Banking giant Goldman Sachs has ranked Bitcoin (BTC) as the world’s best-performing asset in 2023, as the cryptocurrency makes continued recovery from its losses last year. Bitcoin gained 38.21 per cent to cross the $23,000 mark after plummeting to $16,547. This sharp incline has caught the attention of Goldman Sachs, which ranked Bitcoin as the best-performing asset of 2023.
“I still think gold will be the best performer [in 2023],” he saiid. “You can’t get away from the fact that the Fed is now keeping interest rates where they are. They’re probably going to tighten a little bit more, but the bottom line is they’re not going to be looking to cut until we see a massively nasty recession.”
However, his prognosis for Bitcoin was not as positive, which he forecast could reach as low as $9,000. Soloway said, “you don’t have money being printed… I would daresay that without the Fed’s printing of money, Bitcoin is headed towards twelve to thirteen thousand [dollars], and maybe as low as $9,000.”
Although Bitcoin is up 42 percent since the start of January, Soloway cautioned that “it’s a nice bounce, but you’re still in an overall downtrend,” highlighting the fact that Bitcoin is still down 65 percent from its all-time high of $68,789.63 in November of 2021, and has continued to trend downwards since then.
Goldman Sachs intended to spend $10 million (USD) to buy or invest in crypto companies after the downfall of one of the largest crypto exchanges, FTX. The ‘Big 4’ firm came up with an innovative idea to classify crypto assets and tokens on the platform.
The partnership between Morgan Stanley Capital International (MSCI) and Coin Metrics will introduce a new theme called “Datonomy.” It will help increase transparency in the digital asset ecosystem.
MSCI has 50 years of experience in research, data, and technology. Coin Metrics organizes the world’s crypto data to make it more transparent and accessible. This great collaboration will help in the growth of the new invention, “Datonomy.”
It provides “a consistent, standardized way to help market participants view and analyze the digital asset ecosystem, creating an increased level of transparency.” This new theme will help monitor crypto asset market trends and analyze the upcoming risks.
Although Bitcoin is up 42 percent since the start of January, Soloway cautioned that “it’s a nice bounce, but you’re still in an overall downtrend,” highlighting the fact that Bitcoin is still down 65 percent from its all-time high of $68,789.63 in November of 2021, and has continued to trend downwards since then.
