GOLDMAN SACHS: BITCOIN IS THE BEST PERFORMING ASSET IN 2023
In 2023, the financial behemoth Goldman Sachs named Bitcoin (BTC) as the best-performing asset in the world, as the cryptocurrency continues to rebound from its losses from the previous year. Bitcoin increased by 38.21% to reach $23,000 after falling to $16,547. Goldman Sachs, which named Bitcoin as the best-performing asset of 2023, has taken notice of its rapid ascent.
He declared, “I still believe that gold would perform the best [in 2023]”. “The Fed’s current decision to maintain current interest rates cannot be denied. They’re likely going to tighten a little bit more, but ultimately, they won’t start looking to cut until a very bad recession hits.
He predicted that Bitcoin may drop as low as $9,000, which was not a very optimistic prediction. You don’t have money being printed, Soloway remarked. Without the Fed’s money creation, I would hazard a guess that the price of Bitcoin would be between $12,000 and $13,000, or perhaps as low as $9,000.
While pointing out that Bitcoin is still down 65 percent from its all-time high of $68,789.63 in November of 2021, and has continued to trend lower since then, Soloway cautioned that “it’s a nice bounce, but you’re still in an overall downtrend” despite the fact that Bitcoin is up 42 percent since the beginning of January.
After one of the biggest cryptocurrency exchanges, FTX, collapsed, Goldman Sachs planned to invest or purchase $10 million (USD) in cryptocurrency businesses. To categorize crypto assets and tokens on the platform, the “Big 4” business came up with a novel solution.
The collaboration of Coin Metrics and Morgan Stanley Capital International (MSCI) will debut a brand-new concept named “Datonomy.” The ecosystem of digital assets will become more transparent as a result.
In terms of research, data, and technology, MSCI has been around for 50 years. To make cryptocurrency data more open and transparent, Coin Metrics organizes it. The development of the new technology, “Datonomy,” will be aided by this fantastic teamwork GOLDMAN SACHS.
A greater degree of openness is achieved by giving market players “a uniform, standardized way to observe and assess the digital asset ecosystem.” This new theme will assist in tracking market movements for crypto assets and analyzing impending dangers.
Although Bitcoin has increased by 42 percent since the beginning of January, Soloway emphasized that the cryptocurrency is still in a downturn overall, noting that it is still down 65 percent from its all-time high of $68,789.63 in November of 2021 and has been trending lower ever since.
BITCOIN IS THE BEST-PERFORMING ASSET IN 2023
A recent Goldman Sachs analysis claims that in January, Bitcoin had the highest performance of any asset worldwide. 2022 is already beginning to seem like a distant memory to cryptocurrency investors. Cryptocurrencies like Bitcoin (BTC -0.55%) are on the rise in 2023, and investor interest in even the riskiest tokens is returning.
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