Goldman Sachs said about the low involvement of institutions in the bitcoin market

in #zzan3 days ago

Bitcoin is beginning to show signs of development, but the level of participation of institutional investors in its market is still insignificant, according to Jeffrey Kerry, head of commodity research at Goldman Sachs.

According to Kerry, the flow of money from the financial world should be maintained so that bitcoin can stabilize. He made his statement against the background of a 20 percent pullback in the price of the first cryptocurrency from highs above $40,000.

"I think the market is starting to become more mature. In any nascent market, there is volatility and the risks associated with it, " he said in a conversation with CNBC. "To create some stability in the market, it is necessary to increase the participation of institutional investors, and now it is small."

Kerry estimates that institutional money accounts for only about 1% of bitcoin's $650 billion capitalization.

"This can provide a balance in the long term," he said, adding that the high volatility and uncertainty in the cryptocurrency market do not allow us to make certain forecasts.

Last year, Goldman Sachs analysts gave a presentation to investors in which they stated that " cryptocurrencies, including bitcoin, are not an asset class."