Cryptocurrencies
Goldman Sachs Says Crypto Drawdown Has Little Impact on Economy
- Crypto drop very small relative to overall household net worth
- Expect drag on aggregate spending to also be limited: Hatzius
This article is for subscribers only.
US households might own about one-third of the global cryptocurrencies market, but that doesn’t mean the recent downturn will have a huge effect on the economy.
That’s according to economists at Goldman Sachs Group Inc., who note that the recent selloff in digital assets is “very small” relative to overall household net worth, which last year stood at $150 trillion. Crypto markets have slumped in value to about $1.3 trillion, down from $2.3 trillion late last year.