Bitcoin Is Soaring This Year. This Goldman Sachs Skeptic Isn’t Biting. – WSJ

… Wall Street giants including BlackRock and Fidelity have embraced bitcoin, launching funds in January that make it easy for everyday investors to invest in it.

Some financial advisers have also begun advising clients to include crypto in their portfolios.

Mossavar-Rahmani couldn’t care less what the others do.

“We do not think it is an investment asset class,” she said in an interview, comparing the recent crypto enthusiasm to the tulip mania of the 1600s. “We’re not believers in crypto.”

She says clients are well aware of her team’s crypto criticisms and haven’t asked about jumping in.  Mossavar-Rahmani’s view is based on the fact that it is nearly impossible to accurately value cryptocurrencies, which don’t produce earnings, cash flow or dividends. “If you cannot assign a value, then how can you be bullish or bearish?” she asks, rhetorically.

Source: Bitcoin Is Soaring This Year. This Goldman Sachs Skeptic Isn’t Biting. – WSJ