HODLer Alert! Goldman Sachs announces Megabucks Investment into the Cryptosphere!!
The international "heavyweight" financial firm of Goldman Sachs has announced an investment of approximately $15 million into BitGo – a cryptocurrency custodian firm.
Exciting news, when we consider how much stories like this legitimize our faith in this new emerging asset class!
Any partners?
”Goldman Sachs Group Inc. and a venture founded by one of its former partners, billionaire Mike Novogratz …”
Their objective?
” The funding will support BitGo’s development of its $1 trillion crypto wallet.”
Wow!! Amazing considering this firm’s long history of enthusiastic support for this emerging asset class, right?
Let’s see …
”We also believe that cryptocurrencies have moved beyond bubble levels in financial markets, and even beyond the levels seen during the Dutch ‘tulipmania’ between 1634 and early 1637.”
Hmmm. Okay, well maybe a little short of enthusiastic …
”Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected”
”We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value.”
Hmmm. Okay, well maybe a little short on support as well …
Aren’t these people some of the smartest money managers in the world? Why would they say one thing and do another? Perhaps they’re just a little “slow?” Well, dear reader, you can be the judge of that.
I’m a bit more cynical and skeptical in believing these people know exactly what they are doing. Which I talked about in my HODLers of the World Unite! post some time ago.
I have also said:
”… here is @roleerob's hard-earned, "no extra charge" word of advice - never go with what "they" say, always go with what "they" do! Simplest definition of integrity I know is that a person's actions line up with their words. Full stop. Period. While we may want to have an "innocent until proven guilty" approach with people, we need to have the opposite, when it comes to investing our money ...”
Source: HODLer Alert! Chicago Board Options Exchange (CBOE) and Bitcoin post
Until people like these are in a position to make money, they are going to “talk it down,” until their market position changes. Which, as they drive FUD, in turn drives the price down … So, they can then buy and own it at “bargain basement prices,” until “conditions” change. Where they can then “cash in” …
Is there a change coming?
I’d suggest this announcement shouts ”Yes” in a big way! What is changing? The ability of “big money” to enter “the game!!”
Those of us invested into the “cryptosphere,” no matter what our individual preferences and holdings may be, have all experienced the challenges of simply clearing the technical hurdles to own some of these assets. Many, many people are simply not going to do it. Not happening …
There are not only technical hurdles, but also the issue of safety and security. At least relatively speaking. The idea of investing into “cryptos” is very scary … Until someone again “clears the hurdles” in the way of their perception …
Developments like what BitGo is working on represents steps being taken to eliminate these hurdles for institutional investors. Here is another quote of what this represents:
”And Mike Novogratz, the founder of Galaxy Digital, made the following tweet (note the #theherdiscoming hashtag, which refers to the flow of institutional money into crypto)”
Oh, yeah. … ”the herd is coming” … I certainly like the sounds of that!
Remember, this guy (former Goldman Sachs exec …) is a billionaire. Think he is just throwing his money away? No way … The day is coming when those interested in owning the same crypto assets we now own, will be able to buy and sell them, much as the service provided by any stockbroker to buy or sell any stock. With the same perception of security, etc.
Goldman Sachs knows that day is not too far into the future. And when it comes? Well, let’s just say future installments of posts like this would likely show dramatic turnarounds in the statements of firms like these.
Suddenly (who knew?), they’ll be the biggest ”champions” for why holding some crypto assets in our portfolios is a brilliant idea. Why? Well, they will then be able to make money being “market makers,” where before they could not …
So … HODLers of the Steem blockchain, be encouraged!
Please hold on to what you have. I would suggest that we have been fortunate to “get in early” and there have certainly been “ups and downs.” That is true for any market. Even more true for this new, “immature” emerging asset class …
I am encouraged that is about to change. In the not too distant future. Not one to just talk about it, I’ve “put my money where my mouth is” ...
May bump me up the list a little on @steemcommunity’s next
weekly Minnow Power-up League post! 😉
I hope, as I am, you are encouraged dear reader. While 2018 has been a tough time for all of us to “ride it out,” I truly believe, as 2018 draws to a close, we’ll begin to see “the sun come out” as we head into 2019 …
I’d love to hear your perspective. How are you feeling about the prospects for your future in the cryptosphere? All input is welcome!
Until "next time," all the best to you for a better tomorrow, as we all work together to build our Steem Community! 👍 😊
Respectfully,
Steemian @roleerob
Posted using Busy.org and “immutably enshrined in the blockchain” on Saturday, 20 October 2018!
Caveat: This is not investment advice. No, I don't have any inside information / clairvoyance, etc. Just one (of the "little people" ...) man's opinion, with words of encouragement and perhaps a little perspective you may find useful.
