In today's client call @GoldmanSachs said #Bitcoin is not an asset class.

In particular @GoldmanSachs said that Cryptocurrencies:
Do Not Generate Cash Flow Like Bonds
Do Not Generate any Earnings Through Exposure to Global Economic Growth
Do Not Provide Consistent Diversification Benefits Given Their Unstable Correlations

David Solomon, CEO at @GoldmanSachs, said Goldman is exploring the potential of tokenization and stablecoins as part of its efforts to modernize the legacy payment systems. Goldman Sachs is looking into using blockchain to digitize assets. https://www.financemagnates.com/cryptocurrency/news/goldman-sachs-bets-on-tokenization-and-stablecoins-says-ceo/

As @Harvard @HarvardHBS point out already in 2018 "Blockchain Powered Asset Tokenization Protocols Threaten Goldman Sachs’ Investment Banking Business" https://digital.hbs.edu/platform-rctom/submission/blockchain-powered-asset-tokenization-protocols-threaten-goldman-sachs-investment-banking-business-2/

Security Tokens will
Do Generate Cash Flow Like Bonds
Do Generate any Earnings Through Exposure to Global Economic Growth
Do Provide Consistent Diversification Benefits Given Their Unstable Correlations
#Tokenization