Goldman Sachs Considering Adding Crypto into Legacy Markets, to Add Trading Desk
It appears that Wall Street is slowly opening its doors to cryptocurrency and the digital market. With countless issues in regards with cryptocurrency, the Financial District of Lower Manhattan in New York City was skeptical with the digital money. Now, it seems there is a change of tide as Goldman Sachs looks on Bitcoin in a new light.
Bitcoin, the front-runner of cryptocurrency, shake the traditional financial institutions as it soars to $18,000 in the past week, more than the value of investments offered by any banks or investment groups. While plenty of exchanges and ETFs have taken steps to get involved in this burgeoning sector, Goldman Sachs is the first major bank to consider opening up a market on Wall Street.
Goldman Sachs, a leading global investment banking, securities and investment management firm, was skeptic about the cryptocurrency market a few months ago.
In October, the firm’s CEO, Lloyd Blankfein, tweeted that Goldman Sachs was still undecided on how it should approach the young and volatile assets. Then after a month, it was announced by Blankfein that the firm has been warming up to the idea of including Bitcoin in their offering.
Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.
— Lloyd Blankfein (@lloydblankfein) October 3, 2017
The banking firm has begun discussing Bitcoin strategy and making a cryptocurrency trading desk, with the purpose of opening up its own markets for the digital assets. This development makes Goldman Sachs the first mover on Wall Street to consider subsuming crypto into legacy markets. It hopes to launch by June of 2018.
Goldman Sachs is just one of the many financial institution to deal with trades on CBOE’s Bitcoin futures market. This opened the floodgate of crypto-assets to fill the market demand.
With the looming possibility of ETFs and even more futures contracts entering the scene, expect plenty of players to take up crypto’s mantle. Even amidst the ongoing mass correction, there’s plenty in the way of anticipation going into 2018.
Most financial firms’ traditional investment products are no longer enough to fulfill the needs of modern investors, especially now cryptocurrency is in trend. With Goldman Sachs forming a cryptocurrency trading desk, we can expect Wall Street to slowly open its doors to Bitcoin and other cryptocurrency in 2018.