman is not only late to the party, but their hand was forced.

Welcome to the big show, GS.

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