Goldman Sachs Reportedly Working on Bitcoin Trading Business Plan. The past few weeks featured a lot of ups and downs for the entire market of digital currencies, especially for Bitcoin as its price dropped in the double digits area. However, the last ten days have been much better for Bitcoin as it once again rose to its previous value before the latest drop. While some of the world’s biggest financial institutions are publicly condemning Bitcoin and other digital currencies, more and more financial experts and institutions are coming out in favor of the new currencies.
Goldman Sachs is one of the world’s biggest banks and, so far, they have not been that loud about the issue of digital currencies, but according to the latest reports, things are about to change as this bank is preparing their venture into the world of Bitcoin and other digital currencies.
Goldman Sachs Bitcoin Plan
According to the person who has been tasked with this job, Goldman Sachs is trying to find efficient ways to help their clients who want to trade Bitcoin, Ethereum, and other digital currencies. The same person also confirmed that Goldman Sachs is currently holding meetings with an expert from the field of digital currencies but they have not stated their plan clearly yet.
If they have created a business plan, it is still not available for the Goldman Sachs employees or the public. Besides that, the source also confirmed that there is no timetable for the implementation of that project and that Goldman Sachs has not made any Bitcoin-related investment yet. That does not mean that in the upcoming period, Goldman Sachs will not be talking about this matter.
According to the same source, the bank has set forth several questions on which they are currently looking for answers. One of those questions is how to deal with the requirements of the know-your-customer approach. Besides that, the second question that is apparently causing a lot of problems for the bank is the matter of volatility of these digital currencies and how to properly understand the risks that trading with Bitcoin carries.
Going against Other Banks
The plan that Goldman Sachs is said to be creating is in complete contrast to other big banks. For example, Jamie Dimon, the CEO of J.P. Morgan Chase is strictly against Bitcoin and digital currencies in general. However, the current leadership of Goldman Sachs is not the only group of people who think that Bitcoin is something worth of noticing.
Other big names from the world of finances and economy including James Gorman (CEO of Morgan Stanley) and Mike Novogratz are having a completely different opinion when compared to Dimon’s. They believe that Bitcoin is more than a fraud and that we might be witnessing a revolutionary move that could take down the entire currency market that we know. Goldman Sachs is not only interested in Bitcoin and other digital currencies but also in the blockchain technology.
They have already announced their investment in a startup called Axoni that will be working on implementing the blockchain technology or rather the distribution ledger part of that technology into the financial companies and the entire financial market.
Nice article, thanks Vlad