Investment giant Goldman Sachs sees no reason to panic about the fall in the crypto asset market, as it will not have a significant impact on the US economy.
The US economy is under significant inflationary pressure due to negative growth and sharp increases in the prices of fuels, goods and services. Some politicians have even announced that they expect a recession in the near future. Another factor affecting the economic situation in the country is the fall of the cryptocurrency market amid the collapse of Terra projects.
However, the chief economist at Goldman Sachs in the US Jan Hatzius (Jan Hatzius) is of 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 the slowdown in aggregate spending due to the recent decline in cryptocurrency prices to be very small. When considering the impact of the cryptocurrency rollback on the US economy, the main danger is that most of the crypto assets are owned by citizens from other countries,” the chief economist said in his report.
According to Hatzius, the total net worth of households in the United States reached a record level of $150 trillion, which almost eliminates the negative impact of the fall in the cryptocurrency market.
A study by Goldman Sachs showed that the largest share of 33% of total US household net worth was held by stocks, while less than 0.3% is allocated to cryptocurrencies.
At the end of April, the American investment bank Goldman Sachs issued its first loan secured in bitcoins.
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