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Bitcoiners Go Wild After Goldman Revives Tulip Mania Comparison

  • ‘We do not recommend Bitcoin’ to clients: Goldman Sachs report
  • Bank says Bitcoin does not show evidence of hedging inflation
Photographer: Chris Ratcliffe/Bloomberg

Goldman Sachs Group Inc. just forged a lot of new enemies -- in the crypto world.

Buzz that Goldman would release a report discussing the state of the economy as well as gold and cryptocurrencies set enthusiasts ablaze, with many hoping the bank would finally put its weight behind digital tokens. But Goldman disappointed and upset many once details of its report were brought to light, with the bank blasting Bitcoin and other coins as unsuitable investments for its clients.