Transcription of Global Macro ISSUE 98 Research TOP MIND
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CRYPTO: A NEW ASSET CLASS? ISSUE 98| May 21, 2021| 6:00 PM EDT T Global Macro ResearchInvestors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to The Goldman Sachs Group, cryptocurrency prices remaining extremely volatile even as interest in cryptos from credible investors has been rising, and legacy financial institutions including ourselves have been launching new crypto products and services, crypto is undoubtedly Top of Mind. Amid the recent volatility, we ask experts whether cryptos can and should be considered an institutional asset class, including Galaxy s Michael Novogratz (Yes; the mere fact that a critical mass of credible investors is engaging with cryptos has cemented this), NYU s Nouriel Roubini (No; cryptos have no income, utility or relationship with economic fundamentals), Grayscale s Michael Sonnenshein (Yes; their strong rebound in 2020 reass)
engagement [in crypto]. Everyone from the major banks to PayPal and Square is getting more involved, which is a loud and clear signal that crypto is now an official asset class. - Michael Novogratz “ INTERVIEWS WITH: Michael Novogratz, Co-founder and CEO, Galaxy Digital Holdings Nouriel Roubini, Professor of Economics, New York University Stern
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