Bitcoin is dying, but Goldman will hold it for you
🧔💰 “Do as I say and not as I do” and the ever-changing position of mainstream finance giant, Goldman Sachs – #cryptos are no good, Bitcoin is dying, but give it to us to hold
.
THE GOLDEN MAN'S SACK
Goldman Sachs, has announced plans to offer crypto custody funds – a financial tool for the safekeeping of digital assets (cryptos) on behalf of investors. Unlike traditional investment services, in a crypto custody fund, the bank will not use your crypto capital for their personal investment gains. Generally these custody funds are insured, so your funds are secure in the event of a hack or glitch.
The announcement from Goldman may leave some crypto investors’ scratching their heads, as the bank has held a seemingly ever-changing viewpoint on crypto this year:
- In February 2018, Goldman said Bitcoin is a bursting bubble and there is no need for a digital currencies
- Goldman appeared to be moving in the direction of buying and selling Bitcoins and offering a crypto derivatives as of May 2018.
- For the bank’s mid-year outlook in July 2018, it stated it “expects further decline and that crypto does not fulfil any of the three traditional role of a currency”
- And by August 2018, Goldman seems to have reversed with the announcement of crypto custody fund
However, with a new leader steering the ship at Goldman, the announcement of a crypto custody fund might just be golden news for the crypto community.
A new direction and new initiative are common for a business after a leadership change – and the new CEO of Goldman (appointed this July) is pro-crypto. In an interview with Bloomberg, he expressed that the bank needs to evolve and be adaptable in its view on cryptocurrency.
For more crypto news, download the Finimize app from https://www.finimize.com/app/