... some joked that this was the top-tick for the crypto space: after all, the last time Goldman launched a bitcoin trading desk, the sector imploded and just a few months later Goldman killed its expansion plans, sending cryptos tumbling even more, and starting the infamous crypto winter which lasted over two years.
In retrospect, such cynicism wasn't too far off, because bitcoin did plunge more than 40% since the day Goldman decided to relaunch its trading effort.
However, poor recent price action notwithstanding, we doubt that Goldman would let it go 2 out of 2 on catastrophic crypto crashes as soon as it officially gets involved.
Confirming this is an aggregate report published by Goldman late on Friday which is as close to an initiation by Goldman on the asset class as one can hope (last month Goldman already revealed its favorite "crypto-exposed" stocks), and which includes not only a handful of both "pro" crypto interviews (with Mike Novogratz leading the cheerleaders) as well as "anti" (Nouriel Roubini not surprisingly is the lead hater), but more importantly Goldman reveals its own thoughts on:
Bitcoin as a macro assets
Crypto as its own asset class
What is a digital store of value, and
The role of crypto in balanced portfolios