GOLDMAN SACHS WARNS INVESTORS ABOUT BITCOIN "BUBBLE" IN THE NEW REPORT
In a research letter to investors, analysts of the banking firm warned about raising crypto-currency values, emphasizing the price movement in bitcoins and air, as well as rising stock prices for companies that are turning to blocking.
Goldman Sachs claimed that bitcoin is a bubble that is more than the dot-com era and the famous mania of the Dutch tulip.
The authors believe that the mania is amazing, because the world's largest crypto-currency market capitalization, bitcoin, does not fulfill the role that it calls itself.
According to one example, The Crypto Company, its price fell by more than 17,000 percent, before the US Securities and Exchange Commission suspended trade.
The report states: "We expect that the concept of a digital currency which uses blockchain technology is vital, taking into account the advantages it can provide: simplicity at the global level, lower transaction costs, less corruption, as all transactions can be traced, property security. But bitcoin does not give any of these key privilege."
In a single bitcoin transaction, it may take up to 10 days for processing, and the cost of one bitcoin varies depending on what user exchanges with his transaction, according to the report. He adds that the difference in the price of a bitcoin between various exchanges at the end of last year exceeded 4000 dollars. This meant that one user could pay 31 percent more for bitcoin on one exchange than the other.
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