One of the prominent American banks, Goldman Sachs, has added Bitcoin to its yearly asset returns report. Not only that, but the cryptocurrency holds the first position as its annual returns are a hundred percent while other assets are far behind.
Over the last few years, the New York-based bank, founded in the early 1800s, had been skeptical of the blockchain technology coin. Yet, the latest data from the Global Investment Research department shows that the multi-national bank has changed its position on the world’s famous digital currency. As per the reports, Bitcoin leads both in risk-adjustment and absolute returns.
Plus, despite the latest crash, the primary cryptocurrency’s annual returns remain above one hundred percent. Next on the list is Crude Oil with thirty-one percent, while S&P stands at twelve percent and Nasdaq at nine percent.
Is it good for Bitcoin?
The latest report suggests a shift in the bank’s opinion regarding the digital coin. Initially, Goldman Sachs started its crypto department back in 2017. A year down the lane, however, it decided to shut it down. Now in 2021, as Bitcoin touches new heights, it resumed its operations.
Previously, the bank officials expressed their concerns over the digital coin’s merits and its notorious volatility. But everything changed a few months ago when the American bank-led Coinbase’s historic listing – that kicked off pretty well. Plus, the addition to its yearly returns signifies a major shift in its policy. Perhaps, something positive for blockchain technology.