Exclusive: Goldman Sachs weighing a new trading operation dedicated to #bitcoin, other digital currencies https://t.co/j68lZaM00e via @WSJ
— Paul Vigna (@paulvigna) October 2, 2017
Is major Wall Street investment bank, Goldman Sachs getting on board with Bitcoin? All signs seem to point to yes. In the recent Wall Street Journal article an unnamed source stated that Goldman Sachs was in the early phases of launching a new trading operation dedicated to Bitcoin and other cryptocurrencies. Goldman Sachs would be the first major Wall Street player to get behind Bitcoin and cryptocurrency.
A recent Tweet from Goldman Sachs CEO, Lloyd Blankfein stated the company has yet to reach a conclusion on Bitcoin, essentially not ruling it in or out.
However, Goldman Sachs’ website seems to be educating consumers on Blockchain technology and its potential within the global economy. It’s hard to believe Goldman Sachs would be “ruling out” Bitcoin and cryptocurrencies if they’ve dedicated time, energy, effort, and financial resources in creating educational material to be shared on their website. It’s doubtful they’d go to those lengths to fake out competitors.
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 “Our Thinking” page contains five chapters intended to educate consumers on the full scope of Blockchain technology. The chapters include:
- What is Blockchain Technology?
- How Does it Work?
- Blockchain in Action
- Beyond the First Steps
- The Takeaway
Wall Street Journal stated in their article that Goldman Sachs was exploring the Bitcoin market as more of a payment method, rather than a store of value, like gold.
A spokeswoman for Goldman Sachs stated that Goldman Sachs is currently exploring how best to serve clientele in the cryptocurrency space.
The question that is now raised, is if Goldman Sachs begins trading Bitcoin, will this be enough to convince other Wall Street firms to do the same? Key Wall Street players like JPMorgan Chase CEO, Jamie Dimon and Morgan Stanley’ CEO, James Gorman, have voiced their negative opinions regarding the industry with Gorman stating that Bitcoin was nothing more than a “fad” and Dimon calling Bitcoin a “fraud”.
