The possible entry into cryptotrading is not a coincidence, as many customers are interested in digital currencies and Goldman Sachs would now like to fulfill the desire.
This is what the Wall Street Journal says:
“In the wake of the increased customer interest in digital currencies, we are currently exploring how we can meet this demand.”
If Goldman Sachs were to succeed in offering its customers Bitcoin Trading in the future, this would be a headline in many respects. On the one hand, Goldman Sachs would position itself diametrically to the competitor JPMorgan, whose CEO, Jamie Dimon, had recently emphasized several times that he is absolutely nothing from Bitcoin and other digital currencies. On the other hand, Goldman Sachs could direct huge customer deposits into the crypt market.
The effect could trigger a crypto-rally in the markets, as it would be expected that the competition Goldman Sachs would not leave the field alone. Within a very short space of time, double-digit billions could flow into Bitcoin and Co.
The fact that the cryptomarkets are very volatile is not at all regarded as a disadvantage. Finally, Goldman Sachs is looking for speculative financial products to serve, among other things, hedge funds. Volatility is therefore viewed as an opportunity rather than as a disadvantage – high volatility also entails the chance of high returns.
Goldman Sachs is also urgently needed, as the investment house has to contend with high profit losses. The Wall Street investment bank is accordingly innovative to generate new sources of income.
However, regulation is still very unclear. Several Bitcoin fund products have failed to obtain approval from the US Securities and Exchange Commission (SEC). The question then arises as to how Goldman Sachs wants to enable its customers to trade digital currencies. Also questions of liability and theft protection would have to be clarified in advance.
TheBitcoinNews.com – leading Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
TheBitcoinNews.com is is not responsible for the content of external sites and feeds.