I recently came across the news that Goldman Sachs had increased its investment in a Bitcoin ETF to $710 million. And it made me remember what kind of company we have in front of us, what methods it uses, and why its actions are so often suspicious.
History of Hypocrisy: From "Tool for Speculators" to Millions in Cryptocurrency
When Bitcoin was just starting to attract attention, Goldman Sachs loudly declared that it was a “financial bubble” and a “speculator’s tool.” Also, in the spring of 2024, the company’s top manager said: “We don’t think this is an investment asset class. We don’t believe in cryptocurrency.” Let me remind you that at that time, Bitcoin was worth $70,000.
Such statements were the standard line of defense for traditional financial institutions trying to protect their clients from the new technology. But as soon as crypto assets began to “inflate,” the bank quickly changed its position. Now it not only recognizes Bitcoin, but also actively makes money on it, investing hundreds of millions in Bitcoin ETFs.
This is not an isolated incident. Goldman Sachs is known for its sharp turns when it comes to profit. One day it is a financial giant dictating the terms of the markets, and the next day it is a company whose actions are widely criticized for ignoring the interests of clients in order to maximize its profits.
How the bank deceived the world
Goldman Sachs' reputation wasn't built on trust and customer care. During the 2008 financial crisis, the bank found itself at the center of a scandal by selling toxic assets while simultaneously betting on their depreciation. Funny, isn't it? In the end, thousands of people lost their homes and savings, but the company survived and even thrived. 👍
It is especially noteworthy that Goldman Sachs employees did not hesitate to call clients “suckers” while selling them financial instruments that they themselves considered “garbage.” This once again shows the company’s true face: clients are just a means, not an end.
What do we get out of this?
When you hear about these giants buying or selling, it’s important to remember that their actions are purely for their own benefit. For example, investing in a Bitcoin ETF could be a market manipulation strategy to drum up interest and drive up prices for assets the bank already owns.
Goldman Sachs is a predator in the ocean of finance. Their skill in adapting to new conditions is impressive, but it is always done to maximize profits for themselves, not for their clients. So be careful when trusting their loud statements or following their investment decisions.