In the report of the division for strategic investment banking giant Goldman Sachs argues that the rate of bitcoin will continue the downtrend. However, according to analysts of the Bank, it will not affect the traditional financial system, because the capitalization of the cryptocurrency market is only 0.3% of world GDP.

GOLDMAN SACHS: Bitcoin is never coming back https://t.co/dKROAfRplA

— Business Insider (@businessinsider) August 3, 2018

“We expect a further decline in the value of cryptocurrencies because they do not meet three basic characteristics currency — they are neither a store of value nor a medium of exchange nor a unit of measurement. Digital currency will not retain its value in its current implementation”, — convinced the authors of the report.

In addition, in Goldman Sachs believe that so much media attention and social media to the topic of cryptocurrency is not justified.

In the community of the organization’s position was met with sarcasm.

“just 0.3% of global GDP”

HOLY CRAP WE’VE COME FARTHER THAN I EVER EXPECTED!!!!

(screenshotted because article is dumb clickbait) pic.twitter.com/47LPW64Lje

— Peter Todd (@peterktodd) August 3, 2018

Bitcoin Core developer Peter Todd expressed surprise in a joking manner:

“We have advanced even further than I thought! 0.3% of global GDP”.

He also added that specifically did not include the link to the article in your tweet, because, in his opinion, it [the material] was published only for attracting attention.

Co-founder of Altana Digital Currency Fund Alistair Milne with irony wrote that the community should not pay no attention to the fact that the operator of the new York stock exchange triggers a global platform to trade and store cryptocurrencies Bakkt because, in Goldman Sachs believe that bitcoin will not recover.

Nothing to see here, move along please. Goldman says Bitcoin won’t recover soon… you can trust them, they’re a bank https://t.co/eQxfTW03N8

— Alistair Milne (@alistairmilne) August 3, 2018

However, the Bank had previously announced its intention to launch the service trade bitcoin futures, and new CEO David Solomon said that in future the Bank will start trading futures, the calculations on which will be implemented in bitcoin.

He also added that within the company discussions are already underway about creating a full-fledged services to work with cryptocurrencies.

Source