Goldman Sachs Sees a Future For Crypto

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Goldman Sachs recently laid out both positives and negatives for the industry on cryptocurrency. The firm stated that many of the cryptocurrencies we have today will hit zero, but new ones will emerge with many promising opportunities that will likely save the outcome of cryptocurrency.

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According to Steve Strongin, the head of Global Investment Research at the firm, cryptocurrencies will ultimately fall to zero as current iterations of crypto are too primitive to remain viable in the long term. He stated that “Whether any of today’s cryptocurrencies will survive over the long run seems unlikely to me, although parts of them may evolve and survive,” Strongin said. “Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.”

Storngin pointed to the Dotcom bubble of the late 90s as a perfect example of what happens when there is a large amount of interest in a market, but it still has to grow out of its infant stages. He stated that “In hindsight, this period will probably end up looking like the internet bubble of the late 1990s. Very few companies that existed then went on to become even more valuable. Amazon did—but in a completely different form. Google—a big winner today—had only just been formed at the time.”

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The future of cryptocurrency could not have even been created yet, he has said, but many new industries are coming up that are using the groundbreaking technology that the crypto market has been producing. Given that the market on crypto is still relatively new, it will take time before we see what the market will actually evolve into. As we move into the future, it will be interesting to see what happens to the crypto world.


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