Goldman Sachs executive remains skeptical about Bitcoin

Despite the increasing acceptance of cryptocurrency as an asset class by many traditional financial institutions, Goldman Sachs remains skeptical about Bitcoin (BTC).
In a recent interview with the Wall Street Journal, the bank’s chief investment officer, Sharmin Mossavar-Rahmani, stated that Bitcoin is not considered an investment asset class and that the bank does not believe in cryptocurrencies. Mossavar-Rahmani questioned the value of Bitcoin:
If you cannot assign a value, then how can you be bullish or bearish?
Mossavar-Rahmani also stated that customers have not expressed interest in crypto. The bank officially launched its crypto trading desk in 2021 and has been facilitating various Bitcoin-linked trades, including Bitcoin non-deliverable futures and CME BTC futures. Still, the bank does not interact with the cryptocurrencies directly.
Max Minton, Goldman’s Asia Pacific head of digital assets, noted in an interview that the recent approval of ETFs has reignited interest and activity among the bank’s clients. Many clients are either currently active in the crypto space or are considering entering it, with a noticeable increase in client interest, onboarding, pipeline, and trading volume since the beginning of the year.
Despite Mossavar-Rahmani’s public skepticism, Goldman Sachs has been quietly dabbling in the cryptocurrency market. In 2021, it was reported that the bank, along with ICAP, JPMorgan, and UBS, had bought the first exchange-traded product (ETP) in Europe that offered exposure to Polkadot’s DOT cryptocurrency for clients.
The report follows Bitcoin recently soaring past $71,000 for the first time in history following an approval for crypto exchange-traded products by the United Kingdom’s Financial Conduct Authority.
The recent updraft that took Bitcoin’s price higher and higher took hold after the U.S.’s approval of spot Bitcoin spot exchange-traded funds (ETFs) back in January, propelling the cryptocurrency to breach the $70,000 mark last week for the first time. Similarly, Ethereum (ETH) surpassed the $4,000 milestone on Monday. Now companies are looking to do the same with Ethereum.
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U.S. Government moves $2 billion in seized Bitcoin from Silk Road

In a significant development, a wallet tagged as belonging to the U.S. government transferred 30,175 Bitcoin (BTC) on Tuesday morning. With the current price of Bitcoin hovering around $65,000, the total value of the moved coins is estimated to be roughly $2 billion.
This move comes after the government’s last confirmed sale in March 2023, when it sold 9,861 bitcoins for $216 million. The bitcoins in question were part of the approximately 50,000 coins seized by the government in late 2022, related to the infamous Silk Road website.
According to blockchain analytics firm Arkham Intelligence, 2,000 of the moved Bitcoin were transferred to a wallet belonging to the crypto exchange Coinbase (COIN), while the remaining coins were sent to a wallet identified as belonging to the government.
The news of this substantial Bitcoin movement had an immediate impact on the cryptocurrency market. Bitcoin, which was already experiencing a downward trend, dipped further below $65,000 following the announcement.
However, it has since slightly recovered and is currently trading at $65,200, marking a 4.7% decrease over the past 24 hours. The events follow Bitcoin recently soaring past $71,000 for the first time in history, shortly after United Kingdom’s Financial Conduct Authority approved cryptocurrency exchange-traded notes for trading.
A setback after a major rise
This recent upwards trend in Bitcoin’s price follows the U.S.’s approval of spot Bitcoin spot exchange-traded funds (ETFs) back in January, propelling the cryptocurrency to breach the $70,000 mark last week for the first time. Similarly, Ethereum (ETH) surpassed the $4,000 milestone on Monday. Now companies are looking to do the same with Ethereum.
At the end of March, Nasdaq-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an inflow of $15.4 million, marking a positive shift after five consecutive days of outflows, according to preliminary figures from investment company Farside.
The previous week was challenging for these ETFs, with a total outflow of $887.6 million, primarily due to significant withdrawals from GBTC.
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Amazon scraps ‘Just Walk Out’ to smart carts in Fresh stores

Amazon is phasing out its “Just Walk Out” technology from its Amazon Fresh stores in a bid to overhaul the grocery chain.
The company’s well-known technology, which allows shoppers to purchase goods without queuing and receive receipts electronically, will be substituted by smart carts. Amazon states that these carts will not only allow customers to bypass the checkout lines but also enable them to monitor their expenses in real time.
Tony Hoggett, the senior vice president of the internet giant’s grocery operations, told The Information that the focus will now shift towards smart cart technology throughout the U.S., instead of the “Just Walk Out” technology. However, this change will not impact its stores in the U.K.
Gizmodo reports that while the system appeared to be completely automated, “Just Walk Out” relied on more than 1,000 people in India watching and labeling videos to ensure accurate checkouts.
“The cashiers were simply moved off-site, and they watched you as you shopped,” it claimed.
Amazon’s grocery venture
Based in Seattle, Amazon runs many Fresh grocery outlets across the country, with a significant presence in California, Illinois, Virginia, and Washington state. The company also manages a chain of cashier-less convenience stores under the Amazon Go label and acquired Whole Foods in 2017 for $13.7 billion.
Contrary to expectations that Amazon’s foray into the grocery market would be a disruptor, the company has faced challenges in pinpointing a successful strategy.
In 2023, Amazon CEO Andy Jassy published his annual shareholder letter where he reflected on one of the most challenging periods in the retailer’s history. In the statement, he wrote: “Amazon Fresh is the brand we’ve been experimenting with for a few years, and we’re working hard to identify and build the right mass grocery format for Amazon scale. Grocery is a big growth opportunity for Amazon.”
The company has closed several Amazon Fresh and Go stores that did not meet expectations and announced early last year that it was halting the expansion of Fresh stores.
Just Walk Out technology will continue to be offered in Amazon Go stores and some smaller Amazon Fresh stores in the U.K., the company said. It will also continue offering the technology to third-party retailers.
Featured image: Canva
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Facebook takes on TikTok with a new, vertical-first video player

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VC firm Maniv is growing in every direction, armed with a $140M new fund

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