This week, Goldman Sachs announced its plans to launch its own Bitcoin trading operations, using the firm’s funds to trade Bitcoin futures contracts for its clients. In addition, Goldman has plans to develop a more flexible product, the non-deliverable forward. On Thursday, Blockchain Capital partner Spencer Bogart said that he expects other banks will follow the Goldman Sachs lead.
In an interview with CNBC, Bogart was asked whether Goldman’s decision was really the “big step” that some are claiming it to be. He noted that it is, and that other banks would feel pressure to follow suit.
Bogart suggested that futures contracts are just the beginning for Goldman and other banks. He said that he envisions the banks eventually embracing trading of the actual Bitcoins rather than just products like futures contracts. Bogart also predicted that the coming years will see a big increase in the number of people “buying BTC for the first time.”
“Absolutely. It’s definitely a big step. I mean, I don’t think it’s a perfect solution that all of a sudden now just opens the floodgates to the institutionalization of Bitcoin, but I think … first we had the futures contracts roll out, so some robust derivatives products. Now we’re seeing large banks roll out trading desks. I mean, particularly when it’s Goldman Sachs, I’m going to expect other banks will follow as well.
Indeed, Bogart called the bank’s bet on bitcoin bullish and said it is “definitely a big step” for the crypto market. He said,
“This market is so large you can’t ignore it anymore,”
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
