CRYPTO:ANEWASSETCLASS?ISSUE98May21,20216:00PMEDT—’’’’’T’’’’’’’’’’’’’GlobalMacroResearchInvestorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgotowww.gs.com/research/hedge.html.TheGoldmanSachsGroup,Inc.Withcryptocurrencypricesremainingextremelyvolatileevenasinterestincryptosfromcredibleinvestorshasbeenrising,andlegacyfinancialinstitutions—includingourselves—havebeenlaunchingnewcryptoproductsandservices,cryptoisundoubtedlyTopofMind.Amidtherecentvolatility,weaskexpertswhethercryptoscanandshouldbeconsideredaninstitutionalassetclass,i...