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Goldman Sachs Likely to enter Into Bitcoin Trading

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As per the latest reports from the Wall street Journal, investment banking giant – Goldman Sachs – is likely to have a dedicated trading wing for Bitcoins and other cryptocurrencies. The reports have sighted that Goldman is currently in its early stages of development and would allows its investors to directly trade into bitcoin and other cryptocurrencies.

Such a move will make Goldman Sachs as the first Wall Street giant to directly interact in crypto assets. However, it has to be noted that the financial giant has not fully committed to this plan and so nothing can be said with absolute surety at this point of time.

While speaking to Wall Street Journal, a Goldman spokesperson said that their clients have been expressing their interest for trading in cryptocurrencies and so the banking giant is optimistically looking forward in order to meet this demand.

“In response to client interest in digital currencies we are exploring how best to serve them in this space.”

 However, the direct involvement of one of the world’s largest financial institutions means that it would bring the cryptocurrency markets within more scrutiny of the government regulatory bodies. The SEC in U.S. and some of the regulatory bodies from china and other countries are already issuing strict regulatory rules on ICOs and are actively monitoring the situation at hand.

In its recently published report, WSJ writes:

“Goldman’s effort involves both its currency-trading division and the bank’s strategic investment group, the people said. That suggests the firm believes bitcoin’s future is more as a payment method rather than a store of value, like gold.”

 It seems that in addition to the client demand, Goldman Sachs looks forward to benefit and make-the-most from the inherent volatility of the cryptocurrency markets. Goldman Sachs, who is considered as a master in the art of making money by exploiting the market volatility, has recently posted sluggish revenues owing to less volatility in the traditional markets.

The dramatic price movements and swings in the cryptocurrency markets will provide an opportunity to Goldman, to reap significant gains.

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Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge.

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