Goldman Sachs plans to launch a Bitcoin trading operation within the next few weeks.
They’ll start by using their own funds to offer a few derivatives, based on a report by the New York Times. The company plans to trade Bitcoin direction to its customers. Goldman is apparently still skeptical about the whole Bitcoin thing and crypto thing, based on a statement from Rana Yared, the executive developing the Bitcoin operation.
Goldman also hired Justin Schmidt, its first crypto trader just a few weeks ago. He’s looking through the regulations of trading Bitcoin to prep. Goldman has also been confirmed to be backing a financial firm that focuses on cryptocurrencies called Circle and also partnered with a US-based exchange called Poloniex.
Yared states the following to the New York Times:
“Ms. Yared said Goldman had concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. But a number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of Bitcoin that can ever be ‘mined’ in a complex, virtual system.
‘It resonates with us when a client says, I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’ she said.”
Analytical. Paranoid. OCD. Interested in the world of crypto and how it affects our current world and future. New to investing, not so new to know how crypto works and influence the world of fiat currency. Blockchain is my second wife.
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