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  • Goodbye, Russia – A Number Of Goldman Sachs Employees Are Leaving Russia To UAE

    Goodbye, Russia – A Number Of Goldman Sachs Employees Are Leaving Russia To UAE

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    Goldman Sachs is relocating some of its Moscow-based staff to the United Arab Emirates as a result of Russia’s onslaught on Ukraine, numerous news agencies reported Sunday.

    The Wall Street behemoth is sending some of its employees to Dubai, a key financial hub in the Middle East, as foreign corporations reevaluate their Russian operations as the Ukraine crisis enters its second week.

    The Goldman Sachs Group, Inc. is a New York City-based international investment bank and financial services company.

    Goldman Sachs employs over 40,500 people and had total assets of approximately $1.2 trillion as of 2021.

    Related Article | Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

    Urging Goldman Sachs To Abandon Russia

    Georgy Egorov, a former Goldman Sachs banker, published an open letter to the company’s Chief Executive Officer David Solomon this week, urging the bank to exit Russia and shift workers in order to be “on the right side of history.”

    Egorov, who was born in Russia, suggested that Goldman should suspend all operations in Russia “as a show of defiance” and join international sanctions against what he described as a “criminal regime.”

    Russia has been slapped with heavy international sanctions that have thrown its economy into a tailspin – the outcome of a coordinated global effort to isolate Moscow in the aftermath of President Vladimir Putin’s invasion of Ukraine.

    British MPs Pressure Banks To Halt Russian Operations

    As a result of this development, British members of parliament are also pressing large banks to terminate their Moscow services, after campaigners accused them of “quietly benefitting” from their Russian activities while other industries  are distancing themselves from the country.

    Several of Moscow’s largest lenders, including HSBC, JP Morgan, Deutsche Bank, and Credit Suisse employ thousands of people to provide banking services to large firms and wealthy clients conducting business in Russia.

    BTC total market cap at $723.85 billion on the daily chart | Source: TradingView.com

    Goldman Sachs Asset Management reduced its exposure to Russia in its GQG foreign equities fund to around $222 million earlier this week, down from more than $1.7 billion six months ago.

    On Monday, Netflix, American Express, and two leading accounting companies suspended connections with Russia in response to its atrocities in Ukraine.

    Russia-Friendly Dubai

    Dubai is regarded as one of the few flourishing cities in the world with a government that is friendly to Russia.

    The UAE abstained from a United Nations Security Council resolution condemning Moscow’s invasion of Ukraine at the end of last month.

    Related Article | Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine

    Goldman Sachs Bullish On Bitcoin

    According to Goldman Sachs, Bitcoin currently holds a 20% share of the “store of value” market.

    With gold reaching a critical level of $2,000 per ounce on Monday, Goldman Sachs analyst Zach Pandl believes Bitcoin has the ability to surpass the $100,000 mark in the coming years.

    Bitcoin was priced at $38,181.82 on Monday, according to Coingecko’s monitoring. In the last 24 hours, the cryptocurrency has lost 3.5%.

    Featured image from ODDS.com, chart from TradingView.com

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  • Massive jump in number of Australians who own crypto: Survey

    Massive jump in number of Australians who own crypto: Survey

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    The 2021 Independent Reserve’s Cryptocurrency Index (IRCI) survey of more than 2,000 people found that the percentage of Australians surveyed who own or have owned crypto has reached 28.8%, up from 18.4% in 2020.

    The results suggest that growth in the sector is being driven by the positive experience of those who own crypto, with 89% of those surveyed saying they have made money or broken even, up from 78% in 2020.

    Independent Reserve CEO Adrian Przelozny told Cointelegraph that these results didn’t come as a surprise to him, due to an environment in which it has become “very difficult to get returns on investments.”

    He stated that “cryptocurrencies have easily outperformed any other assets over the last 12 months,” before adding:

    “I think it’s quite natural that more and more people get interested in an asset class that’s clearly outperforming the rest of the market.”

    In October, Cointelegraph reported that Bitcoin (BTC) is the official best-performing asset class of 2021.

    Przelozny said that he expects the trend to continue as crypto matures and becomes less volatile. He said that the “biggest ally” of cryptocurrency is that “the longer it’s around, the more accepted it becomes.”

    “With time, I think you’ll see volatility and the perceived risk of this investment reduce.”

    28.6% of those surveyed by the IRCI who don’t currently own crypto said they would invest if there were better consumer protections in place. Another 26.6% said they’d buy crypto if industry regulation was improved.

    Regulation is needed for continued growth

    Przelozny said that “the sector still desperately needs regulation to catch up and provide greater security for both investors and cryptocurrency businesses.”

    “I do think that once regulation comes on board, we’ll see a whole new class of investors into this space. And I think that’s what we’ve seen in other jurisdictions, like over in Singapore.”

    Przelozny told Cointelegraph that he anticipates that older Aussies over 65 will make up the next big wave of investors as these regulatory issues are addressed.

    “They’re looking for consumer protections from the government before they’re willing to take the plunge and enter the cryptocurrency market.”

    Unsurprisingly, the 24 to 34-year-old age group was the most trusting of crypto with 27.6% saying they bought in to get rich, while disbelievers in the system are most likely to be found in the over 65 age group.

    Related: Australian women owning crypto has doubled in 2021: Survey

    According to the IRCI, Bitcoin remains the most well-known and popular cryptocurrency, with 89.1% of Australians surveyed saying they’ve heard of it and 21.1% actually owning Bitcoin. The second most popular crypto asset is Ethereum, at 11% reported ownership, up from just 5% in 2020.

    The IRCI is an annual cross-sectional survey of more than 2,000 Australians conducted by PureProfile. Independent Reserve says its sample was reflective of the country’s gender, age, and geographic distribution.

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