Goldman Sachs to Embrace Bitcoin?
The bitcoin revolution may be too good to pass up for one of Wall Street’s biggest firms. Goldman Sachs Group Inc. (GS) has announced that it is considering a new trading operation dedicated to BTC and other cryptocurrencies.
Goldman Sachs Weighs Digital Currency
The Wall Street Journal has confirmed that Goldman Sachs is in fact interested in bitcoin, and is currently exploring whether to begin trading the instrument. To clarify matters, a Goldman spokeswoman has this to say:
“In response to client interest in digital currencies we are exploring how best to serve them in this space.”
Though the firm has acknowledged it may not proceed, the fact that it’s interested could boost bitcoin’s standing in the mainstream investment community.
However, it’s not like bitcoin needs Wall Street’s approval. The world’s No. 1 digital token has more than quadrupled this year. Bitcoin is widely regarded as the face of the cryptocurrency market, which now extends to over 1,100 digital tokens.
Goldman’s open-minded approach to cryptocurrency is a welcomed break from the vitriol being spewed by other industry players. J.P. Morgan Chase & Co (JPM) Chief Executive Jamie Dimon recently called bitcoin a “fraud” and said he would fire any employee who dabbled in it. Less than a week later, it was confirmed that J.P. was already trading bitcoin on behalf of customers.
Big Banks Already Dabble in Blockchain
Despite Jamie Dimon’s adversarial outlook on bitcoin, his bank has already dabbled in the blockchain, the revolutionary technology behind cryptocurrency. Goldman Sachs has also explored the blockchain and its potential to reshape financial services.
Blockchain has enjoyed broad mainstream appeal, with governments and central banks experimenting with it. In fact, the author is of the opinion that interest in blockchain has been partly responsible for the rapid rise of cryptocurrency. Regardless of your views on digital currency, the technology behind it is too powerful to pass up.
The global cryptocurrency market is worth nearly $150 billion. As digital tokens proliferate, they will become harder for the major institutions to ignore.
Bitcoin values approached $4,500 on Monday, having gained more than 11% compared to last week.