Goldman Sachs Succumbs to Cryptocurrency
Rejoyce, Goldman Sachs has joined the Crypto Bandwagon
Image source: Wikimedia Commons
I could only have been smiling when I read that Goldman Sachs will be starting Bitcoin trading on an article published on The Independent by Anthony Cuthbertson. The negative sentiment of Bitcoin has been gradually changing as more big banking corporations are looking beyond "criminal activities" and "fraud" linked to Bitcoin. I wonder which currency is actually the most popular to be used for illegal activities such as money laundering? hint hint
From the article, the idea is that Goldman Sachs may have already been investing in the research of blockchain technology. Not surprising, since large corporations want to make firm, definitive moves that could change the direction of their company. With so much turmoil going on inside cryptocurrency markets, it was not easy to evaluate the potential of the blockchain amidst the hype.
In a step that is likely to lend legitimacy to virtual currencies — and create new concerns for Goldman — the bank is about to begin using its own money to trade with clients in a variety of contracts linked to the price of Bitcoin.
Source: NY Times - Nathaniel Popper
According to Tearsheet - Tayana Macheel, Justin Schmidt was hired by Goldman Sachs as the VP and Head of their digital asset markets. Such a bold move is not just about Bitcoin trading, but also the trust and endorsement of cryptocurrency as a legitimate digital asset by Wall Street's major investment bank.
Image source: Public Domain Pictures
It seems that JP Morgan Chase has also changed its stance about cryptocurrencies in an article on Smartereum predicting that BTC, BCH, ETH, XRP, and more are "here to stay".
We could be on our way to faster cryptocurrency adoption as more financial institutions join the bandwagon. "Crypto-cleansing", a term to describe the better regulations and mainstream adoption of cryptocurrency, might have been a success over the past year. What coins are you holding right now and will they survive cryptocurrency's rapidly evolving markets?
Even though Bitcoin is of everyone's main interest, Ethereum seems to be making very healthy growth over the last year. It may not have gone up in its price much when compared to Bitcoin, Ethereum however, is slowly gaining up to 15-20 percent of the overall cryptocurrency market dominance. Will Ethereum be able to overtake Bitcoin this year? I am really excited to find out.
-tysler
Image source: coinmarketcap - Ethereum
I am not supprised...
Great post, Wall Street loves money...but they just had to short Bitcoin at $20k to get in at a lower price.
https://steemit.com/altcoin/@rollandthomas/wall-street-secrets-revealed-1-the-hedge-funds-are-coming-to-crypto
that's a good read :) thanks
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It was bound to happen eventually, they always go where the money is and crypto is where the money is right now and where it will be for many years to come.
Good read! Ethereum graph looks good. I think it will still go up a little.
somehow Ethereum is going up faster than I expected :) which is good
Huge news and now we can see Cryptos as a truly new asset class.
I'm glad too to see that!