Bonus: To assist those who may also have a Bittrex account and wish to consider adding to their Steem investment, here is an illustrated aide. This may be of value to you, in completing the transaction, i.e. in getting it transferred into your Steem wallet and off the exchange:
- Note the exorbitant 0.01 STEEM transfer fee! It cost me an outrageous grand total of $0.024 USD to transfer 200 STEEM off the exchange! 😉 👍
Not surprising! Remember, Wall Street will always do what they need to make the money but influencing with their capital available. Now that they successfully played down the market this year and have been buying on the way down, they will start to promote it much more as if it was their idea!
Up before 🌄 (here) @newageinv and encouraged to find your comment. Do you agree then, with the central premise of my post?
As I say in it, “one man’s opinion,” and I have no way of knowing for certain, but I am obviously suspicious of their motives. I definitely have long believed it is best to go with one’s actions, rather than one’s words, if you lack trust in the latter and doubt their intentions are honorable …
Definitely! I have never made decisions based on the opinion of one person and organization (except my wife) so this woukd be the same as they have talked down cryptocurrencies for months now despite the clear indications that the potential for blockchain technology to disrupt financial markets is high which has led the institutions themselves to pour millions of capital into such projects. The last step will be to get into the cryptocurrencies themselves and that may come sooner than later.
I consider you to be more knowledgeable about investing than I am, so appreciate the confirmation. Thank you @newageinv!
Smart man! 😉 Even better, wise man! (intelligence and wisdom are not the same thing ...) 👍
Very interesting news @roleerob.
Knowing that Goldman Sach is showing more interest with this market is a good thing. We need big players and regulations if we want this bear market to end.
Yours
Piotr
Thank you @crypto.piotr, for stopping by!
Yes, agreed. Wish these "big players" had more integrity. Others seem far more able than me to just shrug off the "well, that's just the way it is" manipulation too many of these people engage in, but I am clear there is little I can do about it.
Except writing a post about it, where it is "immutable enshrined" in our Steem blockchain ...😉
Have a great day (or evening on "the other side of the world") 👍
Posted using Partiko Android
It's great to see how responsive you are @roleerob
This platform definetly needs people like us :)
Hey @roleerob,
Thanks so much for your post. I missed this bit of Goldman Sachs crypto investment news. Good forward step in the crypto mainstreaming evolution journey!
Hey @angelacs, thanks for stopping by! I hope we all have a bit of encouragement from some of these stories (as there are others).
This so-called "smart money" would not continue to be invested into the "cryptosphere," if they didn't have a lot of confidence in their future prospects ...
For this "little person" then, it's only a question of when, not if things begin to turn in our favor. And stay that way! 😊👍
Posted using Partiko Android
Howdy sir roleerob! I so agree with you that institutional money is going to come in soon and this is such an excellent post in every way! great job.
Good evening @janton! Thanks for stopping by and reading this.
I hope you are encouraged as I am that the "sun will come out again" in the not too distant future. This is one of a number of indicators "out there" in the big, wide world.
For me, it's a matter of when, not if ... 👍
yes sir I agree and there are many big hedge groups and companies getting ready to put money in isn't there? It's been a long time since I've read up on the crypto market. Hey do you know anything about the government's crypto, the Fedcoin?
I thought that was just a theory and then the other day someone said they already came out with it.
Thanks for getting back with me so fast, you're on top of things tonight!
Nope, @janton ...
Never heard of it ... Sorry!
rats! now I gotta do research on my own! lol.
Well some people figured they would force everyone from the dollar to their crypto but I don't know what they're doing with it.
All I know is that the feds don't want to lose control of the money supply, or maybe I should say the central banks or federal reserve.
I think that is a question the world over @janton. What are the almighty States going to do about the threat posed by the various cryptos? There have already been attempts to stop them, jail those found with them, etc.
So far, those attempts have failed to stop the "advance" of the cryptosphere.
My own concern has more to do with the power of the State to tax. It is a big deal to ensure we are adequately tracking these investments and a big decision, once done, to calculate the taxes owed. And then, of course, whether or not you report honestly and accurately ...
howdy roleerob! well that tax question is a good one. I trust you will be doing a lot of research and then tell us what you find out in a post? lol.
Congratulations @roleerob! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
Hi @roleerob!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 3.498 which ranks you at #6281 across all Steem accounts.
Your rank has improved 209 places in the last three days (old rank 6490).
In our last Algorithmic Curation Round, consisting of 236 contributions, your post is ranked at #156.
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server
Congratulations @roleerob! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
@trufflepig