Goldman Sachs thinks it may have found Bitcoin’s biggest problem: It doesn’t have one.
No, that wasn’t a trick answer. In a new missive this week, a top Goldman Sachs (GS, +0.06%) investment strategist explained what Bitcoin and other cryptocurrencies would need to do to justify their prices, which have recently rebounded after a sustained crash.
“We believe that the crucial question underpinning the real value of cryptocurrencies themselves, is what economic problem they actually solve?” said Allison Nathan, a senior strategist of global investment research at Goldman Sachs, in a new video released by the bank. “As a currency, cryptos can often seem like a solution in search of a problem.”
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