Goldman Sachs Plans to Open Bitcoin Trading Operation
While most banks prefer to steer clear of anything pertaining to the cryptocurrency Bitcoin, Goldman Sachs, perhaps one of the most storied names in the history of finance, has planned differently.
The bank is inching closer to the world of cryptocurrencies with the first Bitcoin trading operation taking place at a Wall Street bank.
The operation is quite likely to add to the legitimacy of the virtual currencies since Goldman Sachs is about to start using own money for trading with clients in a number of contracts which are linked to Bitcoin’s price.
As of now, in the initial stages of the Bitcoin trading operation, the bank wouldn’t be buying or selling actual Bitcoins. However, the bank does have a team which is working on getting the regulatory approval to do the same. They are also trying to figure out how they would be dealing with the additional risks involved in holding Bitcoins.
An executive from the team overseeing this operation, Rana Yared, said that the bank has a clear vision of what the result of this decision would be. She talked about herself not believing that Bitcoin would “take over the world” by saying:
“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”
She concluded by saying that Bitcoin is indeed not a fraud. However, she did say that it doesn’t have the characteristics of a currency.
While the exact date hasn’t been set, Goldman Sachs would soon start using its own money for trading Bitcoin futures contracts on its clients’ behalves.