PSA to new users: Bitcoin wasn't supposed to be a trading vehicle for Goldman Sachs. It's supposed to be a global peer-to-peer electronic cash system.
Some of you that are new over the past year or two might view cryptocurrencies only as an investment vehicle just like any other stock, but this view is misplaced. The foundations of the entire future financial system, the way we think and use 'money', are being formed right now. This will be bigger than you think.
Even Goldman Sachs, the Wall Street behemoth that trades in markets' most esoteric assets, can't find a way to trade bitcoin. The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear. As part of that decision, Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, the people said. It may revive these plans later, they added.
Goldman in its report highlighted Bitcoin’s extreme volatility, singling out the March 12 session as an example, when the token dropped more than 25% amid a coronavirus-induced selloff. To properly evaluate the position of Goldman Sachs on Bitcoin, three factors have to be considered: its historical statements about crypto, reports on the exploration of a BTC trading desk, and Bitcoin is currently trading at about $10,978, after crossing the $11K mark the previous day. The cryptocurrency is up approximately 17% since last week and 54% since the beginning of the year. As reported by the Financial Times, Goldman was once a staunch advocate of bitcoin, and had been, just a few years ago, examining whether to launch a bitcoin trading desk. And in 2018, just after The investment bank Goldman said Bitcoin is not a real asset.
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