More demand could just mean bigger correlations to traditional markets, the bank’s researchers say.
Bitcoin (BTC) and cryptocurrency adoption may not necessarily make its price higher in dollar terms, Goldman Sachs argues.In a note seen by Bloomberg published Thursday, the international banking giant claimed that mainstream acceptance of crypto assets would increase their correlation to other mainstream asset classes.Goldman: Adoption is a “double-edged sword”In a view contrary to that of many Bitcoin proponents, Goldman sounded firmly uninspired by the prospect of crypto as a tool for the enrichment of the mass populace.“While it can raise valuations, it will also likely raise correlations with other financial market variables, reducing the diversification benefit of holding the asset class,” the note reads.Its authors, Zach Pandl and Isabella Rosenberg, additionally described mainstream adoption as a “double-ed
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