Goldman Sachs: 'Real Dollars At Work' in Cryptocurrency Markets

Analysts at Goldman Sachs are advising clients to stay abreast of developments in the cryptocurrency sector – even if they don't plan on investing.

AccessTimeIconAug 9, 2017 at 10:05 p.m. UTC
Updated Sep 13, 2021 at 6:49 a.m. UTC
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Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market.

According to ZeroHedge, which first published details of the Q&A, the bullish remark came in conjunction with what constitutes a broad look at the market, including questions that cover ethereum, initial coin offerings (ICOs) and the ways in which cryptocurrencies can be traded in the US.

Perhaps most notably, the Q&A's authors – which included Goldman staffers Robert Boroujerdi and Jessica Binder Graham, according to Bloomberg – make the argument that clients ought to be watchful of future developments, even if they aren't committed to actually making any investments.

The authors wrote:

"Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching."

The release notably follows a series of bitcoin market analyses sent to Goldman Sachs clients in the past several months.

Near the end of July, Goldman Sachs chief technician Sheba Jafari predicted that the price of bitcoin would expand to a new high above $3,600. Yesterday, the price of bitcoin crossed the $3,500 mark for the first time.

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