WSJ Says Goldman Sachs Contemplates Creating A New Bitcoin Trading OperationOctober 3, 2017 1:06 pm
American multinational finance company Goldman Sachs has begun initial inquiries into creating a new trading operation dealing with bitcoin, sources told Bitcoin.com Tuesday.
The financial management service said it is looking into entering the world of bitcoin trading markets, Wall Street Journal columnist Paul Vigna reported reported, but Goldman’s plan is in its “early stages.”
The Wall Street firm is the first to show this much interest in the bitcoin trading arena, the report said.
“In response to client interest in digital currencies we are exploring how best to serve them in this space,” a Goldman spokeswoman told both the Wall Street Journal and CNBC news outlets.This interest, the report said, began with the firm discounting nearly every benefit the technology had to offer a few years ago. However, after several years of this, the report said, the financial management company suddenly couldn’t stop talking about bitcoin and soon began highlighting its positive attributes.
Using technical stock and forex analysts, the report said, Goldman Sachs has been watching the market closely and has given investors trading advice in a few market reports.
In fact, the report said, Sheba Jafari, a lead technical strategist at Goldman, has been plotting charts and predicting price waves for clients. Reports reveal the company started covering bitcoin markets because of “numerous client requests.”
According to Vigna’s Wall Street Journal report, Goldman’s earnings lately have been waning from poor trading performance in forex markets. Many cryptocurrency advocates, the report continues, believe Goldman cannot ignore the money being made within cryptocurrency trading markets.
“The returns on cryptocurrency have been nothing short of spectacular, and we are excited to see mainstream institutions entering this space,” explained Bharath Rao, CEO of Leverj, the decentralized exchange startup for cryptocurrency derivatives.
“Among Wall Street firms, Goldman was one of the first to recognize the potential of bitcoin and the blockchain. Realizing crypto would be a significant part of the financial future is one thing; acting on it is another,” Rao said.
Reaction on social media to Goldman’s interest in the bitcoin market has been mixed with some people from the bitcoin ‘community’ expressing delight towards Goldman possibly creating a trading operation, while others disliked the news, the report said.
– WN.com, Jack Durschlag