For the first time, a blue-chip Wall Street firm is considering direct involvement in the Bitcoin trading market, according to a report today.
The Wall Street Journal reported:
Goldman Sachs Group Inc. is weighing a new trading operation dedicated to Bitcoin and other digital currencies … Goldman’s effort is in its early stages and may not proceed.
However, the firm’s interest could boost Bitcoin’s standing among investors and fuel the debate around digital currencies, which were initially viewed as havens for illicit activity but are pushing further into the mainstream investment world, WSJ reported.
According to WSJ:
Goldman’s seeks to serve a growing cadre of institutional investors wagering on Bitcoin. Its effort could eventually entail a team of traders and salespeople making markets in Bitcoins much as they do Japanese yen or shares of Apple Inc.
Keeping abreast of the day-to-day cryptocurrency market could also position Goldman to capitalize on further development of this market, WSJ reported.
Goldman Sachs’s approach differs from that of JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, who said last month that Bitcoin is a fraud and that he would fire any employee trading it for being “stupid.” The bank does facilitate trades of an exchange-traded note tied to the price of Bitcoin, Bloomberg.com reported.
There are many people like Dimon out there who are still pooh-poohing Bitcoin and cryptocurrencies as destined for failure. The Bitcoin Coaches suggest that a company like Goldman Sachs is not going to invest time and money in something that is somebody’s scam, as many critics like to say.
As the Bitcoin Coaches have said and continue to say, Bitcoin is real and will continue to grow in prominence and value. We offer you guidance on how to get started in Bitcoin by visiting our quick-start guide, written by the authors of an Amazon best-seller on Bitcoin.