Bitcoin has seen a significant correction this year. This has coincided with the stock market in the United States plummeting as the Federal Reserve signalled that interest rate hikes are on the way this year. Despite the fact that bitcoin has had a lot of corrections, its popularity among mainstream retail investors is growing. However, Goldman Sachs feels that it will not be enough to improve Bitcoin’s price. Despite Bitcoin’s public appeal, Goldman strategists Zach Pandl and Isabella Rosenberg noted that its correlation to other macro assets has been on the rise as well.
Strong Bitcoin and cryptocurrency liquidations have frequently followed equity market liquidations. Bitcoin’s connection with the S&P 500 has achieved an all-time high, according to Bloomberg data.
Do you agree or disagree with Goldman Sachs’ statement that Bitcoin price will not boost even after mainstream adoption? Comment below.
Read More: This former Goldman Sachs’ CEO finds his Crypto views evolving
