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Wall Street has been ready to get into bitcoin after all, the street doesn’t like anything like it likes a buying opportunity, but it’s not going to laser, judging by some of this week’s research reports.
JP Morgan strategist Nikolaos Panigirtzoglou waded through the noise of Chinese bans and Elon’s tweets on Wednesday, and concluded that the real problem with bitcoin was the flow of funds. More precisely, that they flow and not. More than a month after the May 19 crypto crash, bitcoin funds continue to bleed, he wrote. Institutional investors, who tend to invest through regulated vehicles such as publicly traded bitcoin funds or CME Bitcoin futures contracts, still show little appetite to buy bitcoin trough.
Well, why don’t they buy the dip? Goldman Sachs has an answer to this. The company released an in-depth report over the weekend which concluded that bitcoin as an asset class was not adding any appreciable value to its clients’ wallets. Bitcoin does not, according to the company, provide cash flow. He has no earnings. It’s not a reliable diversification game, and it certainly doesn’t mitigate volatility. Worse still for the diamond hand game, Goldman said stocks or bonds are a better store of value and better hedge against inflation than bitcoin.
Sure, Bitcoiners have been shouting FUD, but with their beloved digital currency hitting hard around the $ 30,000 level, and few dip buyers coming in, the sound they actually hear is, like, a thud. .
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