Goldman Sachs executive: doesn’t consider cryptocurrencies an investment asset class

Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs' wealth management division, said that even after the recent price surge, clients have not expressed interest in the crypto asset class. "We don't view it as an investment asset class, we don't believe in cryptocurrencies," she said. Mossavar-Rahmani said that even when TradFi competitors such as BlackRock and Fidelity decided to increase their efforts in the crypto industry earlier this year after clients expressed interest in investing specifically in Bitcoin, Goldman Sachs' clients didn't want anything to do with Bitcoin. Mossavar-Rahmani even criticized the industry for hypocrisy, saying that cryptocurrency enthusiasts "all claim to democratize finance, but major decisions are ultimately driven by a few controllers," and she believes that one of the reasons why the asset has no value is that it is impossible to truly assess its value.