American multinational investment bank Goldman Sachs recently recognized cryptocurrencies as a category of assets. The screenshots were published on Twitter by economist Alex Krueger.
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Crypto, a new asset class - quite a comprehensive report by Goldman. pic.twitter.com/FP2sewJCTx
— Alex Krüger (@krugermacro) May 21, 2021
Previous year the establishment's approach to the industry was different. Then it said BTC and the rest of cryptocurrencies didn't belong to an asset class as they didn't correspond to certain points.
The establishment changed its views and the recent report is based on opinions from different crypto firms: Grayscale Investments, Galaxy Digital, Chainalysis, Global FX. Approaches of industry critics were also taken into account.
In the statement, there are described the top-ranked cryptocurrencies' key features and uses.
As stated by the bank, BTC functions as a big cap currency, XRP is a network facilitating international remittance, Ether is a smart contract platform, etc.
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Goldman Sachs included a graph in the paper, which shows BTC rate progression. Data shows that the price movements from 2013-2016 are pretty much like those of 2017-2021.