Goldman Sachs Stands By Claim that Cryptocurrencies Lack Value Despite Recent Price Surge

Goldman Sachs stands firm in its belief that cryptocurrencies have no value and is not backing down from its negative stance.

Chief Investment Officer of Goldman's Wealth Management unit, Sharmin Mossavar-Rahmani, says clients have not expressed interest in crypto exposure despite the latest price surge.

Mossavar-Rahmani sees no value in crypto as it's not possible to evaluate its worth "If you cannot assign a value, then how can you be bullish or bearish?"

She criticizes the crypto industry for being hypocritical, saying crypto enthusiasts "proclaim democratization of finance, yet the main decisions end up being driven by a few controlling people."

Unlike Goldman, competitors like JPMorgan, Citigroup and others have taken steps to participate in the crypto space with their own blockchain platforms and crypto funds.