Goldman Sachs plans to trade cryptocurrency after admitting that Bitcoin “is not a fraud”. This will make Goldman Sachs the first Wall Street bank to set up a Bitcoin (BTC) trading operation.
The move would have been viewed as pretty much impossible only few years ago, but things are different now. Rana Yared, one of the Goldman executives working on the crypto trading operation, said that the decision was made due to many requests.
“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’” Yared said.
The decision sets Goldman Sachs apart from other major financial institutions. Jamie Dimon of JPMorgan Chase called Bitcoin a fraud. Others look at it as nothing more than a speculative bubble.
Not a “true believer”
The decision made by Goldman does not automatically make the company a believer in the cryptocurrency. Ms Yared explained that the bank is well aware of the risks associated with the move.
“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world,” Yared said. “For almost every person involved, there has been personal skepticism brought to the table.”
Do you think that this is just the beginning of the major financial companies entering the cryptocurrency trading? Do you think this is good for the crypto-sphere? Let us know in the comments below!