Ever heard the phrase, “if you can’t beat them, join them”? Well, that is what we see in the crypto space on a daily basis. Goldman Sachs gets on board Bitcoin and is said to open up a trading desk for cryptocurrencies such as Bitcoin in the nearest future. This comes after months of many other financial institutions calling Bitcoin and cryptocurrencies a fraud.
According to an interview with CBNC, a Goldman Sachs spokesman was cited saying “In response to client interest in digital currencies, we are exploring how best to serve them”. This is set to be in place by June next year with great chances of launching earlier. According to Bloomberg, they are also trying to see how they can better mitigate the security threats such as hacks but more importantly, its high volatility.
Bottomline is, Bitcoin is here to stay so are Cryptocurrencies, institutions know about this and are all in a rush to tap into this space before they get left out. This is similar to what we saw with JP Morgan a few months ago when they termed Bitcoin a fraud and now softening their tone. Governments as well are trying to regulate Bitcoin and ICO’s and lately, we have seen the EU, China, Korea and the US regulate Bitcoin in one way or the other.
What do you think about this new addition to the list of financial institutions getting on board?
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