Goldman Sachs, the american multinational firm which advises and facilitates financing and trades for various parties has been sitting on the sidelines and has been watching the cryptocurrency space for quite a while now.
As of late, the company is looking at what actions can be taken for them to profit from the space and has recently started a further discovery phase for a potential launch of their trading operation for bitcoin.
Their discovery stage has just begun so it may take a while before they begin their operations.
A representative stated earlier that, they are taking action due to client interest in digital currencies and want to know how to effectively meet their needs.
The firm and its leaders has taken a different viewpoint in how they have addressed this market, peers like JP Morgan and others have dismissed it early on but are slowly having a change of heart due to consumer interest. Goldman Sachs was one of the only firms that reported and put forth analysis on bitcoin when it was at around $4,000. The firm also has dived into and has provided in depth analysis on the potential applications of blockchain technology
The CEO, Lloyd Blankfein, is not shunning the currency but at the same time isn’t necessarily 100% pro bitcoin like Mcafee.
He has expressed how he wants to see what happens with the volatility and need to see what the best actions will be when the currency stabilizes.
He’s had some more thoughts on the concept of currency in general, he pointed to how there wasn’t a significant amount of enthusiasm and trust when the paper currency was introduced, but noted how it has been adopted and is still used today. Meaning, that he has put some thought into how the concept of currencies could evolve and become fully virtual as time goes on, it may be met with derision initially, but, afterwards will be accepted and will be the form of exchange.
While talking to Bloomberg, he 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.
Implying that he, much like many others would be able to tell you why something worked out only after the fact and then could explain it, but wouldn’t it be able to correctly guess prior to the phenomenon taking place.
Blankfein, noted that he wants to see bitcoin get more established and act as a store of value minimizing the present levels of volatility to act further on it. He also wants to make sure that there is a larger amount of liquidity present prior to moving in on it.
A major finance firm like Goldman moving into the space would signal even further trust in the world of crypto and would bring in a larger amount of institutional investors.
Of course, this all comes at a time when the firm is looking to find further ways to gain revenue.Follow us on Social Media: