Goldman Sachs: The collapse of the cryptocurrency market does not threaten the US economy – Bits Media

Investment giant Goldman Sachs sees no reason to panic about the fall in the cryptoasset market, as it will not have a significant impact on the US economy.

The US economy is experiencing significant inflationary pressure due to negative growth rates and sharp increase in fuel prices, goods and services. Some politicians even announced, that a recession is expected in the near future. Another factor, influencing the economic situation in the country, consider the fall of the cryptocurrency market against the backdrop of the collapse of the Terra projects.

However, Goldman Sachs chief US economist Jan Hatzius (Jan Hatzius) has a different opinion. The investment bank is confident: despite , that the United States accounts for about a third of the global digital asset market, and the decrease in 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.

"So we expect, that the slowdown in aggregate spending due to the recent decline in cryptocurrency prices will be very small. When considering the impact of a cryptocurrency pullback on the US economy, the main danger is that, that most crypto assets belong to citizens from other countries", — the chief economist states in his report.

According to Hatzius, Total household net worth in the US reached a record high $150 trillion, which practically neutralizes the negative impact of the fall in the cryptocurrency market.

A Goldman Sachs study found: largest share in 33% total net worth of US households was in stocks, while cryptocurrencies are given less 0.3%.

At the end of April, the American investment bank Goldman Sachs issued its first loan secured in bitcoins.