Up until now, big banks have shied away from bitcoin as well as other cryptocurrencies, perhaps being put off by their volatility and scandals surrounding them.
However, it seems this trend is about to end as Goldman Sachs, a true investment banking giant, is moving ahead with plans to launch the first ever bitcoin trading operation in the history of Wall Street. Nonetheless, this is a huge landmark for bitcoin and other cryptocurrencies as recognition from such a major player in the financial industry gives huge legitimacy not only to bitcoin but crypto industry overall. Only a few years ago, the suggestion that such an institution as Goldman Sachs even considered trading bitcoin would have sounded ridiculous.
The tables have turned, however, as more and more hedge funds, investment banks and other institutional investors have shown an increased interest in cryptocurrencies. While Goldman will not be directly buying and selling actual bitcoins, its team is said to be definitely considering that option further down the road, given the regulatory framework for the crypto market is introduced. For almost every person involved, there has been personal skepticism brought to the table.
Goldman Sachs has already been more involved with crypto than the majority of other banks as it is clearing trades for customers who buy an sell bitcoin futures on Chicago Mercantile Exchange and the Chicago Board Options Exchange.
I have been following the crypto markets since mid , just in time to witness the incredible surge of the digital asset industry. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me.
Skip to content Facebook. Fascinated by the potential of blockchain technology I've started to dig deeper and that's how I ended up meeting the Toshi Times team. I'm also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the 'Fourth Industrial Revolution' and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.
Baffled by Bitcoin? How Cryptocurrency Works
Goldman Sachs is planning to get into the business of trading digital currencies such as bitcoin , Bloomberg News reported Thursday, citing sources familiar with the matter. The new trading desk would "make markets" in the cryptocurrencies and is set to get up and running by the end of June, if not earlier, two of the sources said in the report. The bank is still trying to work out security issues on how it would hold the assets, which are notoriously volatile and prone to hacks, another source told Bloomberg. In early October, news broke that Goldman Sachs was considering the launch of a new trading operation for bitcoin and other digital currencies. The investment bank is also one of the few major financial institutions offering some clients access to the new bitcoin futures that launched on the Cboe Futures Exchange and the CME this month. Read the full Bloomberg story here. Sign up for free newsletters and get more CNBC delivered to your inbox.
Goldman Sachs to Open Bitcoin Trading Desk
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I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. As reported by CoinDesk, the bank was first revealed to have an interest in a crypto trading venture back in Octoberthough it was said to be in the very early stages of exploring the idea. Only a few years ago, the suggestion that such an institution as Goldman Sachs even considered trading bitcoin would have sounded ridiculous. Nick Marinoff is a freelance author, writer and journalist that's been covering the cryptocurrency space since However, it seems this trend is about to end as Goldman Sachs, a true investment banking giant, is moving ahead with plans to launch the first ever bitcoin trading operation in the history of Wall Street. Cryptocurrency enthusiasts have been waiting with bated breaths for the day that Wall Street des, Goldman Sachs finally began bringing clients aboard for its new Bitcoin trading product. Since the beginning of the year, the price of Bitcoin has goldman sachs will launch a bitcoin trading desk — and recovered significantly — as traders have faced uncertainty about how regulators will deal with virtual currencies. But until now, regulated financial institutions have steered clear of Bitcoin, with some going so far as to shut down the accounts of customers who traded Bitcoin. While Goldman will not be directly buying and selling go,dman bitcoins, its team is said to be definitely considering that option further down the road, given the regulatory framework for the llaunch market is introduced. Goldman Sachs has consistently shown support for Bitcoin trading. Is Technical Analysis Prophetic or Preposterous?
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