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Investment giant Goldman Sachs sees no reason to panic about the fall of the crypto asset market, as it will not have a significant impact on the US economy.
The U.S. economy is experiencing significant inflationary pressures due to negative growth rates and a sharp increase in the prices of fuel, goods and services. Some politicians have even announced that they expect a recession in the near term. Another factor affecting the economic situation in the country is the fall of the cryptocurrency market against the background of the collapse of Terra projects.
However, the chief economist of Goldman Sachs in the United States, Jan Hatzius, has a different opinion. The investment bank is confident that despite the fact that the United States accounts for about a third of the global digital asset market, and the decline in the capitalization of the crypto industry over the past year amounted to almost $ 1 trillion, this will have little effect on the overall economic situation in the country.
“Therefore, we expect that the slowdown in total spending due to the recent decline in cryptocurrency prices will be very small. When considering the impact of cryptocurrency rollback on the US economy, the main danger is that most of the crypto assets belong to citizens from other countries, “the chief economist states in his report.
According to Hatzius, the total net worth of households in the United States has reached a record level of $ 150 trillion, which practically offsets the negative impact of the fall in the cryptocurrency market.
A study by Goldman Sachs showed that the largest share of 33% of the total equity capital of US households accounted for shares, while cryptocurrencies are assigned less than 0.3%.
At the end of April, the American investment bank Goldman Sachs issued its first loan with collateral in bitcoins.
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