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Goldman Sachs: 'Further Declines' Will Follow Crypto Rally

Published 01/08/2018, 14:02
Updated 01/08/2018, 14:02
© Reuters.

© Reuters.

Investing.com - Cryptocurrencies have staged an impressive rally in July, but one Wall Street firm doesn't expect it to last.

In a note to clients, Goldman Sachs (NYSE:GS) said it expects "further declines in the future."

For Goldman, the problem with cryptocurrencies remains the same: they "do not fulfill any of the three traditional roles of a currency."

The Wall street firm says cryptocurrencies don't serve as a medium of exchange, a unit of measurement or a store of value.

Goldman's prediction comes after a 40% rally in the price of Bitcoin in July.

Goldman's investment strategy group may be skeptical about cryptocurrencies, but that hasn't stopped the firm from helping clients trade cryptocurrency futures. The firm is also looking to add other crypto services to its operation.



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