高盛堅持在比特幣 ETF 狂潮中對加密貨幣持懷疑態度

儘管華爾街對比特幣 ETF 的興趣日益濃厚，但高盛仍持懷疑態度，Sharmin Mossavar-Rahmani 表示，她的公司認為，加密貨幣由於其不可估量的價值和投機性質而缺乏投資價值。

Goldman Sachs Maintains Crypto Skepticism Amidst Bitcoin ETF Hype

高盛在比特幣 ETF 炒作中保持加密貨幣懷疑態度

Despite the recent surge in interest surrounding Bitcoin exchange-traded funds (ETFs), Goldman Sachs is expressing caution towards the cryptocurrency as a viable investment option. This stance stands in sharp contrast to the growing embrace of cryptocurrencies by other notable financial institutions on Wall Street.

儘管最近人們對比特幣交易所交易基金（ETF）的興趣激增，但高盛對加密貨幣作為可行的投資選擇表示謹慎。這一立場與華爾街其他著名金融機構日益接受加密貨幣形成鮮​​明對比。

Sharmin Mossavar-Rahmani, Chief Investment Officer of Goldman Sachs Wealth Management, recently stated in an interview with the Wall Street Journal that the firm remains unconvinced about cryptocurrencies as an investment class. She emphasized the difficulty in valuing such assets, as they do not generate earnings, dividends, or cash flow. This, she believes, makes it challenging to justify a bullish or bearish stance.

高盛財富管理首席投資長 Sharmin Mossavar-Rahmani 最近在接受《華爾街日報》採訪時表示，該公司仍然不相信加密貨幣作為投資類別。她強調了對此類資產進行估值的困難，因為它們不會產生收益、股息或現金流。她認為，這使得證明看漲或看跌立場的合理性變得具有挑戰性。

Mossavar-Rahmani's skepticism stems from the firm's commitment to regulated markets and systems of checks and balances. She believes that the lack of regulation in the cryptocurrency space poses significant risks. Notably, Goldman Sachs clients are aware of the firm's anti-crypto stance and generally avoid seeking advice on investing in the sector.

莫薩瓦爾-拉赫馬尼的懷疑源自於該公司對受監管的市場和製衡體系的承諾。她認為，加密貨幣領域缺乏監管會帶來重大風險。值得注意的是，高盛的客戶了解該公司的反加密貨幣立場，並且通常避免尋求有關該行業投資的建議。

However, Goldman Sachs' stance contrasts with that of other traditional financial institutions. Rumors have surfaced suggesting that behind the scenes, Goldman Sachs may be more open to cryptocurrencies. Matt Ballensweig of BitGo's Go Network, Goldman Sachs' digital asset research unit, acknowledged that while the firm may not have a fully developed view of Bitcoin as a long-term investment, it is actively exploring the cryptocurrency ecosystem from an infrastructure perspective.

然而，高盛的立場與其他傳統金融機構形成鮮明對比。有傳言表明，高盛可能在幕後對加密貨幣更加開放。高盛數位資產研究部門 BitGo 旗下 Go Network 的 Matt Ballensweig 承認，雖然該公司可能還沒有完全成熟地將比特幣視為長期投資，但它正在從基礎設施的角度積極探索加密貨幣生態系統。

Mathew McDermott, Goldman Sachs' Global Head of Digital Assets, expressed optimism about the future of blockchain-based asset trading. He anticipates a significant increase in trading volumes over the next couple of years, along with growing client interest in crypto derivatives.

高盛數位資產全球主管 Mathew McDermott 對基於區塊鏈的資產交易的未來表示樂觀。他預計未來幾年交易量將大幅增加，同時客戶對加密貨幣衍生性商品的興趣也會持續增長。

Despite Goldman Sachs' skepticism, the popularity of Bitcoin ETFs on Wall Street has surged. BlackRock and Fidelity, two prominent asset managers, have launched their respective Bitcoin ETFs, which have rapidly accumulated billions of dollars in assets under management. These ETFs, due to their accessibility to mainstream investors and established client bases, are leading the competitive Bitcoin ETF race.

儘管高盛對此表示懷疑，但比特幣 ETF 在華爾街的受歡迎程度仍在飆升。貝萊德和富達這兩家著名的資產管理公司推出了各自的比特幣 ETF，這些基金管理的資產迅速累積了數十億美元。這些 ETF 由於能夠吸引主流投資者並擁有成熟的客戶群，因此在比特幣 ETF 競爭中處於領先地位。

Several major Wall Street firms and exchanges have also expressed support for Bitcoin ETFs, signaling a potential major expansion in the ETF market. The Nasdaq, CBOE, and NYSE Arca have all filed 19b-4s with the SEC to allow the trading of related options on ETFs. Additionally, investment bank Morgan Stanley is reportedly considering adding spot Bitcoin ETFs to its brokerage platform.

華爾街幾家主要公司和交易所也表示支持比特幣 ETF，這表明 ETF 市場可能會大幅擴張。納斯達克、芝加哥期權交易所和紐約證券交易所 Arca 均已向 SEC 提交了 19b-4，以允許 ETF 的相關期權交易。此外，據報道，投資銀行摩根士丹利正在考慮將現貨比特幣 ETF 添加到其經紀平台中。

If approved, Morgan Stanley would become the first large registered investment advisor (RIA) network and broker-dealer platform to list Bitcoin ETFs. This move could potentially pave the way for other financial giants such as Merrill Lynch and Wells Fargo to follow suit, significantly boosting inflows into the ETF market.

如果獲得批准，摩根士丹利將成為第一個上市比特幣 ETF 的大型註冊投資顧問 (RIA) 網路和經紀自營商平台。此舉可能為美林和富國銀行等其他金融巨頭效仿鋪路，從而顯著增加ETF市場的資金流入。

Analysts believe that the approval of more Bitcoin ETFs will open up the market to a broader range of investors. "These networks and platforms are the addressable market for Bitcoin that the ETFs were always supposed to open up," said Bloomberg analyst James Seyffart. "I think eventually the vast majority of platforms, if not all, will approve these things."

分析師認為，更多比特幣ETF的批准將為更廣泛的投資者開放市場。彭博分析師詹姆斯·塞法特 (James Seyffart) 表示：“這些網路和平台是 ETF 一直應該開放的比特幣潛在市場。” “我認為最終絕大多數平台（如果不是全部）都會批准這些事情。”

As the Bitcoin ETF market continues to evolve, it remains to be seen whether Goldman Sachs will alter its stance on cryptocurrencies. The firm's skepticism serves as a reminder of the ongoing debate surrounding the viability of digital assets as long-term investments. However, the growing acceptance of Bitcoin ETFs by other financial institutions suggests that the trend towards mainstream adoption is likely to continue, regardless of Goldman Sachs' reservations.

隨著比特幣ETF市場的不斷發展，高盛是否會改變對加密貨幣的立場仍有待觀察。該公司的懷疑提醒人們，圍繞數位資產作為長期投資的可行性正在進行的爭論。然而，其他金融機構對比特幣 ETF 的接受度不斷提高，這表明，無論高盛持保留態度，主流採用的趨勢可能會持續下去。