Crypto world responds to Goldman Sachs' anti-BTC report

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May 28, 2020

Looks like Goldman Sachs is still no fan of Satoshi.

The investment bank held an investor call on Wednesday titled: “US Economic Outlook & Implications of Current Policies for Inflation, Gold and Bitcoin”

You can read the full 45-page report on their website but the TL:DR is pretty straightforward - the Sachs’ are still a bunch of no-coiners.

The presentation makes the claim that, despite the enormous attention they’ve been getting, cryptocurrencies in general and Bitcoin in particular “are not an asset class.” Among its reasoning, Goldman analysts point to the fact that cryptocurrencies ‘do not generate cash flow like bonds‘ nor do they create earnings through ‘exposure to global economic growth’.

One of the slides from Goldman Sachs' latest market report on cryptocurrencies

Scathing, unapologetic, completely expected criticism from the investment giant. So how did the crypto community react?

Pretty viscerally, as it turns out. According to our Social Volume tool, mentions of ‘goldman’ and ‘sachs’ exploded on crypto social media over the past few days, peaking at over 590 daily mentions:

Mentions of 'goldman' or 'sachs' on crypto social media, last 3 months (Source: Sanbase)

The chatter also placed the investment bank at the top of our Emerging Trends list, indicating that it is the fastest growing topic among 1000+ crypto social channels that we track:

'Goldman' tops our list of the top emerging topics on crypto social media today

In short, Goldman’s remarks certainly got the community’s attention. So what did the crowd think about the bank’s criticism of Bitcoin and the crypto market?


Yes, the general consensus appears to be a blanket rejection of Goldman’s anti-BTC narrative, with many calling the report ignorant and uninformed, and some even accusing Goldman’s employees of blasting Bitcoin in public but stacking up on the side.

At the moment, we track over 1000 crypto-specific social media channels, and collect and process over 100,000 new messages every day. If you want to know exactly what the crypto crowd is saying on any topic, you can simply search for that topic in our Social Feed tool ( available on Sandata) and read all of the actual messages collected by our system:

Our Social Data Feed tool in action (Source: Sandata)

Using Social Feed, I read several hundred mentions of ‘goldman’ and ‘sachs’ posted on crypto social media over the last 24 hours. Here’s a quick table I made featuring the most representative comments from different social platforms we track:

As you can see, the general consensus has been a juicy combination of ridicule, open condemnation and even a few conspiracy theories sprinkled in the between.

And while most of the crypto crowd is denouncing the report out of the gate, there have been a few isolated voices - mostly on crypto subreddits - that see some truth in Goldman’s cryptocurrency slides:

There’s even a few commenters that seem to disagree with Goldman in principle, but still find the counterpoints proposed by the crypto community to be somewhat disappointing:

Still, as I mentioned, sentiment like this has been sparse and relatively unpopular on crypto social media today. The overwhelming response has been a blanket rejection of the points put forward by the latest Goldman report.

Price of Bitcoin, last week (Source: Sanbase)

Asset class or not, Bitcoin has been on a tear since the report came out, gaining 8.78% in the past 72 hours and breaching the $9500 resistance level. No ‘Goldman dump’ this year, it seems.

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May 28, 2020

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