Ok, so maybe a slightly childish joke on the company name, but it seems somewhat fitting when you look at the recently announced Goldman “b” sacks presentation about Bitcoin, so i thought i’d make a little reply on each "statement" to clear some things up.
I'm not entirely sure where Goldman “b” sacks has been hiding all these years, maybe they just booted up windows explorer and have been bombarded by people with equal brain cells to that of the flat earth community...who knows. Its a shame really because this does show an absolutely crazy disparity between fact and fiction or reality and made up nonsense. How much money are these morons in charge of?
Right, before i find myself with paragraphs of ranting, let’s get onto the debunking.
1. Bitcoin does not generate cash flow like bonds.
Nope, you’re right, but so what? Brushing your teeth doesn’t make you rich. Its a stupid statement that really does show their lack of understanding. Also, move over boomer, no one under the age of 50 wants bonds anyway. And plus, Bitcoin aside, there are a myriad of other crypto currencies that offer staking (proof of stake) which offer incredibly high “interest” regardless of the price.
Also, have you heard of lending? Or smart contracts? No? Didn’t think so.
2. Bitcoin does not generate any earnings through exposure to global economic growth.
Ok ok, interesting, hmmm. so economic growth, that thing that’s manipulated by governments around the world through the setting of policies on interest rates, inflation, money printing and initiatives to buy up certain assets. That economic “growth”? hmmm, see also, response to statement 3 & 5.
3. Bitcoin does not provide consistent diversification benefits given its unstable correlations.
It literally is the only tangible hedge we have against the corruption and manipulation. Just because you say it isn't, doesn't mean it isn't. Plus, its been around less time than most of us have been alive, give it some credit.
4. Bitcoin does not dampen volatility given historical volatility of 76%. Goldman points to March 12 when Bitcoin fell 37% in a single day as evidence that Bitcoin's volatility is through the roof.
Alright, i’m getting bored now, this is taking the biscuit. Its also pumped 40% in one day. Sounds like some boomer traders can’t handle the heat. Are you fed up with your stops getting triggered, or better yet, liquidated? Long term, were still up, % wise, some ungodly amount.
5. Bitcoin does not show evidence of hedging against inflation.
We're all used to seeing the BTC/USD chart right? Well here’s something that might blow your mind, look at the USD/BTC chart, yep, just flip it. Would you buy that S**tcoin?
USD/BTC (log, monthly) Would you buy this S***coin?
It’s unfortunate in this day and age we still see such grossly misinformed OPINIONS of Bitcoin. And that seriously is what it is, an opinion, because although statement 1 & 4 are correct they don’t mean a lot. What bearing do they have on the actual fundamentals of the asset? Not a lot.
It’s also such a shame to still see such a dissonance between the boomers and...well, everyone else. Because while crypto twitter and reddit are attempting to fire fight this mess with memes and actual factual information, Goldman “b” sacks gets away with spreading what is essentially fake news to the masses. GG boomers, GG.
Let me know what you think in the comments and if you see any gaps or incorrect statements i have made :)
