ETFs Dosen’t Make Bitcoin an Investment: Goldman Sachs Chief

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Recently the Crypto industry has witnessed the victory of Spot Bitcoin ETF approval which has gained much popularity among crypto investors and affected the investment strategies and plans of people.

But there are prominent figures who think that Bitcoin is not for long-term investment and they see it as a complete speculative avenue.

Goldman Sachs Chief On Bitcoin

Sharmin Mossavar-Rahmani, a chief investment officer of the private wealth management group at the investment bank, shared her insights as she thinks that Bitcoin ETF approval does not make the cryptocurrency a legitimate investment option as it is highly volatile and might end up damaging investment plans of investors.

“If you want to go to Las Vegas, great,”

According to Reuters, during the webinar, she said the same thing as Bitcoin doesn’t have value due to its volatile nature and she doesn’t see it as a long-term investment. Mossavar-Rahmani said this at a time when Goldman Sachs did not file for the Bitcoin ETF after reportedly considering it.

The volatile nature of cryptocurrencies is discussed by many, especially by regulators like Gary Gensler who voted to approve spot Bitcoin ETFs and despite this, he thinks that even after this approval he doesn’t endorse it and won’t approve it as security.

These insights by the Goldman Sachs chief seem similar to Gary Gensler’s remarks on cryptocurrencies as he is the most criticized personality by the whole crypto industry due to his crucial remarks and thoughts on crypto. Recently during an interview with CNBC Gensler indicated that his remarks on cryptocurrencies are highly skeptical.

“Amongst its use cases is really for illicit activity – money laundering and sanctions and ransomware and the like,”

Peter Schiff on Bitcoin Downturn

Well-known global strategist and economist Peter Schiff posted on X (Twitter) about the ongoing Bitcoin price trend. He said that Bitcoin was high at $49k right after approval and now it is low as $42k today, which is approximately 10% drop in price.

He said the weekend might be long for Bitcoin bulls cause after approval there is a sudden surge and drop in value.