'Cryptocurrencies including bitcoin are not an asset class,' Goldman Sachs declared in a slide deck released ahead of an investor call on Wednesday.
"We also believe that while hedge funds may find trading cryptocurrencies appealing because of their high volatility, that allure does not constitute a viable investment rationale."
The Winklevoss twins, co-founders of the cryptocurrency exchange Gemini, were among the most vocal in the backlash to Goldman's claims. His brother, Tyler, claimed, "The more I think about it, the Goldman report is probably a head fake," referring to a sports tactic used to throw an opponent off by pretending you're moving in one direction only to then move the opposite way.
Bitcoin bulls often claim the digital asset's limited supply is part of what underpins its value and makes it a potential "hedge" against currencies which are vulnerable to devaluation in times of economic crisis.
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