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One by one, Goldman laid out rebuttals against many of the merits frequently cited by crypto evangelists that aim to hold up the superiority of the digital tokens. As a result they forged a lot of new enemies -- in the crypto world.
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Cryptocurrencies are notoriously volatile. Bitcoin has swung around wildly during the coronavirus crash and has since recovered, advancing near 30% this year. However, it’s still down 50% from its record peak reached in late 2017. Goldman in its report highlighted Bitcoin’s extreme volatility, singling out the March 12 session as an example, when the token dropped more than 25% amid a coronavirus-induced selloff. Bitcoin gained as much as 4.1% to $9,225 in New York trading on Wednesday.
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