Goldman Sachs Dashes Crypto Hopes, Despite Wall Street Embrace

Goldman Sachs' wealth management CIO said the firm is not "believers in crypto" and does not see it as an asset class due to inability to value cryptocurrencies.

Goldman's stance contrasts with other Wall Street firms that are incorporating crypto into offerings amid increasing client interest.

Major asset managers BlackRock and Fidelity have launched Bitcoin ETFs that have attracted billions in assets.

There are rumors Goldman may be crypto-friendly behind the scenes and is in talks to support crypto ETFs as an authorized participant.

Other major financial players like Nasdaq, CBOE, NYSE, and Morgan Stanley are taking steps to allow and promote trading of crypto ETFs and derivatives.