There has been a lot of controversies around digital currencies. Digital currencies have been criticized by a lot of entities including the financial industry. But no matter how people tend to criticize these virtual currencies, they are still making waves in the world.W
What is more interesting about some of them is that they provide technologies that go beyond the currency.
However, a lot of industries have started coming to the light, as they have seen the amazing benefits these coins offer as well as the technology behind them. Bitcoin is one the most criticized digital currency in the world. Despite all the criticisms, it is the number leading and most valuable digital currency in the crypto market.
Despite the highs and lows of this digital currency, it is still making waves in the crypto industry. This is why Goldman Sachs has decided to venture into it.
Sachs’ Opinion on Bitcoin
Goldman Sachs said bitcoin is not a fraud, and it announced it wants to start buying and selling digital currencies – according to New York Times on the 2nd of May. In a move that sets Goldman Sachs (an investment banking giant) ahead of its competitors in Wall Street, the company will start offering various contracts with the exposure of bitcoin before venturing into other digital currencies.
Rana Yared’s Comment on the Decision
An executive involved in creating the offerings – Rana Yared said that the banking giant had been “inundated” with the requests of clients. She said it has repeatedly occurred to them when clients say they bitcoin futures or bitcoin because they know it’s an alternative store of value. She also said that the bank “had concluded the digital currency, Bitcoin, isn’t a scam.”
However, Lloyd Blankfein (the CEO of Goldman Sachs) publicly said that Bitcoin “isn’t for him” during the all-time high of bitcoin in December last year, and Yared quickly dispelled any myths that the bank was a “believer of Bitcoin.”