Goldman Sachs Examines Trading Bitcoin For Their Clients

Despite what is happening over at JP Morgan, Goldman Sachs has much more of an open mind towards Bitcoin and other cryptocurrencies. Goldman has been working with some of the top cryptocurrency experts to help create a strategy that they could use with their clients. 

“Goldman’s effort involves both its currency-trading division and the bank’s strategic investment group, the people said. That suggests the firm believes bitcoin’s future is more as a payment method rather than a store of value, like gold” – Wall Street Journal

Earlier this year, Goldman’s chief technician, Sheba Jafari, predicted that Bitcoin would climb to about $4,800 (just like it did). I would be willing to bet that they have an entire team that has been studying Bitcoin for a long time.

Past Acceptance of Bitcoin

Goldman Sachs has already invested in startup Bitcoin companies. They specifically have invested in a company called Axoni. Axoni focuses on bringing Bitcoin technology into the professional financial sector. Investments like this prove that Goldman believes in Bitcoin for the long term.

The acceptance of Bitcoin by financial institutions is what could take Bitcoin to the next level. The cash flow into cryptocurrency would explode when financial institutions start trading it for their clients. As long as the US Government does not try and put strict regulations on the technology, this event is a major step forward for cryptocurrencies.

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