After Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs' Wealth Management unit, declared his disbelief in cryptocurrencies even as spot Bitcoin ETFs were launched in the United States, Bitwise CIO Matt Hougan issued a statement. Evidence shows that Bitcoin is indeed valuable.
Mossavar-Rahmani argues that it is difficult to value Bitcoin because it does not have any dividends, cash flows or intrinsic earnings.
“We don't think of it as an investment asset. We don't believe in cryptocurrency.”
Mossavar-Rahmani's stance echoes that of other crypto skeptics such as Warren Buffett or Vanguard - which have denied customers access to spot Bitcoin ETFs.
BlackRock and many leading US asset managers have launched 11 Bitcoin spot ETFs and in all have absorbed $12 billion in net inflows, driving Bitcoin prices to new heights in the first quarter of the year.
Bitcoin price chart. Source: TradingView
Bitwise CIO says financial advisors are gradually becoming interested in cryptocurrencies – but questions about Bitcoin's "lack of cash flow" persist. Addressing Goldman's claims on Wednesday, Hougan argued that Bitcoin's value comes from its ability to store assets "outside the fiat system."
Pomp Investments founder Anthony Pompliano also criticized Goldman for denying the legitimacy of cryptocurrencies in general, which is currently a $2.6 trillion asset class.
“Basically, Sharmin is claiming that she is smarter than everyone else and she is smarter than the market. This is crazy".
Sharmin also criticized cryptocurrencies as a tool for illegal activity – a view shared by skeptics including SEC Chairman Gary Gensler and senator Elizabeth Warren.
According to a report from the US Treasury Department, fiat currencies remain a popular tool for illegal activities instead of cryptocurrencies.
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