The large American multinational investment bank Goldman Sachs will host a conference call regarding Bitcoin, gold, and inflation. While precise information on the call’s content is limited, the massive bank appears to be the latest Wall Street-based entity to acknowledge the primary cryptocurrency.
Goldman Sachs To Talk About Bitcoin
According to the invitation, the event will take place on May 27th, and it’s called “US Economic Outlook & Implications of Current Policies for Inflation, Gold, and Bitcoin.”
The invitation does not provide any detailed information on the content. However, speculations on the matter suggest that the bank is aiming to discuss the effects on Bitcoin and gold following the current trends from central banks to print excessive amounts of fiat money to fight the consequences of the lockdowns prompted by the COVID-19 pandemic.
Numerous prominent experts have warned that these measures could lead to high inflation rates in world economies. Popular economist and gold-bug Peter Schiff even went further by implying that the US might suffer from hyperinflation.
As such, hedge fund manager Paul Tudor Jones II recently said that he is buying Bitcoin to fight the potential adverse effects of rising inflation. Rich Dad Poor Dad author, Robert Kiyosaki, noted that investors should avert buying cash because of its depreciating value and focus on accumulating gold (God’s money) and Bitcoin (the people’s money).
After all, the primary cryptocurrency works in the opposite way of fiat currencies. Its pre-programmed inflation rates are decreasing in time after an event called the Bitcoin halving. The asset recently went through its third halving, which slashed the inflation rates from 3.72% to about 1.8%.
Change Of Heart In Goldman Sachs?
Per the information from the investment bank, the host of the conference call will be Sharmin Mossavar-Rahmani – the Chief Investment Officer at Goldman. Interestingly, the executive has been openly hostile regarding Bitcoin’s price and its role in the financial world in the past.
In 2018, Mossavar-Rahmani said that “cryptocurrencies would not retain value,” and their declines will not impact traditional financial assets due to their small role. According to a report from the bank at the time, Bitcoin was “neither a medium of exchange, nor a unit of measurement, nor a store of value.”
If Goldman is indeed changing its mind towards the largest cryptocurrency by market cap, it wouldn’t be the first major Wall Street banking institution to do so. Just recently, JPMorgan decided to start accepting two popular US cryptocurrency exchanges as customers.
The bank will provide cash-management services to Coinbase and Gemini, and it will handle dollar-based transactions for US-based customers. This came only a few years after JPMorgan’s CEO Jamie Dimon called Bitcoin a “fraud.”