Major American investment bank Goldman Sachs has seemingly recognized that cryptocurrencies are an emerging new asset class after all—despite stating otherwise just a year ago, according to its recent report.
A part of this paper, posted on Twitter by economist Alex Krüger yesterday, explained that Goldman Sachs, among other things, turned to crypto-related companies like Galaxy Digital, Global FX, and Chainlaysis as well as critics such as Nouriel Roubini to hear their opinions.
Crypto, a new asset class – quite a comprehensive report by Goldman. pic.twitter.com/FP2sewJCTx
— Alex Krüger (@krugermacro) May 21, 2021
In the report, the bank’s researchers noted that many large cryptocurrencies are unique and rightfully occupy their specific niches on the market. For example, Bitcoin is a highly-capitalized currency, Ripple’s XRP is a real-time settlement system, Ethereum is a smart contract platform, Binance Coin is a token for practical applications, and Polkadot is a block
