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Goldman Explains How "Bitcoin Could Succeed As A Form Of Money"

•, by Tyler Durden

Yes, we all know the recurring complaints: it's volatile, it's new and untested, it can be hacked, and it has no central bank backing it; most established pundits hate it - today's comments by Warren Buffett a case in point - and as Goldman writes in a note released today by its economic team, "cryptocurrencies can seem like a solution in search of a problem."

Specifically, Goldman notes that "money derives its value from its usefulness in facilitating transactions and diversifying portfolios. The US Dollar serves both purposes relatively well—or at least better than the main alternatives—so it is in high demand around the world."

Then again, the real reason why Goldman is unable to grasp the utility of Bitcoin, is that the bank - like so many of its peers - is unwilling and unable to admit that there is a problem which bitcoin is addressing, a problem which as Deutsche Bank's Jim Reid and Macquarie's Viktor Shvets explained back in September, is that "Modern Finance, Not Bitcoin, Is The Real Fraud."

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