Rumors have been making rounds for quite some time now, however Bloomberg declared that Goldman Sachs, the leading global investment banking, securities and investment management firm will be setting up a trading desk toward the end of June of next year. Bloomberg quoted anonymous sources from inside Goldman Sachs Group Inc. Presently, the investment firm is trying to determine how it can maintain custody of the cryptocurrency.
The report stated:
“The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies.”
Conservative and open-minded
Lloyd Blankfein, Goldman Sachs CEO has earlier retained careful but open-minded attitude to digital currencies. Blankfein earlier stated:
“[Bitcoin] is not for me. But there is a lot of things that there weren’t for me in the past that have worked out very well. If it was 20 years forward and it worked out, I could tell you why it worked out. But based on everything that I know, I am not guessing that it will work out.”
Goldman Sachs made it to the headlines early this month by declaring they will clear Bitcoin futures contracts for their clients, which is a remarkable step for such a conservative firm. On the other hand, Goldman did insist that at least a number of their clients maintain an account with sufficient funds to cover the full value of the Bitcoin futures they have traded. As a result, some of the clients pulled out from the firm.
Goldman Sach’s Imprimatur Awarded
Goldman Sachs is viewed as one of the top firms on Wall Street. Firm executives more often than not, upon retirement, acquire influential positions in the US government. Current treasury secretary Steve Mnuchin and former secretary Hank Paulson both previously held high positions at Goldman Sachs. With the investment firm awarding their imprimatur to Bitcoin and other digital currencies, it has been quite definite that other Wall Street institutions will follow suit. The move further legitimizes the cryptocurrency class assets, as did the opening of futures trading on CME and CBOE.