Wall Street Investment Bank Goldman Sachs Backs Bitcoin 

Bitcoin investors are prepared for some good news as Goldman Sachs makes move that can potentially boost the cryptocurrency.

Matthew Newton, renowned cryptocurrency analyst, said that the move by Goldman Sachs was not surprising to the cryptocurrency community. The bank will be the first regulated financial institution that offers its customers option to trade Bitcoin futures through its New York desk.

A Grand Entrance into the Cryptoverse

This grand entrance into the cryptocurrency futures market comes after the bank received pressure from clients about the greatnesss of virtual currencies.

In Newton’s words:

“This isn’t a huge surprise to those who have been paying close attention to cryptocurrencies over the last 18 months. Financial institutions that are forward-looking need to recognize the enormous potential of cryptocurrencies.”

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The Bitcoin services from the bank will be limited at first even though the bank will be offering a trading desk for the cryptocurrency. This alone is a positive sign for Bitcoin.

Newton added:

“Irrespective of some posturing initially, the truth is that many of the big banks worldwide have invested in the research and development of cryptocurrencies and the underlying blockchain technology significantly. It will take some time for regulated financial institutions to fully accept cryptocurrencies and the fact that Goldman has limited their involvement to offering a trading desk without buying and selling cryptocurrencies themselves, shows that they are still sceptical about Bitcoin. However, there is an increasing acceptance of cryptocurrencies.”

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This initiative from Goldman Sachs will be led by Justin Schmidt. The bank will use its funds to trade Bitcoin futures for its clients.

Doubts About Bitcoin in the Financial Space

Not everyone is moving at the same pace of acceptance when it comes to Bitcoin and other cryptocurrencies. For example, Jes Staley, Barclays CEO still considers the cryptocurrency industry as challenging.

In his words:

“Cryptocurrencies are still a challenge to financial institutions. For one thing, they have shown prospects as the leading innovation in financial technology. However, this same technology can be used for activities that regulated financial institutions want no involvement in.”

 

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