Chapter 4

Bitcoin Market Weekly Report - Week of 08/06/2020

Bitcoin Market Weekly Report - Week of 08/06/2020
Review of the week:
Last week, a presentation from the wealth management division of Goldman Sachs noted that cryptocurrencies including Bitcoin are not an asset class. During a discussion about Bitcoin, gold, and inflation, the Goldman Sachs wealth management division said Bitcoin is not a “suitable investment for our clients.” But the ostensibly pessimistic stance of Goldman Sachs towards Bitcoin does not entirely reflect the bank’s perception of cryptocurrencies. According to Ethan Vera, former investment banker at Goldman Sachs and current executive at a crypto mining firm, the perception of Bitcoin by one division does not necessarily mirrors the bank’s viewpoint. He mentioned that the principal strategic investments group is “completely separate” from the wealth management division that gave the presentation and added: “I really do think Goldman is further ahead than most of the other Banks on Bitcoin.”
A latest report from Bloomberg reveals that all signs point to Bitcoin going on the major bull run in 2020, the only question is whether it will break the all-time high of $20,000. COVID-19 has accelerated Bitcoin’s maturation as an asset, showing its strength amid declining equities. In addition, it points to the ever-increasing appetite from institutional investors, and Grayscale, or GBTC, in particular, which has been consuming about 25% of the new supply and a surged raise from $ 2billion to $3.5 billion on June 3. Also, Grayscale’s director of investor relations, Ray Sharif-Askary, revealed that $110 million worth of ETH has been purchased by the firm during 2020 so far in Grayscale Ethereum Trust. He attributed Grayscale’s enormous crypto accumulation to institutions seeking a hedge fledge against inflation in response to U.S. monetary policy amid the COVID-19 crisis.
Disclaimer: The above market commentary is based on technical analysis using historical pricing data, and is for reference only. It does not serve as investment or trading advice.

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