The wild swings in the price of Bitcoin prove it is not a real unit of value, though blockchain technology “is here to stay,” according to Goldman Sachs' Sharmin Mossavar-Rahmani.
“Something with a long-term volatility of 80 per cent cannot be considered a medium of exchange,” said Ms Rahmani, head of the investment-strategy group for the bank’s consumer and investment-management division.
“Just because everybody piles into an idea and talks it up doesn’t mean it is a store of value,” she said during a briefing on Wednesday on the group’s 2021 outlook, comparing the cryptocurrency’s spikes to the recent run-up in GameStop shares.
Bitcoin surged to a record close of almost $41,000 in early January, but has since dropped back to about $37,000.
Ms Rahmani’s skepticism about Bitcoin’s intrinsic value echoes that of European Central Bank governing council member Gabriel Makhlouf, who said last month Bitcoin investors should be prepared to “lose all their money”.
Still, the cryptocurrency has plenty of high-profile proponents.
Paul Tudor Jones bought some as a hedge against central bank and government action, while Mike Novogratz and Alan Howard have both invested hundreds of millions of dollars in Bitcoin and other digital currencies. Bridgewater Associates founder Ray Dalio has called it “one hell of an invention” and an alternative, gold-like asset.
Ms Rahmani drew a distinction between Bitcoin and blockchain technology, the public, mostly anonymous ledger that records all the currency’s transactions. That technology could facilitate the smoother flow of global assets and will become part of the financial infrastructure, she said.
Despite doubters on Wall Street, the unceasing buzz over Bitcoin is leading more banks to develop cryptocurrency products for clients. JPMorgan Chase launched its own digital currency last year and Fidelity Investments started a Bitcoin-only fund. Even Goldman Sachs may be joining the party. The bank issued a request for information to at least one crypto custody player at the end of 2020, website CoinDesk reported in January.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
T20 SQUADS
Australia: Aaron Finch (c), Mitchell Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, D’Arcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa.
Pakistan: Sarfraz Ahmed (c), Fakhar Zaman, Mohammad Hafeez, Sahibzada Farhan, Babar Azam, Shoaib Malik, Asif Ali, Hussain Talat, Shadab Khan, Shaheen Shah Afridi, Usman Khan Shinwari, Hassan Ali, Imad Wasim, Waqas Maqsood, Faheem Ashraf.
LEADERBOARD
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Read more from Aya Iskandarani
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
