According to CoinDesk, Goldman Sachs firmly believes that cryptocurrencies have no value. Sharmin Mossavar-Rahmani, chief investment officer of the bank's wealth management unit, said that despite the recent surge in cryptocurrency prices, clients have not expressed interest in investing in the asset class. Goldman Sachs is one of the few Wall Street banks currently taking a negative stance on cryptocurrencies. Mossavar-Rahmani is known to be skeptical of Bitcoin and other digital assets, and she said in a recent interview that this view has not changed. “We don’t think this is an investment asset class and we don’t believe in cryptocurrencies,” she told the Wall Street Journal. That’s despite traditional financial rivals like BlackRock and Fidelity earlier this year after clients expressed interest in cryptocurrencies like Bitcoin. Later, it increased its investment in the encryption industry, but according to Mossavar-Rahmani, Goldman Sachs’ clients were not interested. One of the reasons she believes cryptocurrencies have no value is that their value cannot truly be assessed. She even criticized the industry for hypocrisy, saying that cryptocurrency enthusiasts "all claim to democratize finance, but major decisions are ultimately driven by a small number of controlling people." Unlike Goldman Sachs, many competitors have taken steps to participate in the cryptocurrency space. For example, J.P. Morgan Chase launched its own blockchain platform in 2020, and more than 100 people currently work on the platform. Meanwhile, Citigroup Inc. is exploring tokenizing private equity funds